Common Mistakes Online Business Owners Make

Public Service Announcement: Time is money and reading this guide will save you both.

If you’re paying state income tax, or don’t own your company anonymously (yes, this is possible), then you’re already making rookie mistakes. Entrepreneurs face far too many options when forming a company. They erroneously delay incorporating and when they do, they simply form their company in their home state as if it is the only option. It’s not, and just going along with business as usual can easily cost hundreds to thousands per year.

Here are the WORST MISTAKES many online businesses make:

Exposing Your Identity

The digital age has made it far too easy for people to get far too much information on you and your company. Many states allow anonymous ownership of companies. Only the company that helps form your LLC will know who you are. This is useful for nosy neighbors, pesky family and online trolls. If you’re allowed to, and big businesses do it all the time, why aren’t you?


Incorporating in Your Home State

This is a common business mistake. People think, I live here so I must form my business here. Or at the very least it’s just simpler to do it here — there are 49 other states and researching the most cost effective states to incorporate in is just… more work. Well, it’s not. Strategic firms already know the best states to incorporate in and will do the work for you.

Chances are, your site is hosted on a server located… where exactly? That’s right, it doesn’t really matter. Second, your job site is not tied to a location and your customers come from everywhere.

Wyoming will allow you to incorporate online, instantly. Everything can be handled online, just like your company. There are even law firms that will take care of everything for $199 TOTAL.


Paying State Taxes

If you have an online company that’s making money, and you haven’t incorporated in one of the four states without corporate taxes, then you are paying too much in taxes.

Where your online company is formed determines its corporate taxes. Did you pay more than $199 in state taxes last year? If so, using our incorporation package will save you money… not to mention the additional benefits we are about to mention.


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You wouldn’t believe how much hospitals charge for a single…

Nursing home costs are the new estate tax. Most couples will not hit the threshold of $11 Million to qualify for estate taxes, but many families will face the burden of long term care sometime in their life. Those living to 60 have a 70% chance of needing long term care.

What sort of costs can you expect when you arrive? Here are the charges an average patient faces during their stay, these facts and figures are from Time magazine:

Tylenol: $15 a pill

Mucus Recovery System
(box of tissues): $8!

There are many more examples, but they all prove the same point. The healthcare and pharmaceutical industry know you need what they have. Economists call it inelastic demand. That is, demand that isn’t sensitive to price because you HAVE TO HAVE this care.

Millions of Americans will lose the joy of giving their hard earned assets to their families. Instead, they will feed the healthcare industry and have the government seize their home when they die. It isn’t merely “rich” families who face this fear. It’s anyone with assets above the $2,000 to qualify for Medicaid. That includes your home, car, stocks, bonds etc. Everything you trip over on your way out the door.

Gloves: $53 per pair!

Alcohol Swab: $23

They will sometimes provide outrageous names to make the overcharging easier. For example, have you ever used a mucus recovery kit? That’s just a box of tissues, but it’s easier to charge more when you don’t know. Here is what we do know, though. The healthcare industry preys on the elderly and robs them from experiencing the joy of passing on their life’s work to their children.

Skilled nursing facilities with a private bed cost $8,000 to $10,000 per month.

Fill out the form below to have a specialist contact you, continue reading this story, or learn more about our Medicaid Asset Protection Trusts here. Continue reading

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Woman walks into a ladder while ‘engrossed’ in her cell phone; jury awards her $161,000

After this story, we’ll all be looking for ladders like they’re a payday. But don’t plan on it working out as well as it did for DaToya M. If you’re a business owner, there’s a better chance you’ll be the one paying the bill than cashing a check.

In February of 2011, a grocery store in Georgia was replacing some letters on their signage and needed a ladder for the job. A BRIGHT, ORANGE ladder. As obvious of a caution as this was, they even went to the lengths of placing BRIGHT, ORANGE traffic cones around it. All those precautions are only effective if you’re looking in front of you… and not buried in your phone.

Moody was so ‘engrossed’ in her phone that she inadvertently walked into a ladder with large orange cones surrounding it. An easy mistake? Not really.

To be sure, Moody was injured and taken away in an ambulance. Her doctor diagnosed her with post-traumatic headaches and a mild concussion. She also had a slight indentation in her head.

Moody sued. The defense offered $5,000, which she rejected.

Despite the photo and phone record evidence of her not paying attention, a jury found that Moody was only 8 percent liable for her injuries. As such, she was awarded $161,000, or 92 percent of a $175,000 verdict.

Click HERE to protect your business with an LLC now!

Even Moody’s own lawyer said “he had no idea where the 8 percent figure came from.”  He even admitted that the defense made a “common sense” argument that Moody “wasn’t paying attention.”  

But that didn’t stop a sympathetic jury from taking $161,000 from a business owner who simply wanted to make their store look better AND took all the necessary precautions.

The worst part about any crazy lawsuit is precedent. Now that someone got away with this sort of thing, they’ll try it again. And now that it’s news, other people will attempt it too. It seems impossible to protect against frivolous lawsuits like this, right? Wrong. Continue reading

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