TRAITS OF SUCCESSFUL ENTREPRENEURSEntrepreneurship is not for everyone. Work days can be long and never-ending, there may be no time for a personal life outside of the office, and the combination of both are known to negatively impact one’s health and happiness. However, the benefits far outweigh the sacrifices for successful entrepreneurs who persist and thrive: among other things, freedom, flexibility or a steady income await those who have what it takes. Successful entrepreneurs possess the following integral qualities:
Perseverance. An entrepreneur is a survivor. You will come across a multitude of challenges both internal (self-doubt and fears) and external (irate customers and troublesome agencies). An entrepreneur has the ability to stay optimistic, battle the challenges, work hard and continue to fight the fight.
Strong Leadership Skills. A leader is someone who values the goal despite the mountain of work required to reach that goal. A leader has exceptional communication skills and the ability to motivate his or her team of people toward a common goal.
Willingness to Fail. Successful entrepreneurs are risk takers who have mastered a very significant hurdle: they are not afraid of failure. Things will not go according to plan. You will experience all manner of setbacks and challenges. You will make an occasional wrong choice. Do not be afraid to fail! Remember that successful entrepreneurs never ask themselves, “What if…?”
Know What You Don’t Know. Successful entrepreneurs have learned that there’s always a lesson to be learned. They know that there is a wealth of information and resources available to them. They are not afraid to ask questions and gather much-needed information that will help them make the best business decisions.
One of the biggest mistakes of new entrepreneurs is that they assume success is immediate. Sustainable businesses are built slowly over time. Successful entrepreneurs can agree that if you really want to succeed, stay committed to your goal and develop a plan to execute it, step by step.
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MAINTAINING YOUR ENTITY RECORDS IN 2015 -
Avoid Late Penalty Fees and possible loss of your entity name.Now is the perfect time to avoid possible late penalty fees and to start thinking about the maintenance of your entity records. With the new year beginning;
Corporations, LLC's and Partnerships formed in previous years will be filing annual reports, biennial reports and or making annual tax payments. Many important due dates and deadlines depend on the your Corporation, LLC or Partnership's state of formation, fiscal or calendar year and your entity's formation date.
Failure to maintain your Corporation, LLC or Partnership records may impact your entity negatively by putting your entity in “no good” standing with the Secretary of State. Later, when trying to reinstate your Corporation, LLC or Partnership back into good standing, you will be faced with penalties and reinstatement fees. As a client of Spiegel & Utrera, P.A., we want to help you avoid costly reinstatement fees by assisting you with the maintenance of your entity’s records.
Submit your details here for assistance and answers to all your filing requirements and to avoid possible late penalty fees and even possible loss of your Corporation or LLC name. If you are a member of Spiegel & Utrera, P.A.'s General Counsel Club and Registered Agent Service, Spiegel & Utrera, P.A.
will prepare the Notice and Minutes of your Corporation's Annual Meeting of Shareholders or Members and Directors or of your LLC's Annual Meeting of Members and Managers or of your Partnership's Annual Meeting of Partners or of your Trust's Annual Meeting of Trustees. Additionally, as a member, you have access to unlimited legal (both personal and business) and strategic business advice. Call our General Counsel Club line at (800) 734-9900 or
clubassist@amerilawyer.com for assistance with questions to maintaining your entity records.
CORPORATION OR LLC REINSTATEMENTReinstating a company is the process of returning a company that is in default or revoked status back to good standing within the entities state. Normally, a Corporation or LLC loses "good standing" because it has not filed it's annual report, biennial report or not paid necessary fees to their state of formation. When a Corporation or LLC is not in good standing, the entity is not permitted to conduct business, other than the business of dissolving the entity or reinstating.
Reinstatement is an option for owners that want to continue using the same entity and it's bank accounts and Federal Tax ID number. In addition, by reinstating your entity, you will continue to have the liability protection of a Corporation or LLC.
