Operating as a Sole Proprietorship?
It’s a safe bet that you started your business to succeed and make money, not to add stress to your life and lose money.
To cut to the chase, operating as a sole proprietorship is NOT the fast track to success – in fact, it’s the shortest path to join the 95% of businesses that fail in the first 5 years.
To be fair, you probably made this choice for one of three logical reasons; (1) you were looking for the easiest and cheapest way to get started, (2) you wanted to test the waters to see if your idea would make money, or (3) your tax advisor told you to keep it simple and go the sole proprietorship route until you earn more than $40K to $50K in profits.
Unfortunately, that decision sends a different message to the rest of the business world:
“I don’t believe in myself, my product or my service or I don’t expect
to make $40K in profits.”
For going on two decades now, I’ve helped over 6,000 entrepreneurs reverse that message, escape the sole proprietorship trap and make a fast start to profits. Here are just a few of the strategic insights that woke my clients up to the money they were leaving on the table:
1.Sole proprietors file a schedule C with the 1040 form in April. Schedule C filers are 300% more likely to be audited (the IRS is leaning on small business owners to close a $300 BILLION tax gap!). If your business lost money in 2013, you’re especially at risk if you plan to write those losses off against other income.
2. Sole proprietors pay the most in taxes. As the fiscal cliff continues to loom, you already know that your tax bill is going up in 2014. Now is the time to be proactive and help your business save on taxes by forming a separate legal entity.
3. Operating as a sole proprietorship and self-financing your business damages your personal credit score. Sole proprietors frequently turn to self-funding through personal credit cards or cash reserves because their business credit options are limited. The resulting damage to your personal credit score will severely limit your ability to build business credit when you finally get around to forming a separate legal entity.
4. A sole proprietorship sends a negative marketing message. The biggest potential customers, suppliers and marketing partners all look at the structure of your company before deciding to work with you. Operating this way broadcasts the message that you don’t expect enough profits to incorporate. Why expose yourself to that kind of opportunity cost, especially at a time when you can least afford.
5. You have unlimited personal liability. A sole proprietorship does not provide you or your family with even a minimal layer of protection in the all-too-frequent event of a lawsuit or other challenges to the assets that you’re working so hard to build.
ESCAPE THE SOLE PROPRIETORSHIP TRAP WITH CONFIDENCE
There’s a way out of ALL of these real-world risks (and others that we don’t even have time to talk about here). NCP has hassle-free solutions in place to quickly and affordably get them all handled – so you can start 2014 with complete confidence!
To make it irresistible for you to explore your options and take action, I’m offering some great training and information bonuses this month* to help you pay less in taxes, get a handle on estate planning and learn the BEST strategies to boost your profits in the new year.
Call NCP now at 1 (888) 627-7007. We’ll quickly talk you through all the steps and how we can form the entity before the end of the year to put you in position to stay off the sole proprietorship tax track going into 2014. You can see our complete formation packages and new (lower) pricing at http://budurl.com/CompleteFormation. Find out why this important transition can be one of the easiest and most valuable business decisions you’ve ever made.
NCP incorporates in all 50 states and also serves international clients. Call us now at 1 (888) 627-7007 for your no-cost, no-obligation consultation. If you’re based outside the U.S., please call 1 (702) 367-7373. When you call, be sure to ask about the October bonuses!
*To get the October incorporation bonuses, you don’t have to finalize your entity this month. As long as you start the process with us, all the valuable bonus items are yours free. It may be in your best interest to file on your entity in December for a January start (on the SS4 to the IRS) so that you can avoid a short year tax return. All of this is covered in your free consult.
*Here are all the specifics on the October bonuses offer – EXPIRES 10/31/13 at 4pm PT/7pm ET.
SPECIAL OCTOBER INCORPORATING BONUS #1:
Sandy Botkin’s TAXBOT – “One-Touch Tax Relief” that will save you thousands on business taxes! Every year, entrepreneurs across the U.S. lose millions in profits to overpaid taxes, simply because they don’t have the right record keeping system in place. Will the IRS view your enterprise as a business or a hobby? It all comes down to bullet-proof documentation that can withstand IRS audit scrutiny.
