Showing posts with label Business Organization. Show all posts
Showing posts with label Business Organization. Show all posts

Sunday, December 19, 2010

Business Basics, Starting A Business, Initial Steps, NursingEntrepreneurs.com

Steps To Start Any Business, in Any State (This example is for a nursing agency):

  • Develop a Business Plan.

    Small Business Administration:"What goes in a business plan? This is an excellent question. And, it is one that many new and potential small business owners should ask, but oftentimes don't ask. The body of the business plan can be divided into four distinct sections: 1) the description of the business, 2) the marketing plan, 3) the financial management plan and 4) the management plan. Addenda to the business plan should include the executive summary, supporting documents and financial projections."

    • What is your product or Service? (Certified Nursing Assistants (CNAs), Licensed Practical/Vocational Nurses (LPN/LVNs), Registered Nurses (RNs)) providing nursing care.

    • Who will you provide it to? (Homecare patients, Hospitals, Nursing Homes, Small Businesses, Large Corporations).

      • When deciding whether to service Hospitals or Nursing Homes, remember that:
        • Hospitals will use more Registered Nurses (more highly skilled and can take on more responsibilities).
        • Nursing Homes will used more Licensed Practical/Vocational Nurses (it's much cheaper to use them for passing medications and doing treatments on a large scale-most RNs in Nursing Homes function as administrative or charge nurses).

    • What will you Charge?

    • Where will you operate from?

    • How will your fund your enterprise, cover Start-up Costs (Borrow Money, Use Existing Funds).

      Resource:
    How to Use Other People's Money for Your Business, By Matthew Lesko
  • Naming Your Business-Choose a name that will represent you and the services you intend to provide.

  • Optional: Choosing or Designing a logo: My personal feelings on this are, its appropriate for Nike or Visa, but for a small business just starting out it is expensive (a good logo can run you a few hundred to a few thousand dollars) and is not absolutely necessary. You can always create one later as you grow larger. Nursefriendly, Inc. does not have a logo, and doesn't foresee a need for one in the near future.

  • Decide What type of legal business organization you'd like. Costs of registering a sole proprietorship, partnership or incorporation ($50-$1,000). Typically you don't need an Attorney to Set up your business, though it will streamline the process and increase the cost.

    I'd compare setting up your business to doing your taxes.

    Most people can do their taxes themselves, fill out the tedious forms and pull their hair out. Or you can pay an accountant to do them who will be happy to send you a large bill for his services.

    When I first talked to my Attorney about Incorporating, he quoted me $995 to have his office take care of it for me.

    When I called the Department of Taxation & Revenue in New Jersey, they told me it would cost $125 in filing fees and $25 for the name search. . . . . . . so by filling out the forms myself, I saved close to $800.

    Should You Incorporate Your Registry Business? By Joseph Caracci, RN:"The short answer is yes! When starting a new nurse registry business, you are entering into a legal business environment that requires you to take steps to protect your personal assets, such as your home, your savings, and your retirement. With this in mind, you need to determine which legal form you are going to take for your new registry. Some of the common choices are a sole proprietorship, a partnership, a limited liability partnership (LLP), a limited liability company (LLC), and a corporation."
    http://www.nursingentrepreneurs.com/incorporate

    ******************************************************

    It's mostly a matter of convenience, and whether you've got more time or money at this point.

    The basic types of business organizations you can consider are:

    • Sole Proprietorship (all income is reported under your social security number, and taxable as personable income). All liability in this case falls on your shoulders and creditors can go after your personal assets. A single award in a medical malpractice case (not to mention the legal bills) could devastate your business and financial assets. For a nursing agency, this is NOT recommended.

    • Partnership (same as Sole Proprietor, except there are two principal owners). Liability falls on both partners. Decision-making, Profits and Risk are shared between all partners.

    • Limited Liability Corporation. Allows for some protection of personal assets. Avoids Double Taxation inherent in a Corporation. Please note, with most small corporations, appropriate deductions can minimize your taxes and eliminate the Double Taxation Issue. For this reason, and also be cause Corporations are well defined by the IRS in terms of what deductions, benefits you can offer on a tax deductible basis, my recommendation is that you form a Full Corporation (C or S election is another issue).

      MyCorporation.com®, the Internet's leading provider of Incorporation, LLC Formation, and Trademark Search Services, has helped tens of thousands of companies across the U.S. get their start. Founded in 1998 by attorney husband and wife team Philip and Nellie Akalp, MyCorporation.com was one of the first companies to offer affordable, online Incorporation packages targeting small-to-mid sized businesses and entrepreneurs.

  • For Profit Corporation (C or S election). Best option for tax and liability purposes. A corporation is a separate entity with it's own Tax ID (Employer Identification #). In a malpractice award, only the assets of the corporation can be touched. Employees, Directors and Shareholders can take advantage of ample "Tax Deductible" fringe benefits (health insurance, expenses, etc) to minimize the corporate tax liability. This option is documentation intensive.

    MyCorporation.com®, the Internet's leading provider of Incorporation, LLC Formation, and Trademark Search Services, has helped tens of thousands of companies across the U.S. get their start. Founded in 1998 by attorney husband and wife team Philip and Nellie Akalp, MyCorporation.com was one of the first companies to offer affordable, online Incorporation packages targeting small-to-mid sized businesses and entrepreneurs.

  • Decide on Office Space, if you do a home office, costs are minimal you just need a set space and two available phone lines for the agency phone/fax. The best option here, is to form a corporation, and have the corporation lease space in your home or apartment, we can share the lease agreement (rental contract) we use with you. As part of our lease agreement, we've made Nursefriendly, Inc. responsible for bills we used to pay out of pocket.

      One point I'd like to make here is that there are a several household monthly bills your business could potentially pay and write off as tax deductible. To carry our house we pay $2000-4000/mo in basic bills. It is preferable to have the business pay bills in pretax dollars.

    • When I make a thousand dollars, I have about $700 to spend after taxes.
    • When Nursefriendly, Inc. makes a thousand dollars, no taxes are taken out initially, it can spend a $1000.
    • Nursefriendly Inc. only pays taxes on net profit.
    • If it has a large number of deductible expenses, which it pays in "pretax" dollars, it reduces the amount of taxes it will have to pay to the IRS.

