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5 Things to know before starting your Limited Liability Company (LLC) – BEDA Day 13 0f 31

5 Things to know before starting your

Limited Liability Company (LLC) – 

BEDA Day 13 of 31

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This weekend, at my training that I’ve referenced many times. I spent a good 15 minutes talking to one of my friends about her LLC. How she started it in Atlanta to do her community development work. She said it only cost her $50, and that now that she was in the NYC, she was thinking about having it transferred over.

Ever since that conversation, I knew that I too had to get my LLC. I made the goal to grab it before the end of the month. I couldn’t wait that long though.

I went on the NY State website, and was supposed to be printing out pages for references and research…. The very first page asks you for the name of your business. It checks it against the state registry. I hadn’t fully thought of a name yet. I have probably 100 different names I’ve written down and gotten test logos for.

I entered SkoolHaze LLC… It was available

At this point, I gave myself the freedom to jump in head first into what is sure to be a new arm of the journey for me.

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1 – Have a business idea or two or three. You can check my post from yesterday to see my three personal methods of creating business for myself. Your methods will look different than mine. But just have some.

 

2 – Do your research. I was making this post…. And I realized very quickly that I didn’t know anything about starting an LLC. Not enough to share with readers. Do enough research until you feel you know enough to make a decision. I applied for my LLC 2 days ago, I still don’t know everything, but I knew enough to know that I needed to take the next step in my journey.

Let’s take a second to learn a few things together:

1.3.12_LLC-590x2303 Forming-an-LLC-in-Flroida-22

 

3 – Know Your State’s Requirements.

Each state is vastly different. I’ve made a little table to demonstrate for you. Be sure to check your state’s official listings. However, you can jump to this link to do some quick and dirty research for the 4 basics: Filing Fee, Online Application, Publication Requirements, Annual Report.

Check your states info here: this link is just a reference apply DIRECTLY through your State gov’s website)

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4 – Talk to your peers and clients.

I’ve had quite a few conversations with my peers who talk about getting their LLC. How its helped open doors for their businesses. I’ve also had conversations with quite a few potential partners that spoke about wanting to do business with other people that “have their paperwork in order”

 

5 – Give yourself the freedom to begin new journeys!

I have been pondering for roughly 2 years about this business mess. How do I start it? What’s the right structure? When will I start saving money. What if I don’t sign up the right way? What if I choose the wrong name? I’m want to wait until my business is fully mature. I should wait until I’m out of school….

Nah – give yourself the FREEDOM to live. If you’ve been thinking about a business for a minute, and you know you have some balls rolling in the market. Be adventurous, take a chance on yourself, and jump in.

I actually didn’t have the money for my Limited Liability Corporation. I allowed myself to get caught up in the application and used some money from my savings. It was $200, so I knew I could cover it. But I knew I was going to feel the hit until I could replace what I had taken out of my savings. I returned home, later that evening to a $500 consulting check (I talk about it here)…

Let the energy of the universe take you on a cosmic journey!

Hopefully this helps.

 

There are missing points. If you have questions leave them in the comments!

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Rich Dad Poor Dad Book Review BEDA Day 4 of 31

Rich Dad Poor Dad Book Review

BEDA Day 4 of 31

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NEW_RDPD_Book_mockup1What up fam,

So today. I have a book review for you.

Rich Dad, Poor Dad By Robert Kiyosaki

Rating – 4 out of 5 – Must have.

Pages – 243

Readability – Medium

Amazon link here

Of course, a used Amazon purchase for me. It’s where I get 85% of my books. The other 15% is through e-books. I’m excited because I recently applied for and obtained my Brooklyn Public Library and New York Public Library cards. They both have tons of access to e-books and some article reserves.

This is a book that I’ve seen on the market forever. My interests are very self-help heavy right now, and have been for a few years. Rich Dad, Poor Dad strikes me as a kind of… Top 20 of your self help/personal finance books. I know that I’ve struggled to be strategic with my finances. I used to be very carefree and just for the love type of person. But quite frankly I respect my craftmenship too much to not try to strategically invest in my business and personal financial futures.

This book was a great foundational book for my financial literacy. I started reading this book as a skeptic. I see too many of his get rich quick feeling adds over my instagram and facebook. I’m currently in a space in my reading journey where I’m trying to reach out to books that I normally wouldn’t have read before.

This was a great selection to prove that you never really know the true value of a book until you crack its cover and give it a chance.

Robert takes us through his childhood living in the city with a Rich Dad and a Poor Dad. His Rich Dad was actually the father of one of his friends. This father owned a business and helped expose the boys to life situations geared specifically to develop their understanding and familiarity with money. Robert’s Poor Dad was his biological father. This father was a teacher, long-time government employee. His love for Robert was real, but he taught Robert to be scared of money and as a result taught him many bad money-making habits.

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I pulled a lot from the book. One thing I’ve been absolutely obsessed with since reading the book are my assets. Assets are one part in a 4-part money equation (Income, Expenses, Assets, Liabilities). Robert says that we have income, assets, liabilities, and expenses. His main argument is that we grow up in a society that doesn’t teach us and prepare us to find and develop our own personal assets. We rely on incomes derived from salaries, which never allow us to develop true streams of wealth.

An assets is defined as something that brings money into your pool of wealth, automatically and in perpetuity. Robert says many people assume their house is an asset. But he argues that true assets can be bought, created, inherited, and invested in. Smart people focus on accumulating assets, while poor people focus on accumulating liabilities and expenses.

I’ve been laser focused on creating assets ever since I’ve read this book. This alone was a huge take away from the book.

Some of the other highlights I found in this book:

  • Income – Rental Income, Salary, Royalties, Dividends, Interest
  • Expense – Taxes, Mortgage, Rent
  • Asset – Stocks, Bonds, Real Estate (rental), Intellectual Property
  • Liability – Credit Cards, Mortgage, Loans
  • Financial Literacy 101
  • Planting seeds and cultivating your Asset Column
  • Tax benefits of different business structures
  • Working to learn skills, not working for money
  • Defeating Self Doubting behaviors (pic)

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  • Working to develop assets that value more than your monthly expenses (pic)20160804_123937

I definitely recommend you get this book is you’re looking to transition to making more wealth based decisions in your life. Reading this book made me so much more confident in my current ability to begin collect my own assets. I feel super capable of constructing a strong asset column and can’t wait to make my first few contributions before the end of the year.

What about you? Have you read the book before?

What did/didn’t you like about the book?

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