Category: Tips

Corporation, sole proprietor, and partnership are terms that you’ve most likely heard before and understand the concept behind. But what is an LLC?

LLC stands for “limited liability company” and it combines aspects of corporations, partnerships, and sole proprietorships. It has become a very popular business model for small, new businesses. The LLC model works because it is similar to the way a corporation operates, yet the model is more straightforward and adjustable.

An LLC combines the limited liability of a corporation with the pass-through taxation of a sole proprietorship, which is very appealing to many small business owners. This combination means that the business is its own legal entity and separates debts, yet you can still tie them to your own personal taxes. You can either be the sole member of an LLC or you can have multiple members, like with a partnership.

If it sounds too good to be true, it might be. Though the LLC is a coveted business structure, there are certain businesses that are more well-suited to its model than others. Read on to learn about some pros and cons of the LLC.

LLC PROS:

• No ownership regulations: If you’re starting a business from overseas, there are no restrictions to citizenship or residency. Also, if you want to have corporate entities as a part of your LLC as members, you can. However, if the corporation is the only member of the LLC, the LLC will be treated as a partnership for tax purposes.
• Liability Protection: The members of an LLC are separate from the LLC entity itself, so any debts that the LLC incurs, the members will not be liable for. The only personal assets that are at risk with an LLC are those invested in the company by the personal members of the LLC.
• Adjustable Profit Distribution: In a corporation, the percentage amount that is invested is the percentage amount in profit that is returned to each individual shareholder. In an LLC, the members choose how the profits of the LLC are distributed to each member. This can be differentiated by ownership percentage instead of an exact percentage share.
• Pass Through Taxation: An LLC will not usually pay its own taxes, instead, the income would be passed through the personal income of each member of the LLC and would be taxed as personal income. In this way, the LLC is very similar to a sole proprietorship or partnership.
• Adaptable Tax Status: An LLC is usually treated as a partnership or sole proprietorship during tax season, but the members of the LLC always have the option to treat the LLC as a C- or S-corporation for taxes.
• Few Compliance Requirements: While a corporation is required to keep up a strict schedule of shareholder meetings, bylaws, and corporate resolutions, the LLC does not have to do any of that. Instead, the members of the LLC adhere to an “operating agreement.” Members can still call meetings whenever they want and can document meetings and resolutions, but they are not required by law to do so.

LLC CONS

• Personal VS Public: As the owner or member of an LLC, you need to be able to separate your business and personal finances. This will require you to open separate bank accounts and keep track of different cards and spending. There are other things to think about as well, such as cashing checks in the name of the LLC and the fees that come along with the business accounts.
• A Member’s Departure: If a member of your LLC departs the business, then your LLC immediately ceases to exist. Unlike a corporation where shareholders can come and go, the LLC members must be in for a permanent partnership.
• Taxes: Pass through taxation can be a benefit or it can be a hindrance. Sometimes the personal income of the LLC member will have higher taxes than a company, and you will still be paying for personal tax items such as Medicare and Social Security.

If you are interested in flexible business management and taxes, then an LLC might be the best choice for your business. Even those with partnerships, sole proprietorship, or corporations may benefit from a change to an LLC. However, it is important to plan over any change with a corporate financial advisor to examine the personal pros and cons. Also, it is important to note that some companies cannot file as LLCs. These companies include insurance agencies and banks. For those wishing to establish an LLC in their state, all they have to do is research. For example, if you live in California and are seeking the best LLC service in CA, LLC services can provide expert guidance and legal support to make the LLC formation process smooth and easy.

When you go out into the world you meet all kinds of people with different motivations and personalities. Outside of the office, you can choose who you want to interact with, but in the office, it’s often a situation of “you get what you get.” Pinpointing your own personality type can help you steer your career trajectory in the direction you would like it to be going, as well. Along these lines, it’s important to understand how to work with different personality types as this can also help you to succeed in your career.

Some personality types will get along wonderfully and others may come into conflict more often than not. If your conflicts aren’t able to be addressed properly, you could end up becoming miserable at work or worse. Some of your coworkers may have outgoing personalities and want to talk and socialize with you at work, while others will find this behavior rude and distracting.

When conflicting personalities escalate to a problem among colleagues the issues will begin to throw off the office productivity. All problematic situations need to be managed directly in order to keep your office from becoming disjointed. The first step in keeping your office in harmonious working condition is to identify the 5 different personality types that you might find in a typical workplace environment and proceed accordingly.

