Joeel & Nataile are co-founders of Transformation Academy®, where they train leading-edge entrepreneurs, leaders and life coaches how to master their mindset and create a purpose-driven business. They have started more than a dozen businesses, and trained over 500,000 coaches from 200_ countries and territories. Joeel is a former psychology professor with a Master’s Degree in Counseling and Education is currently completing his dissertation on eudaemonic happiness for a Ph.D. in Psychology.
Think of a partnership like a business marriage because when 2 or more people form a partnership, they are essentially married from a business standpoint. In other words, when two or more people engage in business activity, and they have not filed papers with the state to become a corporation or an LLC by default the business is considered a partnership.
Before the formation of LLCs came along, the only way for the owners of a business to have limited personal liability, was to form a corporation. The problem was that not many entrepreneurs wanted the hassle and expense of incorporating, not to mention the complexity of dealing with corporate taxation.
When we hear the word “corporation”, most of us imagine this massive industrial empire the size of a nation, much more often more than we imagine a small business. The truth is that corporations don’t have to be big at all and in fact, most of them are not.
A non-profit organization is a group organized for purposes other than generating profit and in which no part of the organization’s income is distributed to its members, shareholders, directors, or officers, aside from the salaries of those who operate the business.
DBA stands for “doing business as.” It’s also referred to as your business’s assumed, trade or fictitious name. A DBA allows you to conduct business under a name other than your own; your DBA is different from your name, as the business owner, or your business’s legal, registered name.
For most small businesses (including life coaching businesses), registering your business is as simple as registering your business name with state and local regulatory agencies. In some jurisdictions, you don’t need to register your business at all.
Complying with government licensing and permit requirements is a very important factor in running a business. In the United States, we have Federal, State and sometimes even local governments that regulate and ask to license certain types of businesses.
In the United States when you go to the store to purchase something, let’s say we go to purchase a T shirt, we buy the T shirt and when we go to the register to pay we give them cash, a debit or a credit card and they give us a receipt. When you look at the receipt, you will notice that at the end of each receipt, before the total, there is a subtotal showing the cost of the purchase, then there is the added sales tax, then the total amount, which is what you are required to pay.
In this article, we will discuss business liability insurance, including general and professional liability insurance and other add-ons and considerations and how to determine what insurance you need.
At the end, we will also address health, life and disability insurance, which is a completely separate topic but commonly asked about.
When working from home, you have to make sure that the business activity you plan to perform does not violate any local zoning or business laws.