        For Example:

    • If Nursefriendly Inc. makes $100,000 in a year (reported to it's employer identification#), and has $50,000 in deductible expenses, it only pays taxes on $50,000 at the end of the fiscal year.

    • If Andrew Lopez, RN makes $100,000 in a year (reported to his social security #), he pays taxes on the full $100,000 as checks are cut (meaning he actually has $70,000 to spend) and then hopes for a large refund at the end of the year.

  • See An Accountant: What you'll want to do is make up a list of the bills you pay monthly and sit down with an accountant. Tell the accountant that you'd like to start a business and would like to know what bills the business might be able to pay and take a tax deduction for.

    This becomes important when deciding to run a business as a Sole Proprietorship, LLC or Corporation. There are "deductions" that the IRS will question/scrutinize more heavily in a "home office" than it will in a "corporate lease."

      Some that can be paid for and deducted by your business include:

    • Association Fees (We live in a townhouse)
    • Cellular Telephones (As an agency and Internet Business, we keep in constant contact).
    • Cleaning Service, we have a service come in once every two weeks to clean our bathrooms, dust, mop, vacuum, etc. (all the housework that would take us hours to do).
    • Computer Leases (The nursefriendly leases two of its computers for $200/mo)
    • Electric ($100-300/mo)
    • Gas ($50-150/mo)
    • Health Insurance Premiums, Co-payments (When we have switched employers, we've paid $500 to $1,000/mo to maintain COBRA). Nursefriendly, Inc. covers specific medical costs for it's employees through a Medical Reimbursement Program which is fully tax deductible to the corporation.
    • Internet Access (We pay $88/mo for Comcast Cable Internet including our basic cable TV service)
    • Long Distance Service (if separate)
    • Telephones. It's expected a business will have both a voice and a fax line. ($50/mo basic service).
    • Water/Sewer ($150 per quarter).

      Some bills that your business probably cannot deduct are:

    • Automotive Maintenance & Repairs
    • Car Insurance
    • Gasoline
    • Groceries
    • Life Insurance
    • Mortage Payments

  • Set up a budget for Office Equipment, A Computer, Fax, Copier, Computer Software, as you find you need them.

  • Decide on How To Process Your Payroll (Nursefriendly, Inc. pays $45 per pay (for its first employee) through ADP Payroll services), plus payroll taxes. I've used ADP for several years. With them I can manage my payroll with a single phone call each payroll. I tell them how much to pay each employee, they cut the checks, handle deductions, taxes, deposits & tax payments. Once a quarter, they send me reports to forward to my accountant for tax purposes. For detailed information, please contact:

    Jennifer DeProspo, District Manager
    856-437-3056
    jennifer_m_deprospo@adp.com

    Or your can do it yourself with a program such as Quickbooks Pro. $10.95/mo basic service.

      Please note: If I pay a nurse $1000, their take home pay is round $666 (married), the government takes $334 out in taxes.

    The government also takes a matching $334 from Nursefriendly, Inc. as their employer.

    Total cost of paying an employee $1000 is $1334 to the business. Plus payroll costs. This is a cost you'll need to factor in when deciding how much to charge your facilities.

    You can have your nurses work as independent contractors to simplify this. That makes them responsible for paying their own taxes. Some nurses may not be comfortable with this as they can end up with a very large tax bill (as can you) at the end of the year.

    • Click Here to return to our starting an agency page.

    Nursingentrepreneurs.com is a networking and resource directory for Nurse-Owned businesses and nurses looking for an alternative to working at the bedside.

    If you explore the site a bit, you'll find profiles of hundreds of nurse entrepreneurs around the country. We encourage you to browse around, find a business category you are interested in, then contact the nurse directly. We're available for questions as well. This website is Owned-Operated by Andrew Lopez, RN a Medical/Surgical/Telemetry nurse.

    Has your Nurse-owned business been written up in the news? Do you send out a newsletter or regular press releases? We'd like to hear about it!

    Our Newest article is from an Arizona Nurse Entrepreneur:

    Should You Incorporate Your Registry Business? By Joseph Caracci, RN:"The short answer is yes! When starting a new nurse registry business, you are entering into a legal business environment that requires you to take steps to protect your personal assets, such as your home, your savings, and your retirement. With this in mind, you need to determine which legal form you are going to take for your new registry. Some of the common choices are a sole proprietorship, a partnership, a limited liability partnership (LLP), a limited liability company (LLC), and a corporation."
    http://www.nursingentrepreneurs.com/incorporate

    ******************************************************

    ******************************************************

    The #1 question, we've been receiving lately is about Starting A Nursing Agency, resource sites & manuals

    Please choose from the following:

    Interesting Reading For Nurse Entrepreneurs, Actual or Soon To Be:

    Nurse Entrepreneurs: Tales of Nurses in Business:"This book is vey inspiring! Learn how 50 different nurses brought their vision to reality! Learn some great tips on starting your own business. Nurses don't have to just work at the bedside. Read this book and you will be thinking of how you can make your dream a reality!"

    Own Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them:"Rich Dad's-"Own your Own Corporation" is a must read for anyone comtemplating a new business-or someone who already owns their own business. Garrett's direct yet simplistic explanations of the different business entities,the proper and best suited entity for your business-is followed by real-life scenarios which helps drive home the importance of corporate ownership in today's business world. Use Garrett's legal expertise to establish a successful, legally responsible and fiscally protected business...And understand the why's and how's of that ownership."

    21 Success Secrets, Success Secret #4- "Do What You Love to Do." Get your FREE CD and find out the other 20 secrets of self-made millionaires.:"Order your FREE CD ($4.95 S&H) from Brian Tracy's acclaimed 21 Success Secrets series. Start with 21 Success Secrets of $elf-Made Millionaires - full of techniques practiced by all men and women who go from rags to riches in one generation. Brian Tracy is a noted success expert. He's trained over 2 million people in 23 countries how to achieve their financial goals faster than ever before."

  • Business To Business:
    • Subscribe to our newsletters to learn how to make any site sell! Please enter your e-mail address into the box and click on the "Subscribe" button.

