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

#5344
Camy Kennedy
Member

Team —

I'm catching up now, as I was in Europe last week (having the time of my life and not thinking about business).

What is my business type?

  • Currently I have been filing as SP for the past 3 years — writing off  modeling, travel and business expenses. I have not made any money from my business — just keep putting money in.
  • Question: Should I incorporate LLC before I do taxes this year? Would this benefit me?

Do I want to change?

  • 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”… after my phone consult with my other coach, Jill Coleman, I've decided to make Fit.Faith more of a community, rather than an source of income. And I will form an LLC under Camy Kennedy Consulting — offering Corporate Wellness, Nutrition Coaching and Personal Training in the Raleigh-Durham area

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

 

Natalie – thank you for the resources. Admittedly, I am not good at numbers or bookkeeping and I'm NOT organized. This needs to change if I am to make my business successful.

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?

 

~Camy