Showing posts with label Starting a Surrogacy Agency. Show all posts
Showing posts with label Starting a Surrogacy Agency. Show all posts

Tuesday, March 10, 2009

Choosing a Structure for Your Business~More Options

I thought it would be a good idea here to tell you about corporations. Here you can see the pros and the cons. Feel free to investigate on your own using the Internet! There is so much information and you can make an inform choice!
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Choosing a Structure for Your Business
Small business owners should consider the advantages of both a corporation and a Limited Liability Company (LLC) when forming a new company. Selecting the right structure can help you maximize your chances for success. Though corporations and LLCs can both help protect personal assets from business debts, they differ in the following respects:

Advantages of a Corporation

May issue shares of stock to attract investors
Corporate income splitting may help lower overall tax liability

Advantages of an LLC

Has no limit to the number of owners
Owners can report profit and loss on their individual tax returns
Not required to hold annual meetings or record minutes

Disadvantages of a Corporation

Double taxation of corporate profits and shareholder dividends
Must hold annual meetings and record minutes
S Corporations have restrictions on number of owners

Disadvantages of an LLC

Cannot engage in corporate income splitting to lower tax liability
Cannot issue stock


Note: LLC owners can elect for the IRS to tax the LLC as a sole proprietorship, partnership, C Corporation, or S Corporation. Owners make this election through the IRS after the company forms with the state.


Sharon LaMothe
LaMothe Services, LLC
http://lamotheservices.com/

Sunday, March 8, 2009

More about the LLC

How You Can Benefit from a Corporation or LLC
Regardless of their size, all businesses can benefit from incorporating. Typically, the reason most people form a legal business structure is to safeguard their personal assets. Incorporating or forming a Limited Liability Company (LLC) helps you conduct your business free from worry that you might lose personal savings or possessions because of a business liability.


Advantages of Forming a Corporation or LLC
Personal asset protection. Both corporations and LLCs allow owners to protect their personal assets. In a properly structured and managed company, owners should have limited liability for business debts and obligations.


Improved credibility. Adding "Inc." or "LLC" after your business name can add instant authority. Consumers, vendors, and partners may prefer to do business with an incorporated company.


Nationwide availability. All 50 states and the District of Columbia now recognize both corporations and LLCs.


Name protection. In most states, other businesses may not file your exact corporate or LLC name in the same state.


Ensured continuity. Corporations and LLCs exist perpetually, even if ownership or management changes. Sole proprietorships and partnerships end if an owner dies or leaves the business.


Tax flexibility and savings. Corporations are taxed at a lower rate than individuals. Though profit and loss typically pass through an LLC and get reported on the personal income tax returns of owners, an LLC can also elect to be taxed as a corporation. Likewise, a corporation can avoid double taxation of corporate profits and dividends by electing Subchapter S tax status.


Deductible expenses. Both corporations and LLCs may deduct normal business expenses, like salaries, before they allocate income to owners.

Not Ready to Incorporate Yet?
Try our Business Startup Wizard to learn what others in your state and industry have done.


Download our Free 10-Step Business Formation Guide.


Get more details about forming a corporation or LLC in our Small Business Resources, or check out another service.

Sharon LaMothe
LaMothe Services, LLC
http://lamotheservices.com/

Monday, March 2, 2009

What's In A Name?

Here is an easy subject to think about when you are considering opening your own Agency, The Name. It's almost like naming your baby, your first born even. Surrogacy Consultants of Florida seemed to just fit and at the time we, my business partner and I, didn't think that we would want to expand beyond Florida. That, my friends, is called Short Sighted. Moving on, we also had to see what the name would 'look like' shortened. Surrogacy Consultants. SCF. Rolls off the tongue and easy to remember and easy to type. All things to consider when you are picking the name of YOUR business. When I was picking the name of my first born someone told me to stand at the end of our driveway and yell the name 10 times and see if I still liked it...Tony, TOOOOOOONNNNNNNYYYYYY, TONY!!! It's almost the same with your business name...you are going to be saying it and seeing it A LOT! Answering the phone, on your web site, your letter head, in your banner, your advertising, the phone book, search engines and other web sites and your business cards...you get the picture.

Here is a suggestion...go to the eDirecthost website and click on Domain Names and then click Register A New Domain Name and put the name you are linking about in the box and see what comes up...the site, for FREE, even offers suggestions. Remember, the name needs to say a lot about you and what you are offering. It's your first marketing tool and what you will be remembered by...who was that person we talked with from SCF? ABC? LMNOP?

Sharon LaMothe
LaMothe Services, LLC
http://lamotheservices.com/

Thursday, February 26, 2009

The Surrogacy Agency

I take a deep breath as I write because the subject of opening and running a surrogacy agency or matching service sure can't be fit into a couple of simple paragraphs. I, along with my business partner, have run Surrogacy Consultants of Florida for over 5 years. In fact, even though we were no longer taking on new clients we still ran the company for over a year after the 'doors were closed'. The fact is that once you are committed to your clients and they have paid for your services you, the agency, are obligated to stay on the job until the last person has completed the surrogacy program. Whether they become pregnant with the surrogate they were matched with or tried 3 or 4 IVF cycles and decided to move on, the agency is responsible to be there and supportive every step of the way. At least that is how SCF worked.

Starting a company that works so intimately with people is a huge responsibility. You can't open the doors one day and make all kinds of promises and then the next decide that its too hard, too time consuming, doesn't fit into your long term goals, not making you enough money...whatever.....because even if you have signed on one client you have an obligation to follow through. Those IP's are counting on you to help them have a baby. They paid you, they poured out their story, relived their grief, derived some hope from your program and don't want to waste another minute looking yet again for someone else to help them make their dreams come true. They wanted that baby yesterday!

So if you are thinking of starting an agency please keep in mind that this is a service based business and what are you "selling"? Your word of honor, your expertise and experience, your connections and networking skills, your ability to attract qualified women who want to be surrogates into your matching program and your willingness to be available 24/7. (and that's just naming a few of the IP expectations....the surrogates come with a list as well)

I feel that if everyone knows what is happening behind the scenes it's easier to know what type of agency you need to assist you. What you can expect and when, perhaps, those expectations are too high. Of course I am basing my entries on my personal experiences. My way doesn't mean that other ways are not just as effective. All comments are appreciated!

Sharon
LaMothe Services, LLC
http://lamotheservices.com/