Photo by Sean Pollock on Unsplash

Building Businesses With Assistance

ENTITY STRUCTURING

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.

man standing in front of group of men

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?

About the author

Stephen Sampson is among the founding members of the Compumatrix Bloggers' Network and writes various topics about life and business.

Comments

  1. For many, Compumatrix IS their business and it can be a very profitable one at that! It makes sense to use the tools and ideas provided in Compumatrix to build your business and to surpass what traditional brick and mortar businesses are limited to. Crypto-currencies are the future and given the current environment, our futures desperately need an online stay-at-home avenue by which to earn a nice living. Enter Compumatrix….

  2. Gail, over the years, I have been all. over the place with ideas. I hate to admit it but I needed this time to REALLY think these things thru. Now, I am ready with a more diverse business plan but one that won’t take my feet out from under me. The first part of that plan has always been and always will be my COMPUMATRIX BUSINESS. The LAST part of that plan is PLANNED GIVING. The parts in the middle work in both directions. It will give and take from the beginning COMPUMATRIX. It will build within itself a structure that will assist others with a remainder part that will be PLANNED GIVING.

    Of course nothing is set in stone and like a brick building has to be built by laying one brick on top of another starting with that solid foundation COMPUMATRIX.

  3. One thing that I absolutely love about Compumatrix, is that David (CEO) and all the BOD have always done everything legally and above board. Some of the complying to all the legalities, has definitely delayed the time of our opening and the receiving of tangible money in our pockets, but I would much rather have to wait a long time, when all was done legally, than to get some quick asset in pocket, having things not be totally above board..

  4. Updated 2020: Building a Business from scratch is not always an easy process although there are some folks that think it is. Cutting corners is not a smart rule to follow. Just getting an EIN number is easy to some extent however, just because the government says its okay you still should seek the advice of a lawyer as well as an accountant in your state or country that knows the Crypto/Bitcoin business. It’s a different world full of twists and turns as most governmental agencies and many banks have shown lately.

    This is 2020 and the world is constantly changing. Our assets and coins have to be protected which makes the initial start of a business (company or LLC) very important. Your average man/woman on the street is very skeptical when the word Bitcoin is mentioned. More often than not it’s a sheer look of “not for me followed by not interested”.

    Decentralized is what we are and banks and the IRS here in the US look at you as someone in a shifty business. Being Peer to Peer is another reason people look at you sideways when you talk about your dealings (a good reason not to share you great success). There is never a shortage of comments especially the ones you don’t hear as they gossip with someone else you know.

    The most important part of setting up a Crypto business is to ensure that you have a legal team of one or many, who have a total understanding of the business and the tax ramifications. Most countries have thousands of tax laws on their books, some dating back to the 1700’s. There is no “one size fits all in today’s world of business and finance.

    As a new company or existing one for that matter, deal with only legitimate Exchanges, solid companies and pay attention to updated laws. Seems like new ones appear daily. Take the time to set up your company carefully and prepare for the future.

    “ Don’t always follow the Herd, there may be a cliff just over the horizon!”

    1. you are so correct Joe M — in opening or starting or even taking over an existing business — it really is not an easy thing to do at some points–but through the process having legal and financial professionals at your fingertips is absolutely the best way to start or at least push forward in my opinion and then if possible having financial security to access if need be as time plays out — also having a wee bit of good luck helps also–

  5. I have seen a lot of stuff over my time on this earth and in America and I agree building a business here in America whether its at home or online or in a building is no simple feat there is many things that have to be done just to get the door open– I do hope some day that Compumatrix actually becomes my Last business–

  6. When my husband and I retired from employment, part of our retirement money went to the construction of a modest three-door commercial units adjacent to our house. That idea had always been on my mind long before which I strongly believe came from the Lord. Perhaps He knew we would not get anywhere with our funds because we don’t have the knowledge and skills to do business; but then leasing does not need much of our talent and ability. So Stephen, it is true that if you have the resources, knowledge and skills will not matter much. But in Compumatrix, we can earn money online, build our resources and, if you have the knowledge and skills, you can venture into other businesses as well.

    1. Veronica, I so look forward to seeing what difference our membership will make in the lives of others. I have been talking with another member recently about using some of our funds toward dedicated projects to support our veterans. Too much has been given up by them for us and it would be the least we can do for them.