    • Click Here To Start accepting credit cards online! Surefire Premium Processing ($100,000 and over)

    • Make Your Knowledge Sell!:""Make Your Knowledge Sell!" makes it possible for Y-O-U to develop and sell your infoproduct! My co-author Monique Harris started out pretty much like you. She didn't use rocket science to achieve her tremendous e-publishing success."

    • Make Your Net Auction Sell:"As a business, Net auctions are truly a whole new kind of opportunity. To sell at auction just a few years ago, you had to be a Sotheby's, a business liquidator, a car dealer… or some other kind of "traditional" business. Or pay them to do the job."

    • Make Your Price Sell:"Know Your Perfect Price™ in 50 Minutes "Why is the Perfect Price™ so important?" That depends on whether you are considering a new product concept, launching a new product, or managing existing ones... Considering a new product concept? Not sure if it will fly? Imagine if you could know how much people would pay. You'd know if this new idea was worth pursuing... or not (think of the dollars and time saved)."

    • Make Your Site Sell:"Starting a major new business on the Net? Want to improve upon results from an existing Web presence? Or merely looking to build a solid second income stream? Whatever your e-commerce goals, we'll OVERdeliver, no matter how lofty your expectations are. As you will soon see, SiteSell.com products are globally acclaimed by major authorities as best of breed. Yet they are priced so that you can afford them... easily."

    • Make Your Words Sell:"What Do YOU Sell? Want to Sell More? Selling software on the Net? Infoproducts? A service? Million dollar cables for suspension bridges? If you want to sell more... Use the right words. Because words sell, not graphics. If you have any doubts, try this simple experiment."

    • Site Build It :"Site Build It! is the complete, all-in-one traffic-building system. It builds income by giving you all the software, tools and techniques that you need to build targeted traffic... all tied together into a terrific, time-saving, step-by-step process."

      • Please select from the following, see also Doing Business Resources:

      Make Money From Any Type of Website! Webmasters will want to check out our Paid Link Affiliate Programs Directory

      ******************************************************

      If your website is not listed here, we encourage you to submit it: Add Your Website/URL.

      See also:

      Nursing Topics, A to Z:

      Nursing Degrees, LPN-RN, RN-BSN, RN-MSN, Online/Offline College, University and more!:"Higher income. Career mobility. Now, no matter where you live or what your schedule, you can earn your Associate or Bachelor Degree to take your professional life to the next level — without putting the rest of your life on hold!"

      If you do any Browsing or Windowshopping online, please visit our online Mall:
      http://www.nursefriendly.com/shopping/

      Gifts For Nurses:
      http://www.nursefriendly.com/gifts/

      4nursinguniforms.com:"Choose from Top Nursing Uniform Companies. All sizes, styles and popular name brands available. Large selection of accessories as well: Accessories Blood Pressure Cuffs, Sphygnomanometers Nursing Tote Bags, Carry-Ons, Medical Bags Clinical, Medical Supplies, Nurses Discount Outlet: Angels, Books, Clothing , Equipment, Figurines, Holidays, Home Decor, Jewelry, Nurses, Office Decor, Scrubs, Shoes, T-Shirts Footwear, Shoes, Sandals, Discount, Bargains Gifts For Nurses (Nurses Week) Hosiery, Socks, Stockings Hats, Jackets, Jumpers Jewelry, Earrings, Necklaces, Watches Luxury Spas, Facials, Manicures, Pedicures Perfumes, Fragrances, Phermones Shoes, Boots, Sandals, Footwear, High Heels, Slippers Stethescopes, Nurse Kits, Replacement Parts Swimwear (Tan-Through) Women's Lingerie "
      4nursinguniforms.com

      Nurses' Station:"The idea for the Nurses' Station Catalog was conceived in 1989. After searching the marketplace in response to customer inquiries, it became obvious that there were no catalogs of this type serving the nursing profession. To be sure, there were several catalogs offering nurse's uniforms and a smattering of professional items. But there weren't any catalogs at the time offering a range of gifts, clothing, professional items, name badges, shoes and scrubs for nurses. It took two years of hard work to gather samples and put a together a catalog of the most unique and high-quality items for nurses."
      Nurses Station P.O. Box 388 Centerbrook, CT 06409-03881
      http://www.nursefriendly.com/station/

      Choose Nursing Uniforms, Shoes, Scrubs, Accessories By Brand:

    • via nursefriendly.com

    --

    Any questions, please drop me a line.

    Sincerely,

    Andrew Lopez, RN
    Nursefriendly, Inc. A New Jersey Corporation.
    38 Tattersall Drive, Mantua New Jersey 08051
    http://www.nursefriendly.com info@nursefriendly.com ICQ #6116137
    856-415-9617, (fax) 415-9618

    150,000 + Nurse-Reviewed & Approved Nursing Links

    http://www.4nursing.com
    http://www.howtostartanursingagency.com
    http://www.jocularity.com
    http://www.nursinghumor.com
    http://www.nursefriendly.com
    http://www.nursingentrepreneurs.com
    http://www.nursingexperts.com

    Posted by at No comments:
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    Thursday, December 16, 2010

    Sole Proprietorships, Business Entities, Business Basics-NursingEntrepreneurs.com

    Business Entities, Sole Proprietorship, Ad-Free.net:"A sole proprietorship is a business owned and operated by an individual, and can only have one owner. Starting a sole proprietorship is quick, fairly uncomplicated and relatively inexpensive. You do not need file documents with the state to form your business, as you do with corporations and Limited Liability Companies. If you plan to conduct businesses under a trade name, rather than your individual name (i.e. Field’s Landscaping rather than John Field) you will need to file a DBA (Doing Business As) with a local or state office. There may be additional licenses required by the state and city where you will operate your business (sales tax licenses, liquor licenses, etc). These requirements vary by state. Another thing to consider is that legally, with a sole proprietorship, the owner and the business are the same. The owner is personally responsible for the debts of the company."
    @free Corp. U.S.A. - Corporate Headquarters - Treadway Towers
    9 e. Loockerman St., Ste. 205 Dover, Delaware 19901 U.S.A.
    Phone: +1.302-269-3968 Toll-Free: +1.888-NoAds2U
    http://www.ad-free.net/Incorporation/soleproprietorship.htm

