Gas. Most of us need it. Some of us have it. Not everyone can afford it.

Hey, focus - this is a business blog, not a gastrointestinal blog. I’m talk’n the liquid stuff our cars run on

Seriously though, lately every community here in the states have been experiencing rising gas prices which in turn causes the price of products to rise. Trust me, truckers aren’t going to take all the hit. If it costs $1000 more to get that product to your local grocery store, the freight company is going to pass that cost to the store who will in turn pass that cost on to you, the consumer.

But do increases in your paycheck work the same?

Uh no, they most certainly do not.

This means you make the same amount of money but have to spend a whole hell of a lot more to drive, eat, drink, and well, live.

An interesting thing happens here.

In the Entrepreneur’s Lounge I discuss the different business structures available to business owners in the United States (sole proprietor, partnerships, corporations, limited liability companies, and living trusts). If you’re only in the beginning stages of starting a business and don’t own many assets or other businesses, simply setting up one business structure, such as an LLC, is usually sufficient.

But what do you do as your business flourishes and you begin to acquire assets? Is owning only one business structure provide you with nearly 100% asset protection?

The answer is no. The best method for asset protection is to combine the power of different business structures.

Example

Let’s assume a few years back you wanted to start a landscape company (I use this example because my brother and father own Modern Landscape, LLC). You formed an LLC which is to own the business and insulate you and your personal assets from any possible lawsuits that may occur as a result of your landscape company’s work.

As an opening statement I make in eVentureBiz’s Entrepreneur’s Lounge, I quote a statement a real estate mentor of mine once said:

In this article we will discuss the typical business formations you see in the United States. These business structures can provide you, your family, and your business both tax benefits and protection from legal issues.

To set one up, contact us here at eVentureBiz, we can do this for you inexpensively and our work is superb.

Note: Choose your entity carefully. Setting up the wrong business structure for your business can cost you in many ways: taxes, regulatory restrictions, legal, and finance (stock) considerations are among a few. Give the design and structure of your business as much thought and consideration as you did your initial preparations.

How would it make you feel if you knew after you passed away everything you ever owned ended up here for years. Your children have children and still everything you wanted to pass along to your heirs after your death is still locked up in court. Is there a workaround so this doesn’t happen?

Yes! It’s called a Living Trust.

Exactly what is a Revocable Living Trust?

A living trust is a legal document which allows an individual to transfer ownership of titled and personal property from their name to what’s called a trust. Once property is transferred to the trust, the trust becomes the legal owner. Even though the individual no longer “legally” owns the property, they can remain in control of all assets in the trust as long as they are alive. That is why it is called a “living” trust as it is created during one’s lifetime and “revocable” because it can be changed or rewritten as often as desired and could be revoked entirely at any time before one’s death.

So you want to start a business and it’s time to start your business plan. How do you write one? What must you include in it? Where can you find help? Read on!

The Parts of a Business Plan

1. Executive Summary
2. Market Analysis
3. Company Description
4. Business Organization
5. Marketing
6. Products / Services Offered
7. Funding Requests
8. Financials
9. Appendix

I. Executive Summary

This is probably the most important part of your business plan because it’s the first part a reader, like a loan officer, will read. Although it’s first in your document, it should be written last. This is because you want to hack out all the details in your plan and then summarize it all. You wouldn’t write the summary first and then your document.