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Digg it UP - Beware of the Top 20 Costly Mistakes, Even One Could Cost You Your Business
Your Visual Vocabulary consists of the secondary design elements that are used in conjunction with your logo to form your brand identity. Your Visual Vocabulary is composed of the graphics, font styles, colors, and even the type of paper you choose.Once you have determined the elements to use in your Visual Vocabulary, it is important to use those elements consistently throughout all of your marketing materials. This consistency will make your entire set of materials look like a family. Having a consistent set of marketing materials makes you look more organized and professional. It also makes your busine
9. Forming an LLC taxed as a partnership WITHOUT having an “official” partner . (Maybe the IRS won't notice…)
10. Selecting an inexperienced or disreputable company to help you form your entity. (There's no excuse for not checking references with the BBB, local professional organizations and testimonials.)
10 Costly Mistakes After Entity Formation:
1. NOT completing corporate AND LLC formalities (Yes, LLCs should have them too!) 2. NOT completing the LLC operating agreement (Unless you've got a lemo
Stories can inspire or deceive; motivate or manipulate; challenge or deflate; persuade or console; unite or divide; ignite or resolve; anger or connect. But, none of this is new news. Stories are everywhere, all the time. In the papers we read, in the content we watch or listen to, and in the places we frequent. That includes our workplaces. And we're all storytellers.The stories we choose to tell about ourselves and others impact how we're perceived at work: team player or not team player; victim or problem-solver; resilient or discouraged; approachable or distant. They impact what work culture we help c
We've talked to literally hundreds of business owners over the years. If there's one thing we've learned beyond the shadow of a doubt from those who have been sued, needlessly poured money down bottomless tax or expense holes, or whose businesses have failed, it's this: NOT ONE was excited over the few bucks they saved by using a low cost incorporator -- or worse, flying solo -- to incorporate or establish an LLC for their business.
Years and untold dollars later, they sorely regret the hard work, stress, and many, many lost hours of time with family and friends -- consumed instead by lawyers, bankers, accountants and creditors, while picking up the pieces of the wreckage from a devastating lawsuit or bankruptcy.
All those losses could have been prevented by proper planning with the right company to support them. All those losses were the indirect, and sometimes direct result of “penny-wise, pound foolish” thinking. They've learned (the hard way) the value of having a company like NCP to be at their side, constantly guarding against missteps and roadblocks.
We hear the same basic horror stories told over and over again. And while we'd never say “we told you so,” we've learned from them as well. Let us share with you the 20 most common mistakes they've made, both before and after their entity formation:
10 Costly Mistakes Before Entity Formation:
1. Forming an LLC and NOT knowing how it's taxed (Are you a single or multi-member LLC? Will you be disregarded for tax purposes, taxed as a partnership, a C-, or an S-corporation?)
2. Forming an LLC for real estate and NOT knowing which is best. Is the property investor vs. dealer? (Make the wrong choice, and be doomed to a life of unnecessary taxes.) 3. Forming an LLC and having it managed by Members instead of Managers (A sure way to lose flexibility and control)
4. Forming an S corporation and NOT knowing the shareholder rules (Imagine discovering years later that you've violated an S corporation shareholder rule -- and that you now owe years of expensive C corporation back taxes.)
5. Forming an S corporation when your company anticipates future value (There must be a better approach… and indeed, there is!)
6. Forming a C corporation to take advantage of fringe benefits when your business doesn't fit the C corporation model. (Can you spell nightmare?)
7. Forming an entity in Nevada and NOT knowing when to foreign register, and for what reasons. (“Can't you just get a mailbox?”)
8. Forming an entity and hiring independent contactors and employees WITHOUT knowing the rules. (It makes a difference as to which states you'll need to foreign register.)
9. Forming an LLC taxed as a partnership WITHOUT having an “official” partner . (Maybe the IRS won't notice…)
10. Selecting an inexperienced or disreputable company to help you form your entity. (There's no excuse for not checking references with the BBB, local professional organizations and testimonials.)