WHY WORRY? The IRS aggressively targets small businesses and home based businesses more than any other category, believing that they’re statistically more likely to under-report income and over-report expense deductions. TAXBOT stops them in their tracks and protects what’s YOURS!
Your October incorporation bonus includes12 Months of TAXBOT access. You’ll be able to track business mileage automatically with GPS, store receipts quickly, and accurately and securely store every deduction you have coming in the Cloud. You also get 24/7 access to 3 minute tax tips from North America’s #1 small business tax trainer, Sandy Botkin, who will teach you how to save thousands on taxes! Check out this awesome system at www.taxbot.com
SPECIAL OCTOBER INCORPORATING BONUS #2:
The Estate Planning Blueprint – by estate planning expert Joseph Dadich . If you happen to pass on while valuable assets are held in your name (or in the name of your operating company), will your loved ones be protected? Will everything you’ve worked for be distributed according to YOUR wishes or get tied up and lost in the probate courts? Sadly, this happens far too often and can be easily prevented with proper estate planning.
- · What are the 3 Myths of Estate Planning and the shocking truth every responsible family needs to know?
- · What are the five most important documents everyone must possess?
- · What are typical mistakes people make when they do name a guardian?
- · What happens if you die without a will or a declaration of guardianship for your kids?
- · What will happen to your business with no estate planning in place?
If you don’t have answers for these tough questions, you and your loved ones are at risk!
“The average American and their family
is set to LOSE 93.5 % of their inheritance…”~ Joseph Dadich, attorney/CPA
Good news! Your October incorporation bonus includes the complete Estate Planning Blueprint by Attorney/CPA and acclaimed estate planning expert Joseph Dadich . Discover the most powerful Estate Planning strategies to protect your home, your investments and your legacy to your loved ones from preventable losses. Here’s what you’ll get:
- · 15 point review to ensure your assets are protected from creditors and your kids will never have the State (or unwanted family members) raise them if you are gone!
- · ½ Hour consultation with attorney/CPA Joseph Dadich ($499 Value);
- · Autographed copy of the revealing book Celebrity Estate Plans Gone Bad – Secrets Every Woman Needs
- · FREE Life-Saving Medical Release document ($477 Value); make sure the right people are authorized to get access to medical records when it matters most!
- · FREE VIP WILL ($677 Value) (will help to distribute to property, nominate a representative…at least put your intentions in writing (don’t let the state dictate how your assets will be distributed…still need a living trust to avoid probate).
SPECIAL OCTOBER INCORPORATING BONUS #3:
Joint Venture Training to Explode Your Profits. “Joint Ventures and Host/Beneficiary Relationships” will change your business life forever – IF you execute what you’ll learn!
Let me ask you this important question: Is your business struggling? Could you use more clients and better sales results? If you’re not using the most powerful form of leverage to grow your business, this will be the most important message you read this year.
I’ll get straight to the point. With 95% of businesses failing within 5 years, you CANNOT afford to have an ineffective marketing plan. The problem I’ve seen is that too many businesses invest tremendous amounts of money in the most expensive (and often least effective) forms of traditional advertising and marketing.
Now, Here’s the Good News.
For three exciting years in a row, my NCP colleagues and I have presented a live JOINT VENTURE training event in Las Vegas featuring the most innovative rainmakers in the field today. ALL three events – each containing THREE FULL DAYS of power profit-boosting techniques from as many as 12 recognized experts – have been captured on DVD and CD! These are field-tested strategies – many of them low or no cost to implement – designed to pump massive new revenue into your business.
As you can imagine, the tickets to these events weren’t cheap, but when you form a corporation or LLC in any of the 50 states with NCP in October you can choose ANY ONE of the three-day Ultimate Joint Venture Boot Camp disk sets absolutely free. If you’ve ever wanted to know how to leverage other people’s money (OPM) to grow your business, this is the free bonus you’ve been waiting for!
Get Started Now. This special offer expires October 31 at 4 pm PT/7 pm ET
Call today at 1-888-627-7007 or 1-702-367-7373 to take advantage of the October 2013 special to form an entity to protect your assets, update your estate planning and keep the IRS off your back! We’ll be happy to answer any questions you may have about the offer or any of our exciting bonus offers and how they apply to your current business situation.