You know, when I started this blog I thought it would be pretty easy to "go in order". First you should do this and next that. Well, there are so many things that need to be done almost at once. Design for example. The Design of your website, your business cards, your banner, your brochures and your logo. Now I am not saying that you need all of these to start on day 1 but you do need a combination depending on your market strategy.
You have the name. You have decided to go at this alone or with a partner. You have an LLC, Tax ID, DBA...whatever....and now you really have to think about marketing materials. (which is that list above) So now think about your "target market", who you want to attract to your business. Intended Parents: yes, Potential Surrogates: yes, Professionals (RE, Attorney's, Clinic staff etc.) in the ART field: yes, (If I have to explain what ART means then you need to go and do your homework before you even think about opening THIS kind of business!) Other Agency's: yes (YES! If you are only doing surrogacy then it would be great to attract the attention of egg donor agency's that have IP's that need someone to carry those eggs or other agency's that you can network with) So it looks like you have a large market to target even if you are only going to market the state you are currently in. (I hope that state is surrogacy friendly!)
Now start thinking about your marketing materials. They should all have something in common....design perhaps? Color? Logo? Font? I will give you my 2 cents next time!
Sharon LaMothe
LaMothe Services, LLC
http://lamotheservices.com/
Saturday, March 14, 2009
Thursday, March 12, 2009
What is a Tax ID and How to get one
I just love the Internet! Robert Longley has already done the hard part and wrote out all the information needed regarding Federal Tax ID numbers and all I did was cut and paste them here! Thank you Robert!
Sharon
LaMothe Services, LLC
http://lamotheservices.com/
At some point your business will need one of these
The government form you're feverishly filling out has a blank demanding your business's "Federal Tax ID Number" or "Employer Identification Number (EIN)." Unfortunately, you don't have one. What is a federal tax ID number, does your business even need one, and how do you get it?
Q. What is a federal tax ID number?
A. A federal tax identification number (also know as an employer identification number or EIN), is a number assigned solely to your business by the IRS. Your tax ID number is used to identify your business to several federal agencies responsible for the regulation of business.
Q. Does my business need a federal tax ID number?
A. Any business offering products or services that are taxed in any way must get a federal tax ID number.
If your state taxes personal services, or if you are required to collect sales taxes on your sales, you need a federal tax ID number. All the government forms you will be required to file for your business will require either a Social Security number or a tax ID number.
It's safe to say that any business that has employees and/or pays any kind of taxes will need a federal tax ID.
To set up a federal tax ID number (also called an Employer Identification Number, or EIN), contact your nearest Local IRS Field Office, or call the IRS Business and Specialty Tax Hotline at 800-829-4933.
The form you'll need to fill out is IRS From SS-4 and you can download it directly from the SBA Web site.
If your business does not have employees, the IRS recommends you label the top of the form SS-4 "For Identification Purposes Only."
Sharon
LaMothe Services, LLC
http://lamotheservices.com/
At some point your business will need one of these
The government form you're feverishly filling out has a blank demanding your business's "Federal Tax ID Number" or "Employer Identification Number (EIN)." Unfortunately, you don't have one. What is a federal tax ID number, does your business even need one, and how do you get it?
Q. What is a federal tax ID number?
A. A federal tax identification number (also know as an employer identification number or EIN), is a number assigned solely to your business by the IRS. Your tax ID number is used to identify your business to several federal agencies responsible for the regulation of business.
Q. Does my business need a federal tax ID number?
A. Any business offering products or services that are taxed in any way must get a federal tax ID number.
If your state taxes personal services, or if you are required to collect sales taxes on your sales, you need a federal tax ID number. All the government forms you will be required to file for your business will require either a Social Security number or a tax ID number.
It's safe to say that any business that has employees and/or pays any kind of taxes will need a federal tax ID.
To set up a federal tax ID number (also called an Employer Identification Number, or EIN), contact your nearest Local IRS Field Office, or call the IRS Business and Specialty Tax Hotline at 800-829-4933.
The form you'll need to fill out is IRS From SS-4 and you can download it directly from the SBA Web site.
If your business does not have employees, the IRS recommends you label the top of the form SS-4 "For Identification Purposes Only."
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!
~~~~~~~~
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/
~~~~~~~~
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/
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/
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/
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/
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