Friday, November 17, 2017

My Coaches Corner

 Ownership Briefing

 


We would like to welcome you. It’s great to have you with us.  

We would like to ask you 3 questions that you can answer in the privacy of your own mind.  These are questions that most people are never asked until to late in their life.  

 

1. Are you earning income at the rate that allows you to live the lifestyle you desire?

 

2. Do you feel your income is absolutely secure or is the downturn in the economy touching you? 

 

3. Should something happen to you personally today how is your family provided for?  

  • In addition to the gov't, charity or someone giving you funds there are only three ways to create income:

Being employed by someone: (exchanging your time for money)

 

o  Investments: (obviously there are down sides to that)

 

o  Business Owner:  Let's talk about business ownership where you can turn your costs into returns!

 

  • We coach people to diversify time, talent and resources? It's MICRO-FINANCING for the masses!  Converting costs into longterm returns by buying from inside the supply chain rather than staying outside as a traditional consumer.  Owning a Biz Op may seem outside the box for you.  Why?  Programming!  Most of us are programed to get some training, then a job and live it out!
  • We'll help you set started, get incorporated and get rolling.
     
  • Here's a Guide to Setting up your business as a Limited Liability Company  and Subchapter S.                                                                     

A successful Business Owner may choose to set up their business as a Limited Liability Company (LLC) to do just that, limit your liability.  Additionally filling as a Sub S Corporation allows your business profits to be taxed at a more advantageous level- that of the shareholder instead of the corporation. 

Below are some examples of the benefits of filing your business as a LLC and Sub S federally and in your state:

1. Reduces personal liability

2. Avoids double taxation

3. Owners assets protected

4. Shields owners personal savings

6. Shelters you from paying self employment taxes on entire business net income

How to Set Up Your Business as a LLC

1. Obtain the application to file both federally and state specific.  Follow the correct procedures and complete all required forms.

2. Draft Articles of Incorporation and bylaws.

3. Submit signed documents, inform IRS of newly gained business status, file IRS form 2553 within the 15th day of the 3rd month following date of incorporation.

4. Pay the required fees.

How An Attorney/Accountant Can Help You:

1.  Provide you with templates and assist you in drafting your Articles of incorporation and bylaws.

2. Provide you a comprehensive checklist and steps to take to file as a LLC and/or Sub S Corp.

3. Guide you and your business through the process of filing, answer questions and provide applicable forms.

  

 

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