Are ALL Your Assets Protected Properly Going into 2016?

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As the end of another year comes to a close and you are getting ready for your plans for 2016 you may be evaluating are all your assets
properly protected?

lawsuit form with filler and book

Here are many of the common strategies that often turn into costly mistakes (that you may not have considered):

1. All your business ventures in one business. Yes, if you are just starting and testing 3-4 different revenue streams that may be ok in
one entity but if two or three are really taking off, why put all of that in one business entity (other than it is easier). Would you put
all your investments in one stock? Probably not. Why? Too much risk. The same strategy applies to a business (don’t put all your eggs in
one basket).

2. Real estate in your own name (outside your principal residence) even without equity may be a lighting rod for lawsuits, best in a separate
entity. Too much equity from real estate in one LLC.

3. Business with a partner that is in the same entity as your operating business that you own 100%. At the end of the day you make your
partner owner of your main company which may not be what you intended.

4. Holding safe assets or investments outside your retirement plan in your own name/brokerage account or your living trust (remember your
living trust provides ZERO liability protection but protection from probate taxes).

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Need Another Entity to Protect Your Business or Assets by the end of 2014 or beginning of 2015? Time is running out.

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I hope you have had a successful year in business. If you didn’t reach all your goals this year, we hope that 2015 will be much more prosperous for you! There are steps you can take NOW to make sure that happens.

January is right around the corner – a time when many traditionally revisit their goals and priorities for the year ahead. One of NCP’s most important new year goals is to help you be more proactive in launching that profitable new business initiative or creating better protection for your assets.

We’ve found a solution that will help you feel more confident going into 2015 by establishing a complete foundation for your business and personal assets like real estate or investments. The best part is that takes less than 30 minutes of your time!

If you’re looking to form an LLC (most popular) or corporation (no matter what state) , December is the best time to get this done. Waiting until January can be the most risky and costly approach – here’s why;

• If you wait until 2015, by the time the entity is filed and everything is in place, more than likely you will be operating as a schedule C for two to three weeks of the beginning of the year (assuming you are operating a new business, real estate is different).

• You are risking an audit! There is a $300 Billion tax gap and the #1 culprit is sole proprietors that file a schedule C (that’s why we want to help you avoid that track in 2015, or at least be on it for the shortest possible time).

• We realize that most incorporating services say they incorporate in 24 hours (which may be true but there are additional steps required to establish you business with EIN, banking and more by the first of the year and they all take time. Some states are very backed up with filing and it may take from 5-12 business days up to several weeks for them to process everything.

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Incorporate Your Independence from Lawsuits, Taxes and Death

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July is a special time of the year. It is a time for family trips, vacation time, seeing relatives and friends, barbecues, swimming, summer concerts and fun at the cabin!

It’s also the month we celebrate our independence and freedom as a country. So this month of July my goal is to help you maximize your independence in your business from:

  • Lawsuits (Separate your personal and business assets and form an LLC or corporation to protect you and your family from devastating unpredictable lawsuits). Avoid the $99 corporations -which is like buying a car without brakes!
  • Taxes (Operate your business as a business, not a hobby, maximize your meals, travel and entertainment expenses and bullet proof your records from an IRS audit).
  • Death (Will you’re loved ones be protected when you pass on? Will all your assets and all you worked for be tied up in the probate courts? Proper estate planning is a must to protect your family’s future).

I’m going to be sharing with you high level strategies, ideas, tools and concepts that will allow your business to achieve its independence and freedom that you deserve.

Also, if you need support during the month of July with forming a complete foundation for your current business or a new business, you will be able to take advance of our July Independence Special Incorporating Offer that will help you and your business celebrate it’s true independence in the month of July and on.

Remember, to put you and your family in the best position to be independent. Even if you are already financially independent, are all your assets protected from attack? If you are building your financial independence every dollar counts in taxes saved, which may be reinvested to help you grow and expand.

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Operating as a Sole Proprietorship?

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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.

Risk taking

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:

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