1. The Solo Player

These people are multi-taskers that like to handle jobs alone. They prefer to not work with a team, but will if they are assigned to one. However, don’t expect them to grab drinks with the team after work or to volunteer to be the leader. These introverts are usually highly skilled and fast workers. In order to manage a Solo Player, try to give them as many individual work assignments as you can and keep team projects to a minimum. Also, don’t try to force the Solo Player into socializing with others; it will come naturally or it won’t, and its nothing to bother yourself about. Be sure to recognize their achievements and to give them extra time to process feedback and negative performance reviews.

2. The Slacker

Whenever work comes up, the Slacker has a reason to miss out on it. If they’re not needed, they won’t be there; and if they are needed, they’ll probably show up late. They have a list of excuses a mile long and won’t hesitate to give you any of them. How many “grandmas who got sick” does the Slacker have, anyway? Working with the Slacker means you need to be very direct in your delivery if you need something done. If they try to bring up more excuses, let them know you’re aware of the number of excuses they’ve previously given and let them know the consequences if they continue this slacker behavior. This person might need to be micromanaged because their productivity requires plenty of check-ins to get any progress.

3. Your Best Friend

Not just Your Best Friend, he or she is everyone’s best friend. This employee is constantly gossiping by the water cooler, cracking jokes in the break room, and can be found at other people’s desks more often than their own. This person is extremely extroverted and has probably gotten to know everyone in the building; let alone just your office. The problem with the Best Friend is that he might not be spending enough time on his work as he is focused on talking to everybody. To manage this person, use their skills to your advantage and get them to build company culture and organize after-work events. This person will need regular check-ups on progress – a lot like our other buddy, the Slacker.

4. The Angry Guy

Or girl, this person is a ticking time bomb ready to go off on a moment’s notice. You have already pinpointed this person because you’ve previously seen him/her get angry a few times since you started working together. These people can be very bad for company morale and they need to be dealt with immediately. The Angry Guy might be affecting your brand if they interact with customers or clients, and they can do a lot of irreparable damage. Try to find out what is making the Angry Guy so angry. Once those emotions are released, a healing process can occur.

5. Debbie Downer

Nothing can go right in Debbie Downer’s life. Whether it’s their awful in-laws, a mean landlord, or a “lazy” coworker, Debbie just can’t catch a break. The one thing you know about Debbie Downer is that none of this is his/ her fault and everything just seems to happen to his/ her. To manage the Debbie Downer in the office, you need to be objective when they lament about how hard their life is. Try offering constructive feedback instead of pity.

6. The Narcissist

The Narcissist loves to take credit and blame others. The Narcissist does not have loyalty to any coworkers, just himself/ herself. To manage the Narcissist, you need to work closely with them and point out where they could be doing a better job. Watch and see if their team interactions and work are tolerable; if not it might be easier to cut your losses and let him/ her go if they really are too much of a liability.

There are a lot more personalities than 6 in the workplace, but these might be the hardest to work with and will need the most managing. At the end of the day, it is up to you to build your team and figure out who can be let go, wherever necessary. As long as all the roads lead to a happy, productive, collaborative workplace, you’re doing the right thing.

If you’re ready to take your business to the international level, there a few challenges that you might happen upon during your journey. The reasons behind these challenges are numerous. The recent Brexit from the European Union, political differences, and economic differences between international governments are just the beginning. To become a successful business leader in this global industry, there are practices in business that you should not observe carelessly. It will be an uphill battle but expanding and reaching new clients means a big boost to your profits. Despite these challenges, there are a few general rules that you can take into consideration before jumping into the international business world.

Do Your Research

Learning all you can about a foreign market is the first step to heading towards international business. You want to understand the market trends, how the economy flows, and the behaviors of consumers. If you find several issues that won’t allow you to enter the market or realize that your product or service is not necessarily beneficial to that foreign market, you will be happy that you did your research beforehand. It is better to find out it won’t work early on and work on choosing a different foreign market in the early stages. A normal American logo can look like an inappropriate symbol in a foreign market and vice versa. You do not want to offend your customers with your product. Try to speak to local distributors for some insights. Local distributors know how their customers behave and can point out issues with your product that may work in America, but not overseas.

Learn the Etiquette

Respect the culture, language, and simple etiquette of your new consumers and clients to get ahead. Human behavior varies greatly between countries. For example, blowing your nose in a meeting with Japanese businessmen will get you turned away. It is considered very crude, even if you can’t help that you have a cold. It is best to walk out of the room before taking care of a runny nose. Fortunately, you can learn about these many different cultural differences by doing a quick web search.

