Reply To: Incorporation – Setting up your business legal structure for optimized operation

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February 23, 2015 at 5:17 pm #5347
Natalie Minh
Keymaster

Hi Camy,

Question: Should I incorporate LLC before I do taxes this year? Would this benefit me?

>>> The formation of a LLC would be mutually exclusive of any transactions that occurred before its existence.

 

Yes, I know I want an LLC — the biggest thing holding me back was the name of my business — Camy Kennedy Consulting or “Fit.Faith”

>>> Even if you chose one name for your LLC, you can always file a DBA with the state (“Doing business as”).  So for example, my LLC is Natalie Minh Management LLC and I filed a dba for Natalie Minh Interactive.  This allows me to accept checks under both names.  I filed my DBA via LegalZoom, super easy 🙂

 

Question: What type of insurance do trainers get? Any recommendations for something affordable but with adequate coverage?

>>> In the FMI Guild Membership site (click the Members tab above), you can watch the Business Insurance lecture which goes into great detail all of the types of insurance that fitness entrepreneurs/trainers should be aware of.

 

Question: Gary/Natalie — do you think it would benefit me to get further education in business? My undergrad degree is in Biology — and I really have no business acumen. Thoughts? Online MBA? Online business school?

>>> I have a philosophy about education that my refugee parents who lost everything in the Vietnam War told me when I was young, “You can lose everything in life, you can have everything taken away from you, but you will NEVER lose your education.”  Funny thing is that even as an entrepreneur, having a formal business education has benefited me with not only the skill set to do business, but also the authority/trust in the market so that I have regular, high end opportunities open up to me because people see the degrees and don't need to hesitate about doing business with me.

Is it necessary to be successful in business? No. But if you want to do deep dives into all areas that an MBA would provide, do it.  Especially before marriage/kids enter the picture and your life no longer has the time to consider that option. Just my two cents!