Archive for the Business planning Category

Wealth Building 101!

8. May 2009 by Jeff Parker/CEO.

Weath BuildingHow many people do you know who never give any thought to money except to complain about the lack of it? Where does one learn about money management and the accumulation of wealth? The unfortunate reality is that unless you were blessed with parents who really understood the financial principles that work, you probably weren’t exposed to wealth building strategies.
How many of our readers took a course in high school or college called Wealth Building 101? We were taught math and maybe how to balance our checkbooks, but never were we taught how to get the money into our accounts in the first place. In today’s economy, the old system of get a college education, get a good job, work for 40 years and retire comfortably just isn’t working anymore.


We “The People” the educational task where formal institutions have failed. It doesn’t make sense to see so many families struggling to get by financially even with both spouses working outside the home. With our almost totally cashless society and dependence on credit, the #1 cause for financial lack is overspending. It seems so obvious that one shouldn’t spend more than one earns, but the problem is most people don’t know they are overspending until it is too late.
So we believe the first step in Wealth Building is to get a handle on where you are financially right now. Take a good honest look at how much is coming in and how much is going out. Admit to exactly how much you have in outstanding debt and commit to stopping the vicious cycle. Join us next week when we will go over a specific spending plan to help you get back on track.

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Limited Liability Company (LLC) - Is it right for your business?

8. May 2009 by Jeff Parker/CEO.

Limited Liability Company (LLC) - Is it right for your business?
BusinessLimited Liability Companies (LLCs) are becoming increasingly popular with small business owners because they offer the advantages of a corporation as well as the tax benefits and flexibility of a partnership.
LLCs are similar to Corporations as both are legal entities created by a state filing, both help by protecting personal assets from your business liabilities, and both have few ownership restrictions.One big difference between Corporations and LLCs is that Corporations issue stock and are owned via stock, while LLCs do not issue stock. LLCs are owned by the members and/or the managers of the company.

Some of the advantages of forming an LLC include:

Personal Liability for your business is greatly reduced. Forming an LLC will separate your personal life from your business dealings. Sole proprietors and partners risk personal liability for the debt of their business and any lawsuits filed against their company could result in losing their homes, automobiles, boats, savings or other personal assets. Typically only the LLC is responsible for the company’s debts thus protecting the members from individual liability. However, there are some exceptions where individual members may be held liable. Check with your legal and/or tax experts for additional information.

Great tax benefits. Unlike Corporations (except for Subchapter S corporations) which must pay taxes on their profits at the corporate tax rate, LLCs are “pass- through” tax entities. The profit or loss of the business is reported on the personal tax return of the owners, thus avoiding double taxation experienced by Corporations.

Less formal and more flexible. LLCs provide greater management flexibility than do Corporations. For instance, Corporations are required to have a formal structure with directors and corporate officers. LLCs are simply run by the members and/or managers. Forming an LLC. In order to create an LLC, articles of organization first need to be filed with the Secretary of State. Next, the LLC members need to enter into an operating agreement, which sets forth the rights of the members and the rules for running the company. An LLC may also need to apply for a tax identification number with the IRS. There are many companies that can prepare and file this paperwork for you.

You should discuss the option of forming an LLC with your legal and/or tax professional to make sure it is the right choice for your specific circumstances and business.

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