The business structure you choose influences everything from day-to-day operations, to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits. Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability.

Partnership
Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP).

Limited partnerships have only one general partner with unlimited liability, and all other partners have limited liability. The partners with limited liability also tend to have limited control over the company, which is documented in a partnership agreement. Profits are passed through to personal tax returns, and the general partner — the partner without limited liability — must also pay self-employment taxes.

Limited liability partnerships are similar to limited partnerships but give limited liability to every owner. An LLP protects each partner from debts against the partnership, they won't be responsible for the actions of other partners.
Partnerships can be a good choice for businesses with multiple owners, professional groups (like attorneys), and groups who want to test their business idea before forming a more formal business.

​Limited liability company (LLC)
An LLC lets you take advantage of the benefits of both the corporation and partnership business structures. LLCs protect you from personal liability in most instances, your personal assets — like your vehicle, house, and savings accounts — won't be at risk in case your LLC faces bankruptcy or lawsuits.
Profits and losses can get passed through to your personal income without facing corporate taxes. However, members of an LLC are considered self-employed and must pay self-employment tax contributions towards Medicare and Social Security.
LLCs can be a good choice for medium- or higher-risk businesses, owners with significant personal assets they want to be protected, and owners who want to pay a lower tax rate than they would with a corporation.

Set up recordkeeping processes
Being organized helps businesses owners be prepared for other tasks. Good recordkeeping helps a business monitor progress. It also helps prepare financial statements and tax returns.

​GLM is here to help you get this set up. We recommend QuickBooks and have other tips for setting up your "Back office." You can also see IRS.gov for recordkeeping tips.

The business structure you choose influences everything from day-to-day operations, to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits. Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability.

Sole proprietorship
A sole proprietorship is easy to form and gives you complete control of your business. You're automatically considered to be a sole proprietorship if you do business activities but don't register as any other kind of business.
Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors are still able to get a trade name. It can also be hard to raise money because you can't sell stock, and banks are hesitant to lend to sole proprietorships.
Sole proprietorships can be a good choice for low-risk businesses and owners who want to test their business idea before forming a more formal business.

Set up recordkeeping processes
Being organized helps businesses owners be prepared for other tasks. Good recordkeeping helps a business monitor progress. It also helps prepare financial statements and tax returns.

​GLM is here to help you get this set up. We recommend QuickBooks and have other tips for setting up your "Back office." You can also see IRS.gov for recordkeeping tips.

What is a “Typical Situation” people are in when they realize they need your help?
Sales have plateaued or are starting to fall. They may not hit their goals and recognize they need to do something to change it. This can mean taking less money, laying off employees, and is often accompanied by lots of stress about the business and their future. Clients have an aggressive growth goal. They are looking to grow and need a plan and strategy to get there.Clients are expanding a new product, service, branch etc. They need to ensure sales support this new facet of the business.  

What is something someone might say that would lead me to think of you?

• “I hate selling, it is so uncomfortable, difficult and takes up too much of my time”
• “I know I need to be doing X ( social media, email, SEO, my website), but I just don't have the time”
• “Marketing is confusing, I am investing dollars, but I have no idea if it is working. “
• “My employee has been great at getting our marketing up, but they don't really know what to do next or have a strategy for it all.”

What they do:
Sales training and coaching: 6 or 12-month sales classes, training and coaching in a permission-based and relationship-focused sales process. 

How they do it:
Weekly sales training in a classroom like environment with a cohort of peers.
 
Matching Ideas with Resources: