This reflects the view of Tom Gosche, your happy GLM blogger every week:

I was born and raised in Illinois. I also attended Northern Illinois University and had opportunity to get jobs in both Wisconsin and Indiana After Graduation. I will admit that I am a home body, who did not want to be away from my parents, but still enjoyed being in Illinois.

I will admit, one of my sons attends School in Iowa, but there are Scholarships in the mix that was not offer by an Illinois School.

Illinois has traditionally had its problems. Pension, not paying their bills timely and corrupt politics. Some of that is changing, but what people forget is everything else that Illinois has to offer.

I refer to an article I saw in the Daily Herald Business Section on Sunday May 1st,2022 about Intercept Illinois. I have been following the happenings of Intersect Illinois since its inception a few years ago during the Gov. Bruce Rauner administration.
 
Here is the Link to the Article:
https://www.dailyherald.com/business/20220501/changing-the-narrative-out-of-state-businesses-are-buying-illinois-sales-pitch?utm_source=morning%20alert&utm_medium=email&utm_content=article%20column&utm_campaign=Morning%20Alert%205%2F1%2F2022

Here is the Link to the Intersect Illinois Organization:
https://intersectillinois.org/

a)       How much do you want to make this year (Total)?
 
                            ________________________      (Example: $100, 000)
 
b)       What percent of that would you like to come from Referrals? 
 
                            ________________%                  (Example: 10%)
 

1. What is the actual amount you want to receive from Referrals?

 
                            ________________                     (Example: $10,000)
                   (Answer from a x Answer from b)
 
d)       How much do you make on your average sale?
 
                           ________________________      (Example: $1000 per sale ave.)
 
e)       How many referrals need to turn into business to achieve this?
 
                            _______________________        (Example: 10 Referrals)
                          (Answer from c / Answer from d)
 
f)         What is your approximate Close ratio?  

                            _________________________% (Example: 50%)
 
g)       How many total referrals do you need to get to get close to your goals?
         
                           ________________________      (Example: 25+)
                        (Answer from e x 2.5 answer from f)
 
h)       How many referrals do you need to give?
         
                            ______________________          (Example: 25+)
                     (Greater then or equal to the answer from g)
 
Now use the chart to have your goals for each month. (Below)
 
Power Partner Appointments   (Average 2 per week)

Choose a business structure
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.

Nonprofit corporation
Nonprofit corporations are organized to do charity, education, religious, literary, or scientific work. Because their work benefits the public, nonprofits can receive tax-exempt status, meaning they don't pay state or federal taxes income taxes on any profits it makes.
Nonprofit corporations need to follow organizational rules very similar to a regular C corp. They also need to follow special rules about what they do with any profits they earn. For example, they can't distribute profits to members or political campaigns.
Nonprofits are often called 501(c)(3) corporations — a reference to the section of the Internal Revenue Code that is most commonly used to grant tax-exempt status.

Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. ... B Corps form a community of leaders and drive a global movement of people using business as a force for good.

While B Corp claims that certification balances the interests of shareholders with the interests of workers, customers, communities and the environment, B Corp standards are not legally enforceable. ... Certification is initially self-assessed, and doesn't override the profit-driven focus of the company.
What is the difference between a benefit corporation and a B Corporation?

The B Corp Certification is a third-party certification administered by the non-profit B Lab, based in part on a company's verified performance on the B Impact Assessment. The benefit corporation is a legal structure for a business, like an LLC or a corporation.

To qualify for a one-year term as a Pending B Corp, your company must:

1. Meet the legal accountability requirement for B Corp Certification. ...
2. Complete and submit a prospective B Impact Assessment. ...
3. Sign the Pending B Corp Agreement and pay a one-time fee of $500.

A benefit corporation is formed just like a traditional for-profit corporation, by filing articles of incorporation with the appropriate state agency. However, benefit corporation articles of incorporation will include a statement of its social or environmental purpose.

Your business can apply for B Corp certification whether it's organized as a partnership, a limited liability company (LLC), or incorporated as a traditional C corporation. ... Startups can't earn B Corp status until they have been in business 12 months but they can apply for a certification-pending seal.
https://bcorporation.net/about-b-corps

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.

This week we talk about Corporations

C corp
A corporation, sometimes called a C corp, is a legal entity that's separate from its owners. Corporations can make a profit, be taxed, and can be held legally liable.
Corporations offer the strongest protection to its owners from personal liability, but the cost to form a corporation is higher than other structures. Corporations also require more extensive record-keeping, operational processes, and reporting.
Unlike sole proprietors, partnerships, and LLCs, corporations pay income tax on their profits. In some cases, corporate profits are taxed twice — first, when the company makes a profit, and again when dividends are paid to shareholders on their personal tax returns.
Corporations can be a good choice for medium- or higher-risk businesses, businesses that need to raise money, and businesses that plan to "go public" or eventually be sold.
​
S corp
An S corporation, sometimes called an S corp, is a special type of corporation that's designed to avoid the double taxation drawback of regular C corps. S corps allow profits, and some losses, to be passed through directly to owners' personal income without ever being subject to corporate tax rates.
S corps also have an independent life, just like C corps. If a shareholder leaves the company or sells his or her shares, the S corp can continue doing business relatively undisturbed.
S corps can be a good choice for a businesses that would otherwise be a C corp, but meet the criteria to file as an S corp.