10 Costly Mistakes After Entity Formation:
1. NOT completing corporate AND LLC formalities (Yes, LLCs should have them too!) 2. NOT completing the LLC operating agreement (Unless you've got a lemon
An easy way for a small business to expand its marketing budget is through cooperative advertising. Cooperative advertising, or as sometimes abbreviated Co-op, is when a producer of goods, for use by service providers or for resale, reimburses the advertising business in part or in full for advertising expenditures that involves its products. These programs are widely available because quite simply they save the producers of goods money. Bottom line is that local advertising rates available to the advertising business are at least 20% lower than national advertising rates. Therefore, the benefit for the prod
All those losses could have been prevented by proper planning with the right company to support them. All those losses were the indirect, and sometimes direct result of “penny-wise, pound foolish” thinking. They've learned (the hard way) the value of having a company like NCP to be at their side, constantly guarding against missteps and roadblocks.
We hear the same basic horror stories told over and over again. And while we'd never say “we told you so,” we've learned from them as well. Let us share with you the 20 most common mistakes they've made, both before and after their entity formation:
10 Costly Mistakes Before Entity Formation:
1. Forming an LLC and NOT knowing how it's taxed (Are you a single or multi-member LLC? Will you be disregarded for tax purposes, taxed as a partnership, a C-, or an S-corporation?)
2. Forming an LLC for real estate and NOT knowing which is best. Is the property investor vs. dealer? (Make the wrong choice, and be doomed to a life of unnecessary taxes.) 3. Forming an LLC and having it managed by Members instead of Managers (A sure way to lose flexibility and control)
4. Forming an S corporation and NOT knowing the shareholder rules (Imagine discovering years later that you've violated an S corporation shareholder rule -- and that you now owe years of expensive C corporation back taxes.)
5. Forming an S corporation when your company anticipates future value (There must be a better approach… and indeed, there is!)
6. Forming a C corporation to take advantage of fringe benefits when your business doesn't fit the C corporation model. (Can you spell nightmare?)
7. Forming an entity in Nevada and NOT knowing when to foreign register, and for what reasons. (“Can't you just get a mailbox?”)
8. Forming an entity and hiring independent contactors and employees WITHOUT knowing the rules. (It makes a difference as to which states you'll need to foreign register.)
9. Forming an LLC taxed as a partnership WITHOUT having an “official” partner . (Maybe the IRS won't notice…)
10. Selecting an inexperienced or disreputable company to help you form your entity. (There's no excuse for not checking references with the BBB, local professional organizations and testimonials.)
10 Costly Mistakes After Entity Formation:
1. NOT completing corporate AND LLC formalities (Yes, LLCs should have them too!) 2. NOT completing the LLC operating agreement (Unless you've got a lemo
Though not mandatory, yet certification is taken up by some Mystery Shoppers who have a deep interest in the profession and want to have an edge over thousands of other Mystery Shoppers. The Certification program is aimed towards improving your performance as a Mystery Shopper. You might be very good at it, but the certification makes an even better Mystery Shopper out of you!The program offers education to both, existing and newbie Mystery Shoppers, raising the level of your caliber and fine tuning you according to the needs of the industry. The program provides you with the know how of Mystery Shopping.
10 Costly Mistakes Before Entity Formation:
1. Forming an LLC and NOT knowing how it's taxed (Are you a single or multi-member LLC? Will you be disregarded for tax purposes, taxed as a partnership, a C-, or an S-corporation?)
2. Forming an LLC for real estate and NOT knowing which is best. Is the property investor vs. dealer? (Make the wrong choice, and be doomed to a life of unnecessary taxes.) 3. Forming an LLC and having it managed by Members instead of Managers (A sure way to lose flexibility and control)
4. Forming an S corporation and NOT knowing the shareholder rules (Imagine discovering years later that you've violated an S corporation shareholder rule -- and that you now owe years of expensive C corporation back taxes.)
5. Forming an S corporation when your company anticipates future value (There must be a better approach… and indeed, there is!)
6. Forming a C corporation to take advantage of fringe benefits when your business doesn't fit the C corporation model. (Can you spell nightmare?)
7. Forming an entity in Nevada and NOT knowing when to foreign register, and for what reasons. (“Can't you just get a mailbox?”)
8. Forming an entity and hiring independent contactors and employees WITHOUT knowing the rules. (It makes a difference as to which states you'll need to foreign register.)