    ******************************************************

    Tax Aspects of Sole Proprietorships, CCH Incorporated:"A sole proprietorship can be defined as any unincorporated business with a single owner. It's the most commonly used form for new small businesses. If your business has only one owner, the IRS will presume that it's a sole proprietorship unless you incorporate under state law. From the IRS's perspective, the business is not a taxable entity. Instead, all of the business's assets and liabilities are treated as belonging directly to the business owner. When tax time rolls around, all income and expenses generated by the business are reflected on either Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business. Whichever of these forms you use, it must be included as part of your annual individual tax return (Form 1040)."
    amagos@cch.com
    http://www.toolkit.com/small_business_guide/sbg.aspx?nid=P07_2014

    ******************************************************

    Going It Alone, If you’re flying solo, this form of business may be the best way to go, Entrepreneur.com:"File Your DBA Choose Your Business Structure Creating a Fair--and Successful--Partnership How To Guides: How to Hire an Attorney Resource Centers: Small-Business Tax Center Also see these topics: Sole Proprietorship The simplest structure is the sole proprietorship, which usually involves just one individual who owns and operates the enterprise. If you intend to work alone, this may be the way to go. The tax aspects of a sole proprietorship are especially appealing because income and expenses from the business are included on your personal income tax return, Form 1040. Your profits and losses are first recorded on a tax form called Schedule C, which is filed along with your 1040. Then the "bottom-line amount" from Schedule C is transferred to your personal tax return. This aspect is especially attractive."
    entmag@entrepreneur.com
    http://www.entrepreneur.com/startingabusiness/startupbasics/businessstructure/article24402.html

    ******************************************************

    Sole Proprietorship, Business Center, Iowa Secretary of State:"The prevalent characteristic of a sole proprietorship is that the owner is inseparable from the business. Because they are the same entity, the owner of a sole proprietorship has complete control over the business, its operations, and is financially and legally responsible for all debts and legal actions against the business. Another aspect of the "same entity" aspect is that taxes on a sole proprietorship are determined at the personal income tax rate of the owner. In other words, a sole proprietorship does not pay taxes separately from the owner."
    (515) 281-8993, (515) 281-5204, sos@sos.state.ia.us
    http://www.sos.state.ia.us/business/sole.html
     ******************************************************

    Tax Aspects of Sole Proprietorships:"A sole proprietorship can be defined as any unincorporated business with a single owner. It's the most commonly used form for new small businesses. If your business has only one owner, the IRS will presume that it's a sole proprietorship unless you incorporate under state law. From the IRS's perspective, the business is not a taxable entity. Instead, all of the business's assets and liabilities are treated as belonging directly to the business owner. When tax time rolls around, all income and expenses generated by the business are reflected on either Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business. Whichever of these forms you use, it must be included as part of your annual individual tax return (Form 1040)."
    http://www.uschambersmallbusinessnation.com/toolkits/guide/P07_2014

    ******************************************************

    Sole Proprietorship, Mycorporation.com:"In General: This is the simplest form of business. A sole proprietorship is not a separate entity itself. Rather, a sole proprietor directly owns the business and is directly responsible for its debts. Unlimited Personal Liability for Loss: In a sole proprietorship, the owner is personally liable for the company, thus placing his or her entire personal assets and wealth at risk. If an owner is married, that owner puts the community property at risk as well. Management and Control: The owner (sole proprietor) has total management and control over the company. However, the price for total management and control is that the owner is at risk for personal liability incurred through the acts of the owner’s agents or employees."
    http://www.mycorporation.com

    ******************************************************

    Setting Up Your Own Business: The Sole Proprietorship, Idaho Small Business Development Centers:"Limitations of sole proprietorship: The sole proprietorship has a number of limitations. Many result from the lack of a separate business entity. Even though there are many financial management and tax reasons not to do so, mingling of business and household finances and operating with a resource base that's primarily the family's net worth occurs in many sole proprietorships. The resulting limitations include: everything the proprietor and family own is at risk in both personal and business activities unless nonbusiness assets are protected in a trust or other isolating mechanism; the resource base of the business unit may be so limited that credit availability and capacity to respond to business opportunities is moderately to severely restricted; the business ends with the death of the proprietor and, if business activity is to continue, a new business must be established by the survivors; unless succession is carefully planned, each generation must purchase or inherit the business assets paying any applicable taxes and costs; mixing business and household finances can make it difficult to measure business financial performance and profitability, and may lead to loss of equity that is not recognized until the business is in serious financial difficulty; conflicts or disagreements within the family can immobilize the business unit and prevent needed decision making."
    Idaho Small Business Development Centers
    Idaho SBDC • Boise State University 1910 University Drive Boise, ID 83725-1655
    In Idaho • 1-800-225-3815 (toll-free) or 208-426-1640 info@idahosbdc.org
    http://www.idahosbdc.org/DocumentMaster.aspx?doc=1151

    ******************************************************

    Advantages, Sole Proprietorship, New York Small Business Resource Center:"Easiest type of business to start and the least expensive to establish. Most flexible form of business because sole proprietor has absolute authority. No need to file a separate business tax return — business losses and gains are combined with personal tax items, and losses and business expenses are deductible, but all business expenses must be tracked and substantiated."
    http://legacy.www.nypl.org/research/sibl/smallbiz/business/struct/struct_sole.html

    ******************************************************

    Tax Aspects of Sole Proprietorships, US Chamber of Commerce:"A sole proprietorship can be defined as any unincorporated business with a single owner. It's the most commonly used form for new small businesses. If your business has only one owner, the IRS will presume that it's a sole proprietorship unless you incorporate under state law. From the IRS's perspective, the business is not a taxable entity. Instead, all of the business's assets and liabilities are treated as belonging directly to the business owner. When tax time rolls around, all income and expenses generated by the business are reflected on either Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business. Whichever of these forms you use, it must be included as part of your annual individual tax return (Form 1040)."
    U.S. Chamber of Commerce 1615 H Street, NW Washington, DC 20062-2000
    Main Number 202-659-6000 Customer Service 1-800-638-6582
    http://www.uschambersmallbusinessnation.com/toolkits/guide/P07_2014

    Nursingentrepreneurs.com is a networking and resource directory for Nurse-Owned businesses and nurses looking for an alternative to working at the bedside.