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. This week we talk about Partnerships.

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.

This month we will talk about different business structures.  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.

This week, we talk about Sole Proprietorships:

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.

Next week we discuss Partnerships, including LLCs: 

'Tis the Season... for Business Planning! 2022 should be your best year ever! If you have not started planning for the success of your business, now is a great time to start. Below is a suggested outline and next week, we can focus a little more.

​1. Executive Summary

2. Current Situation

3. Vision

• Mission Statement
• Goals (long range)
• Objectives (short/medium range)

4. Management

5. Product / Service Description

6. Market Analysis

• Customers
• Competition
• Opportunities
• Risks

7. Marketing Strategy

• Personnel
• Facilities / Equipment
• Pricing & Profitability
• Advertising & Promotion
• Public Relations
• Selling Tactics
• Distribution Channels
• Business Relationships

8. Production / Manufacturing Strategy

• Personnel
• Facilities / Equipment
• Intellectual Property
• Regulation / Compliance
• Supply Chain
• Business Relationships

9. Administrative Strategy

• Personnel
• Facilities / Equipment
• Management Information
• Worker Administration & Benefits
• Regulation / Compliance
• Business/Professional Relationships

​10. Financial Information 

• Pro Forma Balance Sheets (for 5 years into the future)
• Pro Forma Income Statement (for 5 years into the future)
• Detailed Budget (for next 12 to 24 months into the future)
• Cash Flow Projection (for next 12 to 24 months into the future)
• Break Even Analysis (show growth steps, if applicable)
• Summary of Existing Resources (people and money)
• Potential Sources of Funding

Section 1031 of the Internal Revenue Code allows the deferral of gain on the sale and subsequent purchase of real property used for business use or investment. An exchange is much like a typical sale followed by an acquisition within 180 days but with a few rules attached.

BENEFITS OF AN EXCHANGE
This often overlooked tax strategy can help you accomplish many short and long-term real estate objectives:

• Immediate tax deferral
• Ability to acquire real estate with pre-tax dollars
• Long-term appreciation on tax deferral
• Estate preservation as deferred gain may be forgiven upon death
• Less management responsibility
• Consolidation of properties
• Greater selling and buying power
• Increased income potential
• Relocation or expansion of business facilities
• Diversification of assets or geographic locations
• Conversion to personal use property after a period of qualified use
• Exit strategy for business owners

Learn More:
COMPLIMENTS OF:
​Connie Custer, Business Development
1031 CORP.
100 Springhouse Drive, Suite 203
Collegeville, PA 19426

Office: 610.792.4880 ext. 230
Cell: 610.724.5195
Email: connie@1031CORP.com
Website: www.1031CORP.com

Taken from the Daily Herald on September 25th 2021. By KELSEY SHEEHY of NerdWallet

The pandemic isn't crushing the entrepreneurial spirit. It's fueling it.

People normally tied to a desk or working double shifts used lockdown to launch side hustles, often out of necessity. And some have turned those side gigs into full-fledged businesses.

These basic but essential steps can help you take things to the next level and give your new venture a shot at staying power.

1. CHOOSE A BUSINESS STRUCTURE
2. OPEN A BUSINESS BANK ACCOUNT
3. UPGRADE YOUR BOOKKEEPING
4. SPELL OUT YOUR BUSINESS PLAN
5. INVEST IN PROFESSIONAL HELP

Read the Whole Article here: 
​www.dailyherald.com/business/20210925/millennial-money-5-steps-to-level-up-your-side-hustle

These tax tips can help new business owners find success
Starting a business can be very rewarding. It can also be a little overwhelming. From business plans to market strategies, and even tax responsibilities…there are many things to consider. Here’s what new business owners can do to help get off to a good start.

• Choose a business structure. The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are:
  • Sole proprietorship: An unincorporated business owned by an individual. There’s no distinction between the taxpayer and their business.
  • Partnership: An unincorporated business with ownership shared between two or more people.
  • Corporation: Also known as a C corporation. It’s a separate entity owned by shareholders.
  • S Corporation: A corporation that elects to pass corporate income, losses, deductions, and credits through to the shareholders.
  • Limited Liability Company: A business structure allowed by state statute.
• Choose a tax year. A tax year is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either:
  • Calendar year: 12 consecutive months beginning January 1 and ending December 31.
  • Fiscal year: 12 consecutive months ending on the last day of any month except December.
• Apply for an employer identification number. An EIN is also called a federal tax identification number. It’s used to identify a business. Most businesses need an EIN.
• Have all employees complete these forms:
  • Form I-9, Employment Eligibility Verification
  • Form W-4, Employee’s Withholding Allowance Certificate
• Pay business taxes. The form of business determines what taxes must be paid and how to pay them.

Taxpayers interested in starting a business can find information for some industries on the Industries/Professions Tax Centers webpage. Each state has additional requirements for starting and operating a business. Prospective business owners should visit their state's website for info about state requirements.

More information:

• Small Business Admiration’s 10 steps to start your business.