Years ago, I remember listening to country-western music performed by such artists as Buck Owens, Merle Haggard, and Johnny Cash, to name a few.  Since then, the music of the old country-western bands (rock and hillbilly) has changed dramatically and now appeals to a much wider audience.

Buck Owens co-wrote and performed “I’ve Got a Tiger by the Tail” about a romance that became increasingly challenging, requiring more and more time, effort, and arguably, financial commitment.  Much like a new romance, the growth and success of your business may in fact exceed your wildest dreams.

Without exception, my clients who run their own businesses, whether as a sole proprietor or as the CEO of a corporation, experience the same growing pains and have expressed to me their frustration and weariness moving from one crisis to the next on a daily basis.  To save your sanity and keep your valuable business from veering off track, consider the following:

• If you are a sole proprietor, call your attorney to discuss creating an LLC or corporation so that you can limit your personal liability if something goes wrong
• Always maintain separate bank and credit accounts for personal and business transactions
• Hire a competent bookkeeper to generate monthly records of income and expenses and then review them religiously
• Hire an attorney to create an operating agreement that accurately reflects what you do and then review, modify and amend it as needed
• Create a working client contact list and update it monthly
• Create a trusted vendor list to build relationships with the people who serve you
• Finally, learn to give AND receive assistance from other respected members in your profession and take the time necessary to develop those relationships.

It’s never easy to hire another person to weigh in on what you are doing, or to delegate your work.  I understand.  If you can’t do all the things on this list (which is the “short” version), try one or two.  In no time, you’ll have some basic controls in place to help you manage your growing business even on the most stressful of days.

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

Dear Readers, the following was written for my friend, Peter (not his real name).

Tick, tick, tick.  The clock on the wall was large and loud, interrupting his thoughts and plans for another day: making lists of people to call, scheduling meetings, reviewing and memorizing the latest marketing material and everything else that comes with being a successful insurance salesman.  I loathe this job, he thought.

It was a hot, cloudless summer day. The air conditioning whined off and on; the air moving just enough to keep him from sweating but not enough to dissipate the stuffiness of his windowless office on the third floor.  The clock ticked again. His coffee was cold. It was only 10:30 a.m.

Glancing up at the ceiling he leaned back, closed his eyes and put his feet on his leather desk, a coping skill he had perfected.  His thoughts turned to homemade chocolate fudge ice cream; the taste, smell, coolness and pleasure of that first bite. An idea that seemed limitless. A failed partnership and the reluctant, but necessary pivot to the insurance business to support his family.

Fast forward ten years; food trucks and beer gardens are all the rage. A renewed, post-pandemic demand for outdoor dining, community events and getting back to real-life socializing is in full swing.  Like magic, a side gig is reborn: Grandpa Richie’s Ice Cream. 

Suddenly, there’s important work to be done: selecting the highest quality ice cream and his favorite flavors, fixing up the truck, securing a spot at local outdoor events, and getting someone to help him serve the customers who always seemed so happy. Weekends and holidays became a non-stop labor of love.

During the weekdays, the clock on the wall still ticks by, but he can hardly hear it anymore. He’s thinking of the smiles, laughter and joyful conversation of the people he serves when they take that first bite.

What’s your passion?  It’s not too late to find the work you love.

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

Think back to when you first started your business, and how you chose your trade name.  Most likely, you chose a name that described the goods or services to be provided.  Perhaps the name was drawn from a childhood memory, an element of nature, or a personal experience that changed your life. Maybe you used your own name in some form.

Finding the right name for your company may take some time, so best not to rush it.  Experiment with more than one idea or concept, and let your imagination go. Be creative with a name that sets you apart from the rest. Ultimately, the name you choose for your company will become a reflection of you, the owner.

If you decide to form a partnership, corporation, or a limited liability company, your company name will become public and will be listed on the Nevada Secretary of State’s website, along with the names of its owners and officers.  Members of the public can check the website to see whether your company is in good standing and actively doing business in this state.

If you have a particular trade name in mind for your business, you can search the Nevada Secretary of State’s website to determine whether the name is already in use. If you are sure about the name, and it is available, you can reserve it for 90 days while you set up your company.  There is a reservation fee of $25.00.  In addition to preparing and submitting Articles of Incorporation/Organization and the Registered Agent Acceptance, you’re going to need a Nevada business license.

Once you receive your company charter and business license, it’s time to celebrate (very important). You are going to accomplish great things!

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

 

One of the most exciting areas of my practice is talking with a client about starting their own business.  Sometimes it’s just an idea they want to discuss, and other times the client comes to me with a plan and a long list of questions.  Many of my clients have already started their businesses as sole proprietors, which always leads to the discussion of whether that form of ownership is the best option for them when considering personal liability and taxes.

As a sole proprietor of a business, you accept personal liability for any loss that may occur. Purchasing the right business insurance is a must.  When it comes time to pay taxes on your earnings, your business is considered a “pass through” entity and your income tax liability is determined based on your overall income for the year.  The “pass through” concept generally works the same way for a limited liability company (LLC) or a partnership.

One good option for sole proprietors in Nevada who want to avoid personal liability in case of loss is to create a limited liability company (LLC).  In that case, your company operates as a separate entity and your liability for loss is limited to the value of your business assets.

The Nevada Secretary of State provides a helpful website for those of you thinking about taking the leap and “becoming your own boss.” My advice is to learn all you can from available resources (and there are many out there – your local library, news articles, websites and your trusted family and friends.) Then, when you are ready to work harder than you ever have before, come and see me.  I want to hear all your ideas!

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.