Decide Where You Will Run Your Business

Will you run your business from one place or have several shops around the world? If you choose to run your business from one place, consider getting an international virtual phone number so that you can keep in touch with clients and consumers. They will be more trusting of a local number than a foreign number and it will make them believe that you have a shop in their city. If you do expand your business with different stores or teams, you will need to coordinate between different time zones how you will all work together.

International Taxes and Accounting

After you have researched the area and decided on where you will run your business, you will need to look into that country’s tax information. You want to stay on the side of legality, therefore, understanding trading laws is key to gaining success and keeping it. Employment and labor requirements are different in other countries, too. For example, in Europe, employees receive 25-33 days of vacation time and you must also provide a minimum 14-weeks of maternity leave for expectant mothers.

Pricing Correctly To Break Into New Markets

Many businesses trying to break into the Chinese market realized right away that if their prices did not match the Chinese population’s expectations, they would not be able to compete in the market. The Chinese believe that the product should match the quality. That means that you might have to price down or price up your products depending on their view. For example, Apple products are priced higher in China than in America, because they are a symbol of status. If you can afford an expensive Apple product in China then you clearly have some degree of prestige.

Find Acceptable Payment Methods

There are a wide variety of payment methods that can be accepted internationally through e-commerce websites. It is important that you choose the right one for your business. PayPal, wire transfers, and Bitcoin are all possible payment methods. You can also go through well-respected global payment companies like Worldpay or through local payment methods in the country that you choose to do business in.

Despite these challenges, this is an exciting new chapter for your business! Since you are better prepared to face these challenges head-on, you and your business are sure to become stronger and more profitable because of it.

You’ve heard the saying before, “don’t mix business with pleasure.” So why do so many people run their businesses from their personal smartphones? Working from one solo line may work for a small business that is just beginning to take off, but as soon as you start to get calls at all hours of the day it might be time to add a second line.

Today, smartphones are equipped with the ability to add a second line that you can use for business, personal calls, or while traveling abroad to avoid international charges. Having a second phone line can even help in sales prospecting! If you are wary of giving out your information and you are meeting a lot of people, adding a second phone line is a safe and effective way of communicating with people you do not know. To get a second phone line is as simple as downloading an app, or you can sign up for a free trial at Global Call Forwarding.

Getting a Second Phone Line

Global Call Forwarding forwards phone calls and text messages to any device of your choosing. You can use a second phone line on your smartphone or on your computer and tablet, too. It’s easy to sign up, too: you can do so online or by calling their toll free number at 1 (888) 908 6171. If you are running a large business, you can choose to get a toll free number, but most likely you will want to choose from their many local phone numbers if your business is smaller, or if you just want to add a second line while traveling abroad.

Global Call Forwarding serves over 150 countries, so if you are traveling abroad extensively, Global Call Forwarding offers local phone numbers, which can help you avoid those sky-high international rates. And since they have over 20 years of experience, the service that you will be receiving is high-quality, with a very low chance of missing or dropping a call.

Features for Your Second Number

Whether you choose a local number or toll-free number, you will still have access to many included features and some extras that are optional to add on. Many features offered with virtual numbers are designed to make a business run properly, no matter how small or large that business is. Even if you are just a busy nine-to-fiver with a lot of clients to juggle, their plethora of features can help keep you very well-organized. Here are some of the most beneficial features that can help you balance your workload:

• Sequential Forwarding: allows you to forward phone calls to different offices within your business.
• Voicemail to Email: forwards your voicemail to email that you can listen to at your leisure. You can keep business separate from your personal life easily with this feature.
• Time-Based Routing: this feature allows you to route phone calls to voicemail or a call center while you are out of the office. This feature makes it a lot easier to enjoy your personal time, without having to worry about work.
• SMS Forwarding: this feature creates a truly mobile experience.
• Text Messaging: this is the preferred choice of communication for many people. If you speak to or work with a lot of millennials, then this feature will be imperative in your business dealings.

There are many apps available for Android and iPhone users. Zoiper is one app that can run a variety of different platforms, which means you can get in contact with the people you need to while using a tablet or computer, too. As long as your cell phone runs on any browser, macOS, Linux, or Windows, you’re covered.

Apps like Zoiper and the GCF Softphone come with a plethora of features to keep your calls safe and secure. One tool used by Zoiper is encryption. That means that no one can spy on your calls or texts messages, the only person that can communicate is you. Other features include audio, instant messaging, and number recognition.