If you're reading this, you've likely made the decision to turn your dream into a business plan. It’s an exciting step and you are to be commended. Most people’s fear of failure and inability to take risks are stronger than their desire to live their dreams. That’s...
We’ve all heard the expression, “Those who fail to plan, plan to fail.” In real estate, this saying certainly holds true. It’s essential that you develop a workable plan and start building a team of experts before you get started, so that you start off on the path to...
Let’s say you need help financing your new business. You’ve put $10,000 of your own money in, and maybe your parents added another $5,000 – yet you find that it still won’t be enough. You run the numbers, and discover you need another $5,000 to pay for this and that...
There are many advantages to incorporating your business and assets by using the proper business entity. In fact, without it, you'll have difficulty building business credit, which is often necessary for growth and stability. You'll also be vulnerable to losing your...
A couple that I’ll call Jake and Marcia purchased a coffee shop. The business was really Marcia’s dream, not his, but she was persistent and he reluctantly agreed to try to help out. Things went badly from the start and within less than 18 months they were forced to...
When states raise their fees, people vote with their feet. We described Nevada’s new corporate fees in our last issue (a jump from $325 a year to $650.) We also described how you could ‘continue’ your Nevada entity (or any state entity for that matter) into Wyoming,...
When looking to start a business or protect investments you have several options in the type of entity you can form. As with anything, there are advantages and disadvantages to limited liability companies. Advantages It limits liability for managers and members....
The state of Nevada legislature and governor approved higher business taxes last week. Some of the changes have been identified. Others have not seen the light of day. We do know that business license fees have increased. For profit corporations will have annual fees...
I’m not suggesting that you need to know everything. You don’t. You’ll continue to learn as you go. But you must educate yourself in the basics to get started on the right foot. A little education goes a long way in accomplishing four essential goals: 1. Demystify...
The biggest tax challenge for real estate investors are the passive loss rules. Under these rules, passive losses can only be used to offset passive income. A business activity is passive if the owner does not spend much time (typically less than 500 hours per year)...
Registering a trademark is an important step in any business venture – one that should not be overlooked. By protecting the name of your business, products or services, you ensure that others cannot use the trademarked words or designs. If you fail to secure such...
You have a great idea that will help your community. You want to benefit the environment, as well as your bottom line. Everything looks promising. But how should your social entrepreneurial venture be organized? Many are starting to use the new benefit corporation –...
What is a Letter of Intent and how does this help (or hurt) you when you want to buy a business? As soon as a buyer and seller have come to an agreement on price and major terms, a letter of intent may be prepared. This document precedes the more formal and detailed...
By Garrett Sutton, Esq. There are a few reasons a quit claim deed is not preferred to transfer title to your property. One big reason is because the quit claim deed severs an express or implied warranty of title. (This means you are just granting whatever you may own...
By Garrett Sutton, Esq. Where you do business will certainly affect costs, but that should not be your only concern. Here are 5 hazards to consider before deciding to work from home. 1. Zoning & Residential Restrictions If you’re doing business out of your house,...
The insurance broker is an essential part of the team you assemble when you purchase your real estate property. You must look for an experienced professional who strives to find personalized options for your business or investment. What you don’t want is someone who...
By Garrett Sutton, Esq. There is one asset most people forget to get complete asset protection for. It's an asset that for the average population, is the biggest asset they will ever own. What is it? Their home. It's an asset worth anywhere from around $100k to a...
You have made your decision to invest in real estate. You know what property you want to buy. Your offer has been accepted. Now what do you need to do to make sure your property is protected from the start? Here is a checklist of the seven steps for asset protection...
By Garrett Sutton, Esq. Bearer shares have been used by some to engage in fraudulent conveyances. As a result, Nevada and Wyoming have outlawed the use of bearer shares. Bearer shares are stock certificates that, instead of listing the owner by name, list the owner...
Business plans are meant to be seen. Whether you wrote your plan to attract funding or to help with management, you will need to show the plan to someone. If you wrote your business plan in order to attract funding and/or investment, you will need to get the plan into...
If you own the building you’re working out of, it is in your best interest to insure it. If you’re a tenant renting space, you may be listed on your landlord’s insurance agreement. Even so, it’s probably a good idea to have your own renter’s insurance policy rather...