    If you explore the site a bit, you'll find profiles of hundreds of nurse entrepreneurs around the country. We encourage you to browse around, find a business category you are interested in, then contact the nurse directly. We're available for questions as well. This website is Owned-Operated by Andrew Lopez, RN a Medical/Surgical/Telemetry nurse.

    Has your Nurse-owned business been written up in the news? Do you send out a newsletter or regular press releases? We'd like to hear about it!

    Our Newest article is from an Arizona Nurse Entrepreneur:

    Should You Incorporate Your Registry Business? By Joseph Caracci, RN:"The short answer is yes! When starting a new nurse registry business, you are entering into a legal business environment that requires you to take steps to protect your personal assets, such as your home, your savings, and your retirement. With this in mind, you need to determine which legal form you are going to take for your new registry. Some of the common choices are a sole proprietorship, a partnership, a limited liability partnership (LLP), a limited liability company (LLC), and a corporation."
    http://www.nursingentrepreneurs.com/incorporate

    ******************************************************

    ******************************************************

    The #1 question, we've been receiving lately is about Starting A Nursing Agency, resource sites & manuals

    Please choose from the following:

    Interesting Reading For Nurse Entrepreneurs, Actual or Soon To Be:

    Nurse Entrepreneurs: Tales of Nurses in Business:"This book is vey inspiring! Learn how 50 different nurses brought their vision to reality! Learn some great tips on starting your own business. Nurses don't have to just work at the bedside. Read this book and you will be thinking of how you can make your dream a reality!"

    Own Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them:"Rich Dad's-"Own your Own Corporation" is a must read for anyone comtemplating a new business-or someone who already owns their own business. Garrett's direct yet simplistic explanations of the different business entities,the proper and best suited entity for your business-is followed by real-life scenarios which helps drive home the importance of corporate ownership in today's business world. Use Garrett's legal expertise to establish a successful, legally responsible and fiscally protected business...And understand the why's and how's of that ownership."

    21 Success Secrets, Success Secret #4- "Do What You Love to Do." Get your FREE CD and find out the other 20 secrets of self-made millionaires.:"Order your FREE CD ($4.95 S&H) from Brian Tracy's acclaimed 21 Success Secrets series. Start with 21 Success Secrets of $elf-Made Millionaires - full of techniques practiced by all men and women who go from rags to riches in one generation. Brian Tracy is a noted success expert. He's trained over 2 million people in 23 countries how to achieve their financial goals faster than ever before."

  • Business To Business:
    • Subscribe to our newsletters to learn how to make any site sell! Please enter your e-mail address into the box and click on the "Subscribe" button.

    • Click Here To Start accepting credit cards online! Surefire Premium Processing ($100,000 and over)

    • Make Your Knowledge Sell!:""Make Your Knowledge Sell!" makes it possible for Y-O-U to develop and sell your infoproduct! My co-author Monique Harris started out pretty much like you. She didn't use rocket science to achieve her tremendous e-publishing success."

    • Make Your Net Auction Sell:"As a business, Net auctions are truly a whole new kind of opportunity. To sell at auction just a few years ago, you had to be a Sotheby's, a business liquidator, a car dealer… or some other kind of "traditional" business. Or pay them to do the job."

    • Make Your Price Sell:"Know Your Perfect Price™ in 50 Minutes "Why is the Perfect Price™ so important?" That depends on whether you are considering a new product concept, launching a new product, or managing existing ones... Considering a new product concept? Not sure if it will fly? Imagine if you could know how much people would pay. You'd know if this new idea was worth pursuing... or not (think of the dollars and time saved)."

    • Make Your Site Sell:"Starting a major new business on the Net? Want to improve upon results from an existing Web presence? Or merely looking to build a solid second income stream? Whatever your e-commerce goals, we'll OVERdeliver, no matter how lofty your expectations are. As you will soon see, SiteSell.com products are globally acclaimed by major authorities as best of breed. Yet they are priced so that you can afford them... easily."

    • Make Your Words Sell:"What Do YOU Sell? Want to Sell More? Selling software on the Net? Infoproducts? A service? Million dollar cables for suspension bridges? If you want to sell more... Use the right words. Because words sell, not graphics. If you have any doubts, try this simple experiment."

    • Site Build It :"Site Build It! is the complete, all-in-one traffic-building system. It builds income by giving you all the software, tools and techniques that you need to build targeted traffic... all tied together into a terrific, time-saving, step-by-step process."

      • Please select from the following, see also Doing Business Resources:

      Make Money From Any Type of Website! Webmasters will want to check out our Paid Link Affiliate Programs Directory

      ******************************************************

      If your website is not listed here, we encourage you to submit it: Add Your Website/URL.

      See also:

      Nursing Topics, A to Z:

      Nursing Degrees, LPN-RN, RN-BSN, RN-MSN, Online/Offline College, University and more!:"Higher income. Career mobility. Now, no matter where you live or what your schedule, you can earn your Associate or Bachelor Degree to take your professional life to the next level — without putting the rest of your life on hold!"

      If you do any Browsing or Windowshopping online, please visit our online Mall:
      http://www.nursefriendly.com/shopping/

      Gifts For Nurses:
      http://www.nursefriendly.com/gifts/

      4nursinguniforms.com:"Choose from Top Nursing Uniform Companies. All sizes, styles and popular name brands available. Large selection of accessories as well: Accessories Blood Pressure Cuffs, Sphygnomanometers Nursing Tote Bags, Carry-Ons, Medical Bags Clinical, Medical Supplies, Nurses Discount Outlet: Angels, Books, Clothing , Equipment, Figurines, Holidays, Home Decor, Jewelry, Nurses, Office Decor, Scrubs, Shoes, T-Shirts Footwear, Shoes, Sandals, Discount, Bargains Gifts For Nurses (Nurses Week) Hosiery, Socks, Stockings Hats, Jackets, Jumpers Jewelry, Earrings, Necklaces, Watches Luxury Spas, Facials, Manicures, Pedicures Perfumes, Fragrances, Phermones Shoes, Boots, Sandals, Footwear, High Heels, Slippers Stethescopes, Nurse Kits, Replacement Parts Swimwear (Tan-Through) Women's Lingerie "
      4nursinguniforms.com

      Nurses' Station:"The idea for the Nurses' Station Catalog was conceived in 1989. After searching the marketplace in response to customer inquiries, it became obvious that there were no catalogs of this type serving the nursing profession. To be sure, there were several catalogs offering nurse's uniforms and a smattering of professional items. But there weren't any catalogs at the time offering a range of gifts, clothing, professional items, name badges, shoes and scrubs for nurses. It took two years of hard work to gather samples and put a together a catalog of the most unique and high-quality items for nurses."
      Nurses Station P.O. Box 388 Centerbrook, CT 06409-03881
      http://www.nursefriendly.com/station/

      Choose Nursing Uniforms, Shoes, Scrubs, Accessories By Brand:

    • via nursefriendly.com

    We've listed sites here that give information on the pros/cons, setting up and running of Sole Proprietorships.

    --

    Any questions, please drop me a line.

    ******************************************************
    Follow us on:

    What's New:
    http://www.nursefriendly.com/new/

    Blogger:
    http://4nursing.blogspot.com/

    Facebook:
    http://www.nursefriendly.com/facebook

    Linked In:
    http://www.linkedin.com/in/nursefriendly

    Nursing Entrepreneurs, Nurses In Business
    http://nursingentrepreneurs.ning.com/

    Twitter!
    http://www.nursefriendly.com/twitter

    StumbleUpon,
    http://www.nursefriendly.com/stumbleupon
    ******************************************************

    Sincerely,

    Andrew Lopez, RN
    Nursefriendly, Inc. A New Jersey Corporation.
    38 Tattersall Drive, Mantua New Jersey 08051
    http://www.nursefriendly.com info@nursefriendly.com ICQ #6116137
    856-415-9617, (fax) 415-9618

    150,000 + Nurse-Reviewed & Approved Nursing Links

    http://www.4nursing.com
    http://www.legalnursingconsultant.com
    http://www.nursinghumor.com
    http://www.nursefriendly.com
    http://www.nursingcasestudy.com
    http://www.nursingentrepreneurs.com
    http://www.nursingexperts.com

    Posted by at No comments:
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    Tuesday, December 14, 2010

    Should You Incorporate Your Registry Business? By Joseph Caracci, RN, Nursing Entrepreneurs, Nurse-Owned Businesses, Woman-Owned Enterprises

    Should You Incorporate Your Registry Business?

    The short answer is yes! When starting a new nurse registry business, you are entering into a legal business environment that requires you to take steps to protect your personal assets, such as your home, your savings, and your retirement. With this in mind, you need to determine which legal form you are going to take for your new registry. Some of the common choices are a sole proprietorship, a partnership, a limited liability partnership (LLP), a limited liability company (LLC), and a corporation. Each business form has its pro's and con's, set up costs, and tax filing requirements. Because of increased litigation in the nursing field, I will focus on the corporation in this article, because of the legal protection it can provide.

    So, what is a corporation? A corporation is a separate and distinct legal entity, which can open a bank account, hire employees and do business, all under its own name. The primary advantage of forming your nurse registry as a corporation is that you will not be personally liable for the debts and liabilities of the corporation. A corporation is composed of a board of directors, officers, and employees. You will most likely find yourself in all three of these roles. The board of directors of your nurse registry is responsible for making major business decisions and overseeing the general affairs of the corporation. The officers, who run the day-to-day operations of the corporation, are appointed by the directors. The directors can also appoint themselves as the officers, which is usually the case with most small corporations. As a small business owner, you will find that you must, “wear many hats,” from Chairman of the Corporation, to the Human Resources Clerk.

    The biggest disadvantage you will face when incorporating is double taxation. A traditional corporation, known as a "C-corporation," pays a corporate tax on its corporate income. Then, when the C-corporation distributes profits to its shareholders, and the shareholders (you) pay income tax on those dividends. To avoid this double taxation, your registry can make a special election to be taxed as a pass-through entity, like a partnership or a sole proprietorship. Corporations that make this tax election are known as "S-corporations." Not every company can make this election because of the restrictions imposed by the IRS. As a small nurse registry, you should be able to make this election by completing IRS Form 2553, but check with your CPA. So let's look at some of the advantages and disadvantages your new nurse registry will face when incorporating.

    Advantages:

    1.) After incorporation, you are not liable for the nurse registry's debts and liabilities. This is the most important aspect of a corporation. In a sole proprietorship and partnership, the owners are personally responsible for the debts and liabilities of the business. If the assets of the sole proprietorship or partnership cannot satisfy a debt of the business or of a lawsuit, creditors can go after each owner's personal bank account, house, etc. to make up the difference. This is why it is important to incorporate, and to carry proper insurance. Even under the laws of incorporation, you may still be held personally liable:

    • If you personally guarantee a debt.
    • If personal funds are intermingled with corporate funds.
    • If your nurse registry fails to have director and shareholder meetings.
    • If your nurse registry has minimal capitalization or minimal insurance.
    • If your nurse registry fails to pay state taxes or otherwise violates state law.
    2.) Your nurse registry corporation will have a continuous life. The life of your registry, unlike that of a partnership or sole proprietorship, does not expire upon the death of its shareholders, directors or officers. As you get ready to retire, your legacy as a founder can live on through the nurse registry. In most cases, you can pass on your ownership to your children.

    3.) It is easier to transfer ownership of your nurse registry. If you decide to sell your registry, you can transfer the ownership of the corporation without having to disrupt the usual flow of business, and without the new owner having to change bank accounts, and business practices.

    Disadvantages:

    1.) Corporations cost more to set up and run than a sole proprietorship or partnership. For example, there are the initial formation fees, filing fees and annual state fees. These costs are partially offset by lower insurance costs.

    2.) Your corporation can only be created by filing legal documents with the state, and as such you must adhere to technical formalities. These include holding director and shareholder meetings, recording minutes, having the board of directors approve major business transactions and corporate record-keeping. If these formalities are not kept, you risk losing your personal liability protection. While keeping corporate formalities is not difficult, it can be time-consuming.

