Over the years, we have often heard: “I want you to use the funds from here to go out and build businesses with” Henry James Banayat.
An opportunity fell into our hands recently to assist to building a business. This is exactly what Mr Banayat referred to during his presentations (my interpretation). The first step in our process, and the purpose of this post, was to reach out to one of our advertisers: LEGAL ZOOM.
With their assistance, we were able to start the process of setting up our Entity Structure- a LLC (Limited Liability Company). The name has been selected and approved. We are waiting for the name to show up on the Secretary of State website and the arrival of our E.I.N. (Employer Identification Number).
The biggest question that needs to be understood is this: What is the purpose of Entity Structuring? The simple answer is LIABILITY PROTECTION. You may hear the phrase: “Treat your business like a business”. This is one of those aspects of doing just that. There are other forms of Entity Structures as well it’s just the LLC fits into what our needs were. When starting a business, you have to look into many factors before you decide what entity structure is best for your application. There are good applications and there are bad applications.
USING YOUR RESOURCES
As I got off the phone this morning with a representative from a bank, I realized the depth of understanding the people at LEGAL ZOOM have. This phone call was a referral that I agreed to thru the processing with Legal Zoom. Although I had been thinking and talking about this for some time, I thought I was quite prepared. The information the bank representative shared with me was more in depth that I had imagined. I had been planning to make this move in this direction for some time. I had previously looked over and talked with representatives from Legal Zoom. The growth I have personally witnessed with them is staggering.
One of the critical aspects of putting this together is to have adequate legal advice. The representatives can not offer legal advice, however, they have a network of attorneys that are at your service for a small fee. (I’m not trying to sell their services but only to share my experience with them as a customer!)
There are several other aspects that they bring to the table as well.
ON BUILDING BUSINESSES
Compumatrix has made it possible not only providing a means to earn money online but also to build businesses. So many people have the idea, the knowledge and the skills to build a business but not necessarily the financial capability.
Now, we have options!
I mention this because timing is everything! Without resources, you have nothing. Without skills, you still have nothing. Now, if you have the resources, the skills and knowledge DOESN’T MATTER!
Let me paint you a picture. My wife and I have this Compumatrix business. This business produces an online income. We were approached by a couple of people with an idea. We do NOT have skills with this business idea. With the resources of our business, we are able to Start a Business and administer that business although we have no skills in that business.
Now, do you see the picture?