If your Corporation or LLC is not in good standing, Spiegel & Utrera, P.A. can assist you with reinstatement of your entity. We can include special resolutions and provisions in your Articles of Reinstatement authorizing an Indemnification Agreement which would trigger important protection requiring the Corporation or LLC to indemnify and hold harmless Shareholders, Directors or Officers of the Corporation or the Members or Managers of the LLC from any actions taken on behalf of the Corporation or LLC during the period of time the Corporation or LLC was not in good standing and after reinstatement.
Spiegel & Utrera, P.A. can assist you with the reinstatement process. If you have questions or need assistance to reinstate your Corporation or LLC, click on one of the following links to
Reinstate Your Corporation or to
Reinstate Your LLC.
ACCURATE CORPORATE OR LLC RECORDS AND PERSONAL LIABILITY
The most important reason to incorporate or form a company is to protect yourself from personal liability. When you form a company, you are forming a legal entity that is separate from yourself as an individual. The Corporation or LLC has powers vested upon it that allows it to make all the decisions that an individual may make. For example, the Corporation or LLC may enter into leases, may borrow money, it may buy goods and services on credit, and in all cases you are not personally liable for the transaction. If a problem arises, the only recourse would be against the Corporation or LLC, similarly, if anyone were to ever file a lawsuit for an action arising out of the business of the Corporation or LLC, that party would not be able to go after your personal assets such as your home, or car or boat etc.,
as long as you comply with the formalities of a Corporation. Therefore you have the peace of mind knowing that your personal assets are safe.
WHAT SHOULD CORPORATE OR LLC RECORDS INCLUDE?Your Corporation or LLC records should include: The Articles of Incorporation or Articles of Organization, Corporate Bylaws or Company Regulations, Organizational Minutes, Annual reports, stock/membership register for keeping track of stock/membership transactions or a membership register for keeping track of membership transactions, Minutes of all shareholder and director meetings or all member and manager meetings, including the annual meeting.
Corporate or company records help to substantiate that the Corporation or LLC is a different entity from yourself and that all formalities are being maintained. In addition, corporate or company records provide evidence to substantiate significant tax deductions, regardless of whether your Corporation or LLC makes a profit. Even if a Corporation or LLC does not make a profit, it may still generate significant tax deductions for you on your personal tax return.
Corporate or company records provide a significant defense against anyone who would seek to pierce the Corporation or LLC veil and attempt to impose personal liability on you.
To comply with the formalities of a Corporation or LLC, you will need to keep accurate entity records.
If your Corporate or LLC Records are incomplete (e.g. missing notice & minutes from prior year annual meetings) or even lost, submit a request for a duplicate, new or replacement Corporate or LLC Records Book and Seal at https://www.amerilawyer.com/411/duplicate_new_replace_book_seal.htm As a member of Spiegel & Utrera, P.A.'s General Counsel Club, we can advise you on how to comply with the formalities of a Corporation or LLC. If you need assistance with maintaining your entity records (preparation of annual minutes or to replace an entity records book and seal) call the General Counsel Club line at (800) 734-9900
Claims, Disputes, Mediation & Arbitration and Litigation - Submit Your Details Below - No Cost or Obligations!Select the link below that you think most closely fits your situation. Once we receive your inquiry, we will promptly telephone you to discuss your particular situation. As always, any communications with Spiegel & Utrera, P.A. is strictly confidential.
Business Commercial Matters Accident / Injury Matters Family Matters  | There are some mistakes in business that will cause the occasional headache. Then there are some mistakes in business that will keep you up all night for days, weeks and months at a time. Avoid those mistakes by seeking strategic business and legal advice from your General Counsel Club Team of Attorneys. We are here to help you sleep better at night! |
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Larry Spiegel and host Joe Castello answer questions from entrepreneurs about starting, expanding, buying or selling their businesses. Questions include: Topics include: Independent contractors vs employees, whether to form an S Corp vs LLC, hiring temporary help, how does a non-compete agreement stand up in right to work states, keeping funds separate in personal and business accounts, the difference between a 501c3 and a Non for Profit organization, how to decide which state to form an LLC, how to start a Non Profit organization, how big a business needs to be before forming an entity, buying a Church with a 501c3, whether or not to carry liability insurance, how divorce effects LLCs and more.
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