Linda has just formed an LLC. She has a great new idea for a business. She has no money as she has no clients yet, but her friends love her and want to volunteer their services. She has vaguely promised them some sort of eventual profit or ownership percentage when the company becomes more successful…. Read More »
Posts Tagged: Insurance
Would You Like to be Partners with your Partner's Spouse?
I have a business acquaintance named Fred, and Fred has a partner named Janet. They make a great team. Fred is a classic entrepreneur type, ready to go off in six directions at once as soon as an idea hits him. Janet keeps his feet on the ground. She’s great at systems, finances, and Fred… Read More »
Big Banks Exit Reverse Mortgage Market
What is a Reverse Mortgage? Seniors (you must be over age 62) can tap the home equity in their homes by obtaining a reverse mortgage in either a lump sum or multiple payments. The homeowner is not obligated to repay the loan, and the payment is deferred until the homeowner dies, sells the home,… Read More »
I Hereby Leave my Life Insurance to….the State of New York?
Here’s an astounding statistic: According to the New York Times, New York has received $400,287,736 in unclaimed life insurance property since 2000 and paid out $64,772,228. Why does so much money go unclaimed? The first problem is that someone needs to notify the insurance company that the policy holder has died. If the beneficiaries… Read More »
Your Family Small Business Succession Plan
When your business succession planning involves family, a whole new set of variables need to be thought about. In some ways, it is easier when you have family to leave your business to, in other ways it can be way more difficult as you add family dynamics to the mix First of all, some statistics:… Read More »
Overpromising? “Limited” Liability and Small Business
If you are just starting a small business or have a sole proprietorship, you have probably thought about and received advice about either incorporating or forming a limited liability company (LLC). What protections do these business entities actually offer to the small business owner? The Promise You have probably heard that by incorporating or forming… Read More »
Insurance Needs of the Sole Proprietor
One major concern for many small businesses and sole proprietors is what type of insurance is required in New York. Below is a brief description of the most important types of policies you should consider: Health Insurance While a number of private insurance companies offer health insurance for sole proprietors, New York has a special… Read More »