Limited Liability Company LLC ~ Is It Right For You?

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Many people are becoming entrepreneurs every day. Whether you are a restaurant owner, finance coach, IT Technician, doctor, insurer, or all the above; there is no doubt that the world is encountering entrepreneurship at a high rate of speed that is not slowing down anytime soon.

Creating a company or companies is all well and dandy, however being a legitimate company/companies and knowing which entity to choose from is what really matters. Protecting your business as an entrepreneur is the best way to go and you have landed in the right spot for guidance. Below are PROs and CONs of an LLC that entrepreneurs or business owners should know.

LLC – Known as a “Limited Liability Company”

PROs

  • There can be multiple owners who are known as members when filing with the secretary of state. Most LLCs are managed by their members and in some states do not require tight knit record keeping leaving minimum paperwork to do when it comes to annual reporting. Bottom line ~ Just because you are a member does not mean you are running the show!

  • LLCs are usually small in size, but there are some big ones, and I believe it’s safe to say when it comes to choosing who you want as members LLC is a better choice than some of the other entities. There is no maximum number of members.
  • Members may include individuals, corporations, other LLCs, and foreign entities.
  • Owners are not responsible for business duties.

CONs

  • When trying to open a bank account under your LLC be prepared for every manager on your states filing to be at the bank. It is a come one come all for many states.
  • We love our children and the thoughts of “they are my little heirs,” but you may need to hold your horses adding those little darlings as members to your LLCs especially at a young age because the bank is going to be looking for them when trying to open an account. Then right behind the bank will be Uncle Sam when it comes to taxation. Bottom Line: Pass the flames down to your children instead of teaching them to play with fire at an early age, but of course it’s up to you.
  • All members must hold a percentage in the business, so therefore be prepared to calculate their interest.
  • There can only be one LLC operating under a name in the same state. In some states, an LLC must be dissolved if a member dies, leaves, or files for bankruptcy.
  • Investors usually don’t invest in LLCs
  • LLCs are usually taxed as a sole proprietor or a partnership.
  • Most LLCs function like a partnership and may not have titles, however when applying for a business loan or grant most banks, or lenders want information from all members. “Bottom Line don’t expect for a member to apply for a grant without having all members financial records and documents at hand because it may be a no go!”

APPLY HERE FOR YOUR LLC TODAY!

The Difference between Whole Life Insurance and Term Life Insurance

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Life Insurance

Decisions are a part of everyday life and cannot be avoided under any circumstances. Decisions can also determine your outcome in many situations in life. Whether you want to become a doctor or lawyer, a CEO of a successful company or an entrepreneur, we all have choices in life that fuels decision, and in turn produces results. When one has dependents to support, decisions can become more rigorous to fathom because they’re not only placing themselves in a circle of “make the best decision for me category” but they’re placing others that depend on them to make the best decision for their life as well. When it comes to purchasing life insurance, either Whole Life or Term Life can be a deal breaker depending on what the person wants. However, the question remains, which of the two is a deal breaker for you? To learn more about the two types of insurances and purchase the best insurance for you/family Please Click Here.

5 Things to Do before a Job Interview

You did it! You finally landed the interview that you’ve been waiting for. You’re telling loved ones that you got the interview, you’re feeling confident within, and now it’s time to exhale and prepare for success! Below are 6 must do’s before going to your interview:

  1. Review your resume – We all have created resumes and sent them out to employers only to browse over it again days later and notice a typo or error. Before going to that successful interview, review your resume for any grammatical errors, phone numbers, email addresses, references etc. You want to make sure that you put your best foot forward even if it leads to handing over an updated resume at the time of your interview.
  2. Research the company – There’s nothing more an employer likes than knowing the person they’re interviewing has done their homework and knows a lot about the company. It says a lot about a person and can often lead to “Hired”
  3. Time & Location – knowing how long it takes you to get to your destination from your current location is a smart way to prevent lateness and asking for directions. Try driving to the location of the interview a day before your interview, so you will know exactly where to go and how long it will take.
  4. Dress Code – Dressing for success gives employers a sense of feeling that you care. Suits seems to be the most suitable attire for an interview, but if you don’t own one, then a nice collared shirt and slacks can do the trick. When choosing colors keep it simple and wear black, navy blue, or gray.
  5. Questions – Be prepared to ask questions during your interview process. There’s a lot to say about someone who wants to know more about the company they’re interested in working for. Asking questions like; are there any room for advancements, or how much is the starting pay are fair questions?
  6. Sleep and eat – Make sure you get a good-nights rest the day before your interview. The first 5 things should have been completed by this point, and all you have to do is eat a light healthy breakfast in the morning to fuel your brain and energy, and you’re off to a great start. Great luck!