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Nevada Estate Planning and Asset Protection Blog

Thursday, August 29, 2019

This Labor Day, Think Like a Boss...

Entrepreneurship & Starting Your Own Business

In researching the origins of Labor day, this concise description offered by Wikipedia caught my eye: “It honors the American labor movement and the contributions that workers have made to the strength, prosperity, laws, and well-being of the country” …Wikipedia

This research really had me thinking about how the workforce, that keeps the American Economy afloat, has evolved since the late 19th Century and honestly, how it keeps changing exponentially year upon year--- it’s hard to keep up!

A recent report found that the US now has 27 Million Entrepreneurs!

As recently stated on Inc.com, “It's an impressive showing for a developed economy, where finding work with an employer is easier and capturing market share harder than in less-developed nations.”

Which raises the question: Why are there so many individuals wanting to go into business for themselves when it would be far ‘easier’ to be employed?

As an entrepreneur myself, I can honestly say that it’s not just a personality type or functional reason, but also very much a trend to no longer follow in the footsteps of their forefathers as classic employees, regardless of the benefits.

The driving force for me to have my own business is being a single mother of two and needing the ability to work as and when I could i.e. a time factor. For others, it’s been health reasons – with so much research emerging on Stress and employees’ deteriorating health, individuals choose to have a slower paced lifestyle by working from home.  Others simply don’t do well with authority.

The other obvious reason is the rapid expansion of the internet, as well as social media and the “gig” economy, which offers brand-new paths to entrepreneurship.

YouTube has offered Millennials & others a platform to stardom which in turn has seen individuals launch highly successful businesses that service their young audiences.

If you have ever thought of starting your own business, the first simple step is to ask yourself these three questions:

  1. Take time out to seriously contemplate your goals- WHY do I want to start my own business and WHAT do I want to do?
  2. Go in search of an opportunity that could be the vehicle for those goals; and
  3. Get help from experts to set up your business properly from the start.

This begs the question- how do I start my own business?

  • Form your company/LLC: This can be done online but like any legal service, getting expert advice is key!
    • File your business with the Secretary of State
    • Choose a Registered Agent
    • Get a PO Box or similar if you don’t have an office yet
  • Apply for an EIN (employee identification number): The “social security number” for the business
  • Seek advice from a tax professional: Decide on tax structure for business
    • Disregarded entity, partnership, S-Corp, or C-Corp
  • Create an Operating Agreement: The “rules” for your company
  • Open a Business Bank account: Keep your accounting separate from personal expenses/spending & don’t commingle!
  • Incorporate your business into your estate plan: To plan for succession of the business, avoid probate, keep it operational, etc.
  • Keep it Updated:Set an annual reminder to review your business documents & make any updates as needed!

For more information on starting your business, Tiffany Ballenger Floyd, Esq. offers telephonic and in-office consultation regarding business formation & maintenance, including Nevada LLC formation, Nevada Registered Agent services, and business succession planning.

No work is insignificant. All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence.”  – Martin Luther King, Jr.

 

-by Jodie Sacco with Tiffany Ballenger Floyd, Esq. (Nevada & California Business Formation and Estate Planning Attorney), © 2019, Phillips Ballenger, PLLC


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