Why Incorporate Your Business?

Anyone who operates a business, alone or with others, may incorporate. Under the right circumstances, the owner of any size business can benefit! Here are some of them.

Reduces Personal Liability

Incorporating helps separate your personal identity from that of your business. Sole proprietors and partners are subject to unlimited personal liability for business debt or law suits against their company. Creditors of the sole proprietorship or partnership can bring suit against the owners of the business and can move to seize the owners’ homes, cars, savings or other personal assets. Once incorporated, the shareholders of a corporation have only the money they put into the company to lose, and usually no more.

Tax Advantages – Deductible Employee Benefits

Incorporating usually provides tax-deductible benefits for you and your employees. Even if you are the only shareholder and employee of your business, benefits such as health insurance, life insurance, travel and entertainment expenses may now be deductible. Best of all, corporations usually provide an increased tax shelter for qualified pensions plans or retirement plans (e.g. 401K’s).

Anonymity

Corporations can offer anonymity to its owners. For example, if you want to open an independent small business of any kind and do not want your involvement to be public knowledge, your best choice may be to incorporate. If you open as a sole proprietorship, it is hard to hide the fact that you are the owner. And as a partnership, you will most likely be required to register your name and the names of your partners with the state and/or county officials in which you are doing business.

Easier Access to Capital Funding

Capital can be more easily raised with a corporation through the sale of stock. With sole proprietorships and partnerships, investors are much harder to attract because of the personal liability. Investors are more likely to purchase shares in a corporation where there usually is a separation between personal and business assets. Also, some banks prefer to lend money to corporations.

An Enduring Structure

A corporation is the most enduring legal business structure. Corporations may continue on regardless of what happens to its individual directors, officers, managers or shareholders. If a sole proprietor or partner dies, the business may automatically end or it may become involved in various legal entanglements. Corporations can have unlimited life, extending beyond the illness or death of the owners.

Easier Transfer of Ownership

Ownership of a corporation may be transferred, without substantially disrupting operations or the need for complex legal documentation, through the sale of stock.

Centralized Management

With a corporation’s centralized management, all decisions are made by your board of directors. Your shareholders cannot unilaterally bind your company by their acts simply because of their investment. With partnerships, each individual general partner may make binding agreements on behalf of the business that may result in serious financial difficulty to you or the partnership as a whole.

Adds Credibility

A corporate structure communicates permanence, credibility and stature. Even if you are the only stockholder or employee, your incorporated business may be perceived as a much larger and more credible company. Seeing “,inc.” or “corp.” at the end of your business name can send a powerful message to your customers, suppliers, and other business associates about your commitment to the ongoing success of your venture.

For help and the cost to Incorporate your business in your state please visit our site and contact us for more assistance. www.advancedbizconsultants.com

Information in this blog article taken from ActiveFilings.com

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Do You Have A Web Presence? Lacking With Internet Marketing?

In order for your web site to be an effective marketing tool, it must be combined with a strategic marketing effort. We implement the latest technology in Web Site Development & Internet Marketing to increase your company’s visibility and local search engine results. Send us a message via our Contact Us page and one of our consultants will contact you within 24-48 hours or call 1-866-639-0566 to learn more. To view all of the other services we provide to help make your business more profitable please click on our Services page.

