The Name Stays the Same

Hello, my friend and future millionaire. 

Welcome to this episode of The Money Wheel. 

My name is Don Shade. 

In the last couple of episodes, since they go hand-in-hand for the business you’re running, we covered setting up your domain name and your email address. 

But let’s look at taking your business offline for just a minute.

In other words, we need to set up a business entity that you’re going to run in the eyes of your city, state and the IRS.

One of the things I want to look at is setting up what’s called your “A-team”.

Your A-team is going to be your attorney and your accountant because those two are going to play key roles in your business, even though your business may be online.

If you sell digital products or you have an e-commerce store, you still need an attorney in place to handle the behind the scenes tasks that need done.

For instance, the attorney can help set up a corporation for your business because, no matter what you do, you’re going to want to run it under a corporation and not in your own name, to protect your personal assets.

We’re going to look at either setting up an LLC, a C-corporation or an S-corporation, and your attorney will guide you in what direction is best for your setup.

The reason we want an accountant on the team is more obvious since they’re going to handle the paperwork for taxes and keep you compliant with the IRS guidance.

Pick these two team members and keep moving forward with this key word of advice: Don’t put a personal name of you or a partner in the business title.

Heed this caution because, when it comes down to it, life changes often and if you’ve decided to part ways with a partner, that naming can create unnecessary headaches (i.e., changing the business name and all marketing materials) if you or the partner no longer wants that association. 

I want you to create your business name in a way that allows you to keep running whether you have partners or not.

For example, I own a company called Millionaire Maker 360, and it doesn’t matter who runs that company because nobody knows who owns it behind the scenes.

I will tell you I have been known to use initials when putting the company together.

For example, I have a real estate company that’s called S and H investment group. 

You can get away with using the first letter of names and that’s no big deal if ownership of the business changes.

This can be an important matter when/if it comes time to sell that company because a more generic name makes for a more sellable company.

Think long term and make sure you have a name on that company that will be fine for the next guy to be able to sell the brand that you’ve built.

So that’s just something to think about moving forward. 

That’s everything I have for this episode of The Money Wheel

We’ll see you next time.