📅 2026 Update: Changes in Business Law and CPA Licensure

Since the original article was published, several important changes have taken place in business law and CPA licensure. These updates affect how businesses operate and how accounting professionals are licensed. The earlier article continues further down the page, covering foundational topics for starting and running a business.

📊 Accrual Basis Accounting Requirement

For the tax year 2026, certain businesses must follow the accrual method for federal tax purposes. This includes C corporations, partnerships with a C corporation as a partner, and tax shelters with average annual gross receipts over $32 million. The accrual method records income when earned and expenses when incurred, which is different from cash accounting.

📝 CPA Licensure Changes in Minnesota

Effective January 1, 2026, Minnesota offers multiple pathways to obtain CPA licensure. This change aims to provide more flexibility for candidates pursuing their CPA. Each state has its own requirements, but this update may help simplify the process for new accountants in Minnesota.

💰 Current Costs for Business Formation and CPA Exams

Filing fees for forming a business entity, such as an LLC or corporation, generally range from $50 to $300 depending on the state. Additionally, the total cost to take the CPA exam in Minnesota is approximately $1,000, which includes application fees, examination fees, and licensing fees.

⏳ Business Formation Processing Times

Processing times for business formation documents vary by state. Typically, these can range from a few days to several weeks. The method of filing, whether online or by mail, can also affect how quickly documents are processed.

📌 Key Points to Remember

  • Accrual accounting is required for larger businesses starting in 2026.
  • Minnesota has new pathways for CPA licensure as of January 2026.
  • Business formation fees typically range from $50 to $300.
  • CPA exam costs in Minnesota total about $1,000.
  • Processing times can vary based on the state and filing method.

💡 Tips for Starting and Running Your Business

Consider discussing your business needs and legal responsibilities with an attorney.

🏢 Choose Your Business Structure Wisely

Selecting the right legal structure is crucial. It impacts taxes, personal liability, and paperwork. Common structures include sole proprietorships, partnerships, LLCs, and corporations.

📄 Complete Necessary Forms

Ensure that your business completes essential forms like the EIN, Form I-9, and Form W-4. These forms are vital for tax purposes and employee verification.

🗓️ Stay on Top of Reporting Deadlines

If there are any changes in your business's responsible party, report them within 60 days using Form 8822-B. Timely reporting helps avoid potential penalties.

📈 Understand Accounting Methods

For tax years beginning in 2026, businesses can use cash accounting if their average annual gross receipts do not exceed $32 million. If they exceed this amount, they must switch to accrual accounting.

📋 Keep Up with Licensing and Permits

Most businesses need various licenses before they can operate legally. This includes a registered business entity, local permits, and any industry-specific licenses required at state or federal levels.

🏆 Top Services for Business Formation and CPA Support Ranked by User Reviews (2026)

This section highlights services that assist with business formation and CPA support, relevant to the topics discussed in this article. The rankings are based on Trustpilot data as of October 2026, and while star ratings are helpful, they are just one measure of customer satisfaction. Unhappy customers often leave reviews, so consider that when looking at scores.

🥇 1. Rocket Lawyer

Rocket Lawyer has a Trustpilot score of 4.5. It is known for offering online legal services, document preparation, and legal advice. Some users find that the subscription model is less cost-effective for those who only need infrequent services.

🥈 2. ZenBusiness

ZenBusiness holds a Trustpilot score of 4.8. This service specializes in business formation, registered agent services, and compliance services. However, some users report occasional delays in processing times.

🥉 3. LegalZoom

LegalZoom averages 4.6. It provides business formation services, estate planning, and intellectual property registration. Reviewers have noted delays in customer support response times as a potential drawback.

4️⃣ LawDepot

LawDepot has a Trustpilot score of 4.0. It is primarily known for legal document creation, including estate planning and business formation documents. Some users have reported issues with document customization options.

5️⃣ Bizee

Bizee has a score of 4.8. Known for services like business formation and registered agent support, it has garnered positive feedback. However, some users mention experiencing issues with the user interface.

🆓 Free Government and Nonprofit Resources

The Small Business Administration (SBA) provides free business counseling and resources to help entrepreneurs. Additionally, the IRS offers various resources to assist new business owners in understanding tax obligations.

🔎 Choosing the Right Service

  • 📊 Compare customer reviews and ratings.
  • 💼 Look at the types of services offered.
  • 🕒 Check processing times for document filings.
  • 💵 Evaluate costs and any hidden fees.
  • 📝 Consider the availability of customer support.

❓ Frequently Asked Questions

❓ What is the accrual method of accounting?

The accrual method records income when it is earned and expenses when they are incurred, regardless of cash transactions. This method is now required for certain businesses starting in 2026.

📋 How long does it take to form a business?

Processing times for business formation documents can vary by state. Typically, they range from a few days to several weeks, depending on the filing method chosen.

🗓️ What is Form I-9 used for?

Form I-9 is the Employment Eligibility Verification form that employers must have employees complete. It verifies employees' eligibility to work in the United States.

📊 What are the filing fees for forming a business?

Filing fees for forming an LLC or corporation generally range from $50 to $300, depending on the state where the business is being formed.

🏢 What types of licenses do I need to start a business?

Most businesses require at least three types of authorization: a registered business entity, local permits, and any industry-specific licenses needed at the state or federal level.

✅ How can I maintain compliance after starting my business?

Ongoing compliance involves keeping accurate records, meeting tax obligations, and ensuring that all required licenses and permits are up to date.

⚖️ Recent Court Cases Relevant to Business Law

Recent court rulings have addressed various aspects of business law, impacting how businesses operate and comply with regulations.

You can browse more rulings on the news page for more recent developments.

End of October 2026 Update





The Branson Chamber of Commerce works with local member businesses in order to increase the presence of customers at those businesses. Thy also work to foster better relationships between member businesses and their customers through community activities and better business practices. The Branson Chamber of Commerce also lobbies to prevent legislation which could have a negative impact on local businesses.

These goals are  accomplished in several ways. First, the Branson Chamber of Commerce collects dues from member businesses which are then used to advertise the Chamber and, in turn, the member businesses. These advertising campaigns may include television ads, ads in the local newspapers and tourist packets which are distributed by mail. The goal of this advertising is to help locals and tourists have a better understanding of the businesses available in the area.

The Branson Chamber of Commerce also utilizes monies from dues to help lobby to prevent legislation which would have a negative impact on any member businesses. These issues could include an increase in taxes or an inability to sell certain items as prohibited by new laws. In contrast, the Branson Chamber of Commerce will lobby to have the Government enact laws which protect local businesses, such as those which prevent frivolous lawsuits.

Branson Chamber of Commerce

There are many ways that the Branson Chamber of Commerce works to help business in the community, and many of those efforts are funded through member dues.