Who Wants a Successful Business? Part 2

In the last blog I talked about change and how change is a good way of discovering hidden talents or to corner a different market. Along with change in the process a change in the mentality of the business needs to happen. Small business open and unfortunately close at rapid paces, yet some of the most successful businesses in the world started off as a small business. Ray Kroc is probably one of the most successful small business owners of all time. If you don’t recognize the name you are definitely not alone. Many people don’t know who he is but there is a good chances you have tried his product. I’ll give you a hint, “I’ll have a Big Mac meal with a Coke” that’s right Ray Kroc is the founder of McDonalds. This multibillion dollar company once started off as a small business as well. What made them so successful? How did Ray Kroc establish such a flawless method? That’s what we will be looking at today. To see how your business stacks up to Mr. Kroc’s.
Here we are, day 1 of your new business. You have a single location, you are the only employee, and you make all the decisions. Where do you begin? What is flying through your head? What and how do I do to get all the materials for this location? If you asked yourself the last question there is already a 75% chance your business will fail within the first 5 years. With such an overwhelming statistic like that it is surprising how few business owners know that. The reason many businesses fail is because the mentality behind the company is not about owning many locations it is about owning their current location. When Ray Kroc started McDonalds, long before the first burger and fries were put into a customer’s hand he had set up the business as if it were a franchise. Every decision he made was thought of as if he had more than five locations, even if he did only have one. As a business owner you have to learn to think big picture. You want to make every decision as if you owned 5 or more locations, even if you never plan on it. The reason is a more structured business plan of attack. What days do you order new supplies? Yeah a business owner can play it by ear and order it when needed but if the structure was in place that the first and third Thursday of every month new supplies is to be ordered for all locations. That’s the structure that needs to be in place. Thinking and seeing the big picture will statistically lead to an over 80% chance of lasting longer than 5 years. Think about that. By only thinking about one location with even good structure you will fail 75% of the time while thinking franchise and good structure you will succeed over 80%. That’s the key to be successful, don’t make a decision based on your location make it based for all future locations.
Check back for part 3 of being a successful business when I discuss the value of a turn-key operation and why it is vital to success.

Who Wants a Successful Business? - Part 1

At Advanced Business Consultants Inc. we pride ourselves on not only the knowledge we have to help our customers accomplish lowering costs while raising profitability and sales, but also on providing our customers with that knowledge so their business will be successful. Good sales for a month or good sales for a quarter can be blind luck, but steady sales and consistent profits are a result of having a sound business plan and utilizing many tools many business owners don’t know about. That’s where we come in. We work with businesses to show them their good habits and fix their flawed ones. “Our success is measure by your success” is not just our company motto, but it is what we believe needs to be accomplished to make sure we stay in business as well.

Many people from many walks of life decided that they would like to go into business for themselves. The problem is not that the idea they have isn’t good enough, it’s the ideology behind how they decide to conduct their business. Many people think that running the business is as easy as the work they were doing before they started their own, but the problem is that running a business and running with the business are two entirely different things.

In Michael E Gerber’s book the E Myth he explains that there are three different mentalities that it takes to start a business. The trick to a successful business is to be able to balance all three; the technician, the manager, and the entrepreneur. The technician needs to know how to do the work, the manager how to manage the tools they have, and the entrepreneur to imagine new and better ways of doing things. That’s the first step of figuring out the strategy it takes to become a successful business. It’s not being able to do the work alone but to know why the work needs to be done and where the business is heading and adapting to change.

Change. The word alone can make many people quiver, but not the person who wants a successful business. The word change can mean cornering a new market or uncovering hidden talents in your business. If a business is stagnant another business will ultimately pass them up and push them out. How can your business change creatively while maintaining the basic foundation and morals of your company? That’s where hiring a consultant can help out because a fresh set of eyes with no investment in the company can see and fix problems that are keeping the business from changing in the right direction.

Check back for Part 2 of “Who Wants a Successful Business?” Where we will talk about other aspects of your business that need to be looked at more deeply.

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Small Business Networking

At Advanced Business Consultants, Inc. we are not only committed to our customers, we are also committed to our communities.  We are active members of the Algonquin-Lake in the Hills, Cary-Grove, and Tinley Park Chambers of Commerce.  We take great pride in our ability to help our clients succeed in today’s economy.  Please review our calendar of events below to see what networking events we will be attending.

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Corporate Identity & Graphic Design

Advanced Business Consultants, Inc. is proud to house our own graphic design and marketing division that can help you build your brand from the ground up. We use a consultative approach to better understand how you do business and how you currently promote your products and services.

Through close relationships with strategic partners, we can act as your virtual marketing department. For those small businesses that do not have the capacity or the need for an everyday on-site marketing or advertising department, we can fit that bill rather nicely.

Services we can deliver to your business include:

• Logo Design & Corporate Identity
• Brochures
• Advertisements
• Flyers & Sell Sheets
• Newsletters
• Catalogs & Annual Reports
• Presentation Folders
• Web Design & Management
• Promotional Items / Ad Specialties
• Photography & Video
• And Much More….

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