    Forming a Corporation

    The life of your nurse registry corporation will begin upon acceptance of the articles of incorporation with the state corporation commission. Prior to filing the articles of incorporation, the following issues need to be considered.

    1.) The location of the corporation. You can incorporate in any of the 50 states. Delaware is a popular choice because of its history, experience, recognition and pro-business climate, but it is recommended to incorporate in your home state. Doing so may save you money because corporations are required to register as a "foreign corporation" in each state where they do business.

    2.) The name of your corporation. The name of your corporation must end with "incorporated," "corporation," "corp." or "Inc." A name will not be accepted if it is likely to mislead the public or if it closely resembles the name of another corporation formed in that state.

    3.) The registered agent of your corporation. Your Registered Agent is the person designated to receive official state correspondence and notice if the corporation is "served" with a lawsuit. The registered agent must be either (1) an adult living in the state of formation with a street address, or (2) a corporation with a business office in the state of formation which provides registered agent services. One of the advantages of forming a corporation in your home state is that any officer or director can act as the registered agent.

    4.) The ability to hold your corporation meetings. Your nurse registry is required to hold an annual meeting of shareholders to elect directors. The minutes of these meetings must be carefully maintained. If the corporation has only one or a few shareholders, it may make sense to hold the meetings by conference call or simply by having the stockholders sign a statement indicating what actions are approved.

    5.) The amount and type of stock you are issuing. The most basic level of stock is called "common stock." Sometimes, there is another level of stock, known as "preferred stock." The preferred stock generally has greater rights over the common stock when it comes to receiving dividends and/or assets from the corporation. The articles of incorporation must state the maximum number of stock shares that can be issued by the corporation. There is no need to actually issue the maximum number of shares – you can issue a lesser number. There is no maximum on the number of shares that can be authorized, but be advised that some states base their annual corporation fee on the number of shares authorized. In some states, a value, known as the "par value," must be stated. This value is simply for accounting and tax purposes, since stock can be sold at whatever price a buyer is willing to pay. The corporation, however, cannot sell stock for less than its par value. And since some states base their annual corporation fee on the total par value of the stock, it is advisable to choose a low par value, such as $.01 or even $.001.

    Checklist for New Corporations

    • Establish a corporate banking account. You will need a copy of your articles of incorporation and your Federal Employer Identification Number (EIN).
    • Contact the Internal Revenue Service for information on filing your federal tax schedules. This will vary depending on the formation that you choose. You will also need to contact the Federal Government to obtain your Employer Identification Number (EIN).
    • Find out about Workers' Compensation Insurance. If you decide on a Personnel Employer Organization (PEO), they should provide your Workers' Compensation Insurance.
    • Order any required notices (advertisements you have to place) of your intent to do business in the community. You can receive a list of approved publications from the state corporation commission.
    • Get adequate business insurance. You will need General and Professional Liability Insurance.
    • Get tax information such as record-keeping requirements, guidelines for withholding taxes, information on hiring independent contractors, facts on estimating taxes, forms of organization, etc. Setting up Quick books with your CPA will keep you on the right track.
    • Have business cards and stationery printed.
    • Get your website up and get an email address.
    If you have any further questions, or would like to talk with Joe Caracci about assistance setting up your nurse registry, please call him toll free at (866) 211 - 1167 or visit http://www.nursingentrepreneurs.com/caracci

    About The Author:

    Joseph Caracci is the Co-Founder and Former President of StaffingMedical USA, Inc in Phoenix AZ. Mr. Caracci is currently the President of NursingCorp, an Arizona based company that assists serious investors successfully enter the nurse registry business. Mr. Caracci is listed in the 2004-2005 Strathmore's Who's Who for his demonstrated leadership and achievement in New Business Start up and Operations.
    ******************************************************
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    The URL Shortcut of This section is http://www.nursingentrepreneurs.com

    Nursingentrepreneurs.com is a networking and resource directory for Nurse-Owned businesses and nurses looking for an alternative to working at the bedside.

    If you explore the site a bit, you'll find profiles of hundreds of nurse entrepreneurs around the country. We encourage you to browse around, find a business category you are interested in, then contact the nurse directly. We're available for questions as well. This website is Owned-Operated by Andrew Lopez, RN a Medical/Surgical/Telemetry nurse.

    Has your Nurse-owned business been written up in the news? Do you send out a newsletter or regular press releases? We'd like to hear about it!

    Our Newest article is from an Arizona Nurse Entrepreneur:

    Should You Incorporate Your Registry Business? By Joseph Caracci, RN:"The short answer is yes! When starting a new nurse registry business, you are entering into a legal business environment that requires you to take steps to protect your personal assets, such as your home, your savings, and your retirement. With this in mind, you need to determine which legal form you are going to take for your new registry. Some of the common choices are a sole proprietorship, a partnership, a limited liability partnership (LLP), a limited liability company (LLC), and a corporation."
    http://www.nursingentrepreneurs.com/incorporate

    ******************************************************

    ******************************************************

    The #1 question, we've been receiving lately is about Starting A Nursing Agency, resource sites & manuals

    Please choose from the following:

    Interesting Reading For Nurse Entrepreneurs, Actual or Soon To Be:

    Nurse Entrepreneurs: Tales of Nurses in Business:"This book is vey inspiring! Learn how 50 different nurses brought their vision to reality! Learn some great tips on starting your own business. Nurses don't have to just work at the bedside. Read this book and you will be thinking of how you can make your dream a reality!"

    Own Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them:"Rich Dad's-"Own your Own Corporation" is a must read for anyone comtemplating a new business-or someone who already owns their own business. Garrett's direct yet simplistic explanations of the different business entities,the proper and best suited entity for your business-is followed by real-life scenarios which helps drive home the importance of corporate ownership in today's business world. Use Garrett's legal expertise to establish a successful, legally responsible and fiscally protected business...And understand the why's and how's of that ownership."

