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Corporate Law

Can I have an S-Corp with just one owner?

4

Answers

Gregory Jenkins

Entrepreneur and Finance Operations Specialist.

As a business owner, I face similar issues myself. I'm sure you already know this but for something like this, you really should consult a lawyer and a tax professional. Having said that, the cleanest and safest way to do this would be to dissolve the current S-Corp and create a new one under a different name. This way there isn't any controversy over ownership. Hopefully you have a partnership agreement that covers the dissolution of your company. If not, you'll need one now. If you incorporate your own S corp in CA, you will have to register in IL as a foreign corporation. If you won't have a physical presence in IL, you will need a registered agent.

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Virginia Jimenez

Performance Business & Life Coach

Passion may open the door to excitement but skills make it an actively revolving door where value in service or product is exchanged for valuable currency. Skills can trump passion unless you're very skilled at what your passionate about. Some questions may want to be considered when considering a passion inspired business/career: You may have passion but have you practiced this passion enough for it to be a valuable exchange (will someone pay you for it)? What additional skills will you need to strengthen to make this passion a lasting business idea? Is there marketability (is someone willing to pay for it?)? Hope this helps. Feel free to connect and explore more in a call. All the best, Virginia Jimenez VirginiaInspires.com

Lee von

Unique Insights, Creative Solutions

Yes, a small % of people will take advantage of it, but the increase in sales you'll have due to the money back guarantee will more than make up for those cheaters. Note: Don't make it 100% incredibly easy for people to get their money back. Require them to at least write to you about what they didn't like about the product. That will both serve to lower the 'cheater' %, and will also let you intelligently iterate your product design if you see consistent trends in what people say they didn't like. Also, keep track of the contact info of all the people that requested refunds. If you see that they consistently order products and ask for refunds stop selling to them.

Aishwarya Shiva

Technical consultant and Digital Marketing expert

I will suggest a mixture of following: 1. Crowdfireapp.com (Mobile app) 2. IFTTT.com (Completely Free and THE BEST ONE) 3. Buffer.com (Not much options but helps me post on Google Plus pages that other two does not do very well) I gained almost 1000 followers in 2 days using these three. If you want to know more about social media tools that are free, give me a call.

Gregory Jenkins

Entrepreneur and Finance Operations Specialist.

For B2B listings, my vote would be for Netprospex.

Lee von

Unique Insights, Creative Solutions

This depends on the type of functionality you need in your app. Web apps can't implement the full suite of functionality that would be available to a native app, although they are getting closer to that capability. If the functionality that you need can be achieved with a web app, and if you can find a "React Native" developer, then the path I recommend is to use React Native to develop a single cross platform, mobile-based web app (Android and iOS), that will also be more easily made into a website-based web app. If you'd like to discuss it in more detail with relation to the specific functionality you have in mind, let me know. I can also connect you to excellent, market-rate React Native developers in NY that I work closely with. best, Lee

Laura Fraser

Exec Chef/Consultant/Marketing

I actually helped a cousin open a very successful Mini Putt with Snack Stand that made money in it's first year and onward. Perhaps I can assist?

Dina Eisenberg

Helping overworked lawyers automate and delegate

You can hire amazing research talent on Upwork. Before that though, you'll have to work out what your hypothesis is, what are you trying to prove? Given what you've shared, I'd guess that you're looking for recurring income. The easiest to start might be the goal setting program if it were truly uhique. The better bet to my mind is creating a series of online courses. The online education market is booming both for traditional sites like Udemy and new entries like invitation-only Zekqr. For a very successful model for building an online course empire check out Phil Ebiner and Sarah Cordiner. Both have built profitable online business and teach about it. When it comes time to implement, you'll want to get my course, Outsourcing Made Easy on Udemy or schedule a call with me. Best, Dina

Humberto Valle

Get Advice On Growing Your Real Estate Business

Hello! This is a good question I think many go through the same phase when launching a business. My first tip is don't use an acronym such as LGA or MVA for example, acronyms are not memorable. That's what you are looking for, memorable names. With that said, is also important not to get too hung up on a name because a name does not make the brand, although it can definitely help it. What type of lead generation service are you planning on offering? Digital marketing/lead generation? If that's the case I would assume that you know that SEO plays a big role in lead generation and the linking is a huge factor so if you were to change names and domains later you need to expect to have to relink everything to stay consistent and not have any broken links. I wouldn't recommend waiting but I would try to plan out the phasing accordingly. Maybe consider using your name as the service name.