  7. if we get to where we can be a great or legitimate source to help people who have had issues and can not help themselves please keep me in mind and get in touch with me and I will sincerely help as best I can — i just smile sometimes as I see each day and also each person keep pushing for right and truth — love that about Americans and also others worldwide — keep truth and honor at the forefront always at least in my humble opinion rjh age 60+

  8. I like this explanation of building a business. Like stated in the blog post, not many people have the financial capabilities to build an actual business. If one has the financing for a business, they have the resources to acquire people with the skills and knowledge necessary for the success of that business. Compumatrix has the perfect set up to give people the tools to create a profitable business and be at the forefront of crypto-currency technology.

    1. YES, mrn520, this is one business that doesn’t require a college degree, and it’s elementary for almost any education level. All you really need is to have the desire to become successful and the determination to see it through. You can learn as you go about cryptos, and with Compumatrix, there are tools for learning such as this Blog Site! It is very refreshing to see the younger generation so excited about the financial shift as well as, the older generations who make the efforts to grasp it too!!

  9. it is all about drive and desire to succeed and also build off the fundamentals and truths of any business model — I enjoy watching at this point from a distance and grasping as much new wave info as i can and trying to learn as much as I can from those who are literally setting the steps to success one step at a time and wow to see and understand this is so amazing — imho rj

  10. I like the idea of assistance in this blog post. No one can truly make it on their own, everyone has help from someone else in some way, shape, or form. That is why businesses have CEOs, presidents, executives, and vice presidents. This is why I love Compumatrix so much: the Compumatrix platform gives its members the tools to earn basically an unlimited amount of money, but Compumatrix is set up so that Compumatrix also profits from doing decentralized transactions (win-win situation).

  11. guaranteed that starting any business online or off is no picnic in my opinion — there are so many steps to go thru just to be legal here in the States but figure that other countries it is just as legally challenging and financially difficult to get the doors open legit wise but I also have to admit the only way it does happen is when You take the necessary Actions to start and the more legit pro help you can utilize the simpler it should be and chances for success should also rise —

  12. For me Compumatrix is a beginning…
    I have many ideas on what I would like to do when this becomes a reality.
    I also want to learn more about future investments that could bring more financial strength to me and my family.

  13. Anything built on a well planned, strong foundation has the ability to withstand the elements. Yes, adaptations may have to made along the way, but building with integrity sets the stage for handling everything. Cutting corners may work in the short term but for durability it is not an option.

  14. After talking several times now with some legal people, I decided it’s time to put ideas to paper! Electronic paper will have to suffice. As you stated, Andrew, “Anything built on a well planned, strong foundation.” I have been thinking ideas through and studying concepts so long that I almost forgot to actually put it in perspective. Laying that foundation to build on is the first step but only the first step.

  15. Stephen very nice and informative blog and several pearls regarding starting your own business,now that funds will be forthcoming its time to prepare a business or two besides Compumatrix, And point well taken as to get as much help and input from the people who know the rules and regulations,local laws and pitfalls if any.Legal advice will be absolutely neccessary and the guiding hand s folks who have done it before.

  16. I just wanted to comment on the mention of the importance of setting up your business in the correct legal entity that was talked about in this post. It is best to get professional help when trying to decide this because our modern society has become very complicated with way too many laws for the everyday person to keep up with. I say do a little basic research so you understand what questions to ask and find someone you can trust that knows their stuff.

  17. Thank you for this useful information, Stephen. I have my own business, an organic agriculture business. Until now I do all the work by myself without the help of anybody. It is sometimes very heavy but I can do everything the way I want it. When CNI comes to fruition it will be different. I’ll need all help that is available with a crypto business because it is very specialized.

  18. Interesting post and full of worthwhile information. Having been involved in various types of businesses over the years, almost always as a self-employed person, I am totally in agreement with Stephen. Defining your business plan before you start helps with focus and utilising the skills of others to direct your thoughts and ideas can save many headaches along the way.

  19. love the entrepreneurial spirit shown around this blog area –there are so many intelligent and hard working biz owners posting here and honestly you should be able to learn a ton of great useful info but the one most important Fact is that if You choose to enter your own biz be sure to have Great Legal Expertise at your fingertips — great stuff really —

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