    21 Success Secrets, Success Secret #4- "Do What You Love to Do." Get your FREE CD and find out the other 20 secrets of self-made millionaires.:"Order your FREE CD ($4.95 S&H) from Brian Tracy's acclaimed 21 Success Secrets series. Start with 21 Success Secrets of $elf-Made Millionaires - full of techniques practiced by all men and women who go from rags to riches in one generation. Brian Tracy is a noted success expert. He's trained over 2 million people in 23 countries how to achieve their financial goals faster than ever before."

  • Business To Business:
    • Subscribe to our newsletters to learn how to make any site sell! Please enter your e-mail address into the box and click on the "Subscribe" button.

    • Click Here To Start accepting credit cards online! Surefire Premium Processing ($100,000 and over)

    • Make Your Knowledge Sell!:""Make Your Knowledge Sell!" makes it possible for Y-O-U to develop and sell your infoproduct! My co-author Monique Harris started out pretty much like you. She didn't use rocket science to achieve her tremendous e-publishing success."

    • Make Your Net Auction Sell:"As a business, Net auctions are truly a whole new kind of opportunity. To sell at auction just a few years ago, you had to be a Sotheby's, a business liquidator, a car dealer… or some other kind of "traditional" business. Or pay them to do the job."

    • Make Your Price Sell:"Know Your Perfect Price™ in 50 Minutes "Why is the Perfect Price™ so important?" That depends on whether you are considering a new product concept, launching a new product, or managing existing ones... Considering a new product concept? Not sure if it will fly? Imagine if you could know how much people would pay. You'd know if this new idea was worth pursuing... or not (think of the dollars and time saved)."

    • Make Your Site Sell:"Starting a major new business on the Net? Want to improve upon results from an existing Web presence? Or merely looking to build a solid second income stream? Whatever your e-commerce goals, we'll OVERdeliver, no matter how lofty your expectations are. As you will soon see, SiteSell.com products are globally acclaimed by major authorities as best of breed. Yet they are priced so that you can afford them... easily."

    • Make Your Words Sell:"What Do YOU Sell? Want to Sell More? Selling software on the Net? Infoproducts? A service? Million dollar cables for suspension bridges? If you want to sell more... Use the right words. Because words sell, not graphics. If you have any doubts, try this simple experiment."

    • Site Build It :"Site Build It! is the complete, all-in-one traffic-building system. It builds income by giving you all the software, tools and techniques that you need to build targeted traffic... all tied together into a terrific, time-saving, step-by-step process."

      • Please select from the following, see also Doing Business Resources:

      Make Money From Any Type of Website! Webmasters will want to check out our Paid Link Affiliate Programs Directory

      ******************************************************

      If your website is not listed here, we encourage you to submit it: Add Your Website/URL.

      See also:

      Nursing Topics, A to Z:

      Nursing Degrees, LPN-RN, RN-BSN, RN-MSN, Online/Offline College, University and more!:"Higher income. Career mobility. Now, no matter where you live or what your schedule, you can earn your Associate or Bachelor Degree to take your professional life to the next level — without putting the rest of your life on hold!"

      If you do any Browsing or Windowshopping online, please visit our online Mall:
      http://www.nursefriendly.com/shopping/

      Gifts For Nurses:
      http://www.nursefriendly.com/gifts/

      4nursinguniforms.com:"Choose from Top Nursing Uniform Companies. All sizes, styles and popular name brands available. Large selection of accessories as well: Accessories Blood Pressure Cuffs, Sphygnomanometers Nursing Tote Bags, Carry-Ons, Medical Bags Clinical, Medical Supplies, Nurses Discount Outlet: Angels, Books, Clothing , Equipment, Figurines, Holidays, Home Decor, Jewelry, Nurses, Office Decor, Scrubs, Shoes, T-Shirts Footwear, Shoes, Sandals, Discount, Bargains Gifts For Nurses (Nurses Week) Hosiery, Socks, Stockings Hats, Jackets, Jumpers Jewelry, Earrings, Necklaces, Watches Luxury Spas, Facials, Manicures, Pedicures Perfumes, Fragrances, Phermones Shoes, Boots, Sandals, Footwear, High Heels, Slippers Stethescopes, Nurse Kits, Replacement Parts Swimwear (Tan-Through) Women's Lingerie "
      4nursinguniforms.com

      Nurses' Station:"The idea for the Nurses' Station Catalog was conceived in 1989. After searching the marketplace in response to customer inquiries, it became obvious that there were no catalogs of this type serving the nursing profession. To be sure, there were several catalogs offering nurse's uniforms and a smattering of professional items. But there weren't any catalogs at the time offering a range of gifts, clothing, professional items, name badges, shoes and scrubs for nurses. It took two years of hard work to gather samples and put a together a catalog of the most unique and high-quality items for nurses."
      Nurses Station P.O. Box 388 Centerbrook, CT 06409-03881
      http://www.nursefriendly.com/station/

      Choose Nursing Uniforms, Shoes, Scrubs, Accessories By Brand:

    • via nursefriendly.com

    --

    Any questions, please drop me a line.

    ******************************************************
    Follow us on:

    What's New:
    http://www.nursefriendly.com/new/

    Blogger:
    http://4nursing.blogspot.com/

    Facebook:
    http://www.nursefriendly.com/facebook

    Linked In:
    http://www.linkedin.com/in/nursefriendly

    Nursing Entrepreneurs, Nurses In Business
    http://nursingentrepreneurs.ning.com/

    Twitter!
    http://www.nursefriendly.com/twitter

    StumbleUpon,
    http://www.nursefriendly.com/stumbleupon
    ******************************************************

    Sincerely,

    Andrew Lopez, RN
    Nursefriendly, Inc. A New Jersey Corporation.
    38 Tattersall Drive, Mantua New Jersey 08051
    http://www.nursefriendly.com info@nursefriendly.com ICQ #6116137
    856-415-9617, (fax) 415-9618

    150,000 + Nurse-Reviewed & Approved Nursing Links

    http://www.4nursing.com
    http://www.legalnursingconsultant.com
    http://www.nursinghumor.com
    http://www.nursefriendly.com
    http://www.nursingcasestudy.com
    http://www.nursingentrepreneurs.com
    http://www.nursingexperts.com

    Posted by at No comments:
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