Shaun Nestor

Content Marketing Advisor & Agency Consultant

Find people who are polar opposites of you politically, humorously, and appropriateness. Run the campaign and hashtag by them and listen to the comments. It is impossible to completely insulate yourself from blowback or trolls; that is why they can exist. But you can take precautions, as it appears you're doing, to minimize the risks.

David Witzig

Senior eCommerce and Digital Marketing leader

You can learn a lot by reading through articles on http://searchengineland.com/ . It is one of the leading sources for SEO and SEM. SEO is a science and an art so you have to learn about each side of the art & science. As mobile continues to grow, SEO becomes more important as there are fewer natural search listings on smaller devices.

Kimberly Humphrey

Born a business woman, will die a business woman.

This is just some personal advice, based on my own experience, from one introvert to another. Your question really caught my eye. Years ago, I had started telemarketing sales for a coupon book. I really struggled being successful at it. A couple years later, I took a job an in-bound telemarketing job for student loan consolidation (before Direct Loans took over), and I was outrageously successful. My key take aways from the experiences shaped my successeses for the restimate of my life. As introverts; we tend to be more sensitive to the body language and feelings of other people, have less confidence in our abilities and knowledge in a social setting, and must have a clear understanding and good reason for doing so, before acting. It wasn't until I was selling something, I knew would truly benefit the customer, that I became successful with what I was doing. The more I learned about my product and it's benefits, the more I sold. The underlying kicker is..... that I became PASSIONATE. For us, passion is an absolute must for success in sales. Since you are selling your own knowledge, you are already well educated in your product. If you feel any of the setbacks above factor into what you feel is holding you back, then shape your approach to overcome it. Lack in total confidence? We tend to be more realistic and fact based than extroverts. No amount of self-reassurance can change that for us, so fill those gaps with more research and don't stop learning entirely, ever. Fill those gaps until you truly believe YOU are the best solution for a customer, and that in not choosing your service, they are at an unrealized disadvantage. Have a clear understanding (actually map out) the benefits of what you are teaching the customer and the advantages in choosing you (what can you bring to the table?). That is where you will find your confidence, your success, and your passion. As an extra take-away, I have found, that shaping your situation to reflect the best qualities and advantages of your self, leads to greater success in life, rather than seeking to change what you feel is a disadvantage. (Of course, bad habits and negative traits aside) It's like this... Someone that trains their lack of musical ability will never be as great as another who trains the musical ability they were born with. :) Feel free to call me if you are interested in talking more about our type in business. I'll send you my VIP link for a free call. You will be my first on clarity!

Humberto Valle

Get Advice On Growing Your Real Estate Business

I love this question! Thank you for asking it. If you don't mind, once you finish I would love to know more about your startups and what led you ask this question. No judging, but everything is a learning opportunity - I guess, hence we're both here. My name is Humberto, although I now run a hybrid global marketing agency, I started drawing and selling my designs to shirt companies in FL a long time ago, traded medical sketches for medical treatments LOL. Over time my passion for art led me to pursue a full time career making a living with my art but that didn't pan out. Through that time though I was learning how to sell, learning technology and programming basics. It was this that got me involved with the startup community in Phoenix, AZ area to what is now globally known as #yesPHX. My creative side was the driving force behind all the Startup Weekends, Pitches, pursuing ideas, joining teams and seeking investors to pitch shamelessly to as well as building relationships and strategy. I learned a lot. Including the fact that it was my creative side that drives me and my passions. That "Entrepreneurial ADD" as I like to call it was reduced when I was working on something that allowed me to be primarily creative rather than doing managerial or repetitive stuff such as pitching and driving sales or improving code. It took 2 startups with financial backing to realize that I didn't want to grow a business for myself, I enjoyed the creative challenges of figuring out how to get them growing and grow them and then move on - not being stuck running them. I found out I was a wannapreneur. But this was an opportunity because knowing that I didn't want to be stuck growing a startup for the sake of money or nerdy fame helped me realize that I wasn't going to 'change the world and make it a better place' I would be like most of us just stuffing the world with one more app or service that we can probably go without or be a feature of an existing rather than a new company. Anyway, through this time I was consulting with other startups on growth, creative ways to grow (now commonly coined as Growth Hacking by S. Ellis) this led me to make a living consulting, I was a young 20' something hispanic entrepreneur helping business men and women of all ages and industries because of my experiences. I came in and evaluated their situation, found holes, provided ideas and solutions. I would help execute then I would move on to another challenge elsewhere. A wannapreneur I think is a bad term for a certain type of personality such as what I can relate to. I want to work, I am creative, and I am trying to make the world a better place but I don't like being stuck forcing growth of my own company. This has allowed me to grow my company by focusing on driving good growth for my clients and being helpful which generates referrals. Depending on your experience you can try a similar path in pivoting your skillsets to something else. That's what pivoting does for the most part " what resources and experiences I have and what other ways can I utilize them better?" What relationships did you build? can you leverage those as opportunities for others? Try joining a startup as a sales agent, customer service, or get yourself into a franchise which have to provide structure and help.