9. Forming an LLC taxed as a partnership WITHOUT having an “official” partner . (Maybe the IRS won't notice…)
10. Selecting an inexperienced or disreputable company to help you form your entity. (There's no excuse for not checking references with the BBB, local professional organizations and testimonials.)
10 Costly Mistakes After Entity Formation:
1. NOT completing corporate AND LLC formalities (Yes, LLCs should have them too!) 2. NOT completing the LLC operating agreement (Unless you've got a lemo
One of the best and easiest ways to advertise without having to worry about shelf life of those who would most likely use your services or buy the products from your small business is to use inserts in your local newspaper. A marketing piece might also be to insert our flyers in the daily newspaper. This usually ranges from $23.00-35.00 per thousand if we print the flyers and $25.00-50.00 per thousand if the newspaper prints them. The newspaper rarely prints flyers in house, although some do. They contract it out because their printing presses are all computerized and specialized for that industry only. Larg
5. Forming an S corporation when your company anticipates future value (There must be a better approach… and indeed, there is!)
6. Forming a C corporation to take advantage of fringe benefits when your business doesn't fit the C corporation model. (Can you spell nightmare?)
7. Forming an entity in Nevada and NOT knowing when to foreign register, and for what reasons. (“Can't you just get a mailbox?”)
8. Forming an entity and hiring independent contactors and employees WITHOUT knowing the rules. (It makes a difference as to which states you'll need to foreign register.)
9. Forming an LLC taxed as a partnership WITHOUT having an “official” partner . (Maybe the IRS won't notice…)
10. Selecting an inexperienced or disreputable company to help you form your entity. (There's no excuse for not checking references with the BBB, local professional organizations and testimonials.)
10 Costly Mistakes After Entity Formation:
1. NOT completing corporate AND LLC formalities (Yes, LLCs should have them too!) 2. NOT completing the LLC operating agreement (Unless you've got a lemo
Logo designs are typically a visual representation of a graphic or text or a combination of both that provides a unique identity to a company and its products. Logos help to create a visual recognizable identity for a company that effectively contributes to the company's branding.With the wide artistic possibilities, logo designers often become too enthusiast in creating a company logo design that actually fails to meet the purpose. An extremely abstract art, or a very complex illustration is often not a good example of a logo though they might be considered as a good art if considered from the perspectiv
9. Forming an LLC taxed as a partnership WITHOUT having an “official” partner . (Maybe the IRS won't notice…)
10. Selecting an inexperienced or disreputable company to help you form your entity. (There's no excuse for not checking references with the BBB, local professional organizations and testimonials.)
10 Costly Mistakes After Entity Formation:
1. NOT completing corporate AND LLC formalities (Yes, LLCs should have them too!) 2. NOT completing the LLC operating agreement (Unless you've got a lemonade stand, it's essential)
3. NOT properly capitalizing the entity, and especially not being crystal clear with partners about your capitalization (A disaster waiting to happen!)
4. Putting LLC Members on payroll vs guaranteed payments (Do you know the advantages?)
5. Forming an LLC taxed as an S corporation and having the incorrect operating agreement (A subtle, but effective nuance that must be handled properly.)
6. NOT completing a buy sell agreement for the partners (Again, being crystal clear will save your sanity.)
7. Falling behind on employee payroll taxes to the IRS and your state (This will cost your business dearly -- at best .)
8. NOT meeting with your CPA to set up a chart of accounts (Running your business off a checking account balance is a fast track to bankruptcy.)
9. Registering your domain name to your operating entity (This may account for 70% or more of your lead generation-a huge asset at risk.)
10. NOT obtaining the proper business licenses (Being out of compliance can punch gaping holes in your bottom line.)
We at NCP pride ourselves on conscientious, well-informed expertise to help you avoid these costly mistakes. We take the time with you to ensure that we understand every relevant aspect of your company, and diligently do our homework so that you're fully prepared for whatever the business world throws at you. Remember, you get what you pay for!
Don't wait until January to get started! Incorporate before the end of the year and get a head start on tracking your Schedule C for 2007. Waiting until the last minute is a sure way to show up on the IRS 's radar!
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