Pamela Hazelton

Conversions, marketing, ecommerce and content.

Google Docs and Word both have templates available.

David Favor

Fractional CTO

When I give talks about content monetization, someone usually asks about piracy protection. There is no way to protect against piracy. My suggestion is always monetize piracy. How exactly you do this depends on your product. P2P content provision can be used in many ways to boost marketing traction. Big difference between free publicity + MVP testing. And, I suggest you use Meetup. I tend to do all my MVP testing giving free Meetup talks to live audiences. The questions you get will help you refine your pitch/copy + maybe your product/service/info design. You might clarify your question a bit, based on where you are in your book's lifecycle + also your book title + topic. Likely other people will have great suggestions based on your specifics.

Pamela Hazelton

Conversions, marketing, ecommerce and content.

How short are the quotes? Would they work on t-shirts, mugs, etc?

Devin Jordan

Hardware Startup, China Manufacturing, Consulting

Go find investment forums/meetups like Zino Society, Keiretsu Forum, or whatever you have locally. Just attend and introduce yourself to people. Keep going back and have a simple business card to exchange information. Follow up via email. Just meet them first and talk about what your doing, but I would not bring a questionnaire for anyone to fill out at the networking events. Don't go with an agenda, just go to meet people and if your genuine you will find people genuinely interested in just helping (like me!). I don't have a PhD or Masters, but it sounds like you're asking how to network with people.

Catelyn Augustine

www.eatmeicecream.com

Have you tried any forms of bodywork-massage or yoga? Body treatments that are next level like Turkish baths and saunas/cold dips? These are all focusing and bring you through mind-body experiences that could supplement your current work.

Humberto Valle

Get Advice On Growing Your Real Estate Business

Hello! First off thank you for asking us here. My name is Humberto Valle, I'm the founder of Unthink Digital Marketing (www.Unthink.me) although we have some full stack programmers in our team, we don't offer software development as a service, however we do have a partner company that we refer work to. Below are some of our reasoning as to why we trust this company that maybe can help you decide on who to hire as you do your own search. BetaBulls.com is an industry leader when it comes to full stack engineering. After talking with them we found out that they have done some custom platforms for government compliance systems, some IoT for healthcare facilities and some GPS based project management tool for a large construction company. As you look around, ask for transparency from the team, they shouldn't have a problem in sharing previous work or references. As far as BetaBulls.com, their pricing was very flexible. I know they've taken structures of monthly payments with or w/o equity depending on the startup and platform plus they offer a 30 day free trial and or money back guarantee. If you are a software developer (i'm a novice) you would see right off the bat that companies that offer free trial periods is most likely because their customer service and their work is above average. We like to partner with companies that match our ideals and mission and are seeking for ways to help the startup guys and small business entrepreneurs who need more flexibility. As you search, look for a team that be a partner not a hired gun that is just sitting there waiting to be babysat. Hire those who can be teammates even if they work for another company or for themselves.

Pamela Hazelton

Conversions, marketing, ecommerce and content.

Hmmm... Is this a free or low-cost conference? I ask because attendees typically don't like paying good money for a conference and then being pitched on one's own services. If it's low cost and it's made known in advance there will be special offers, etc, then I guess that's okay. I've never seen an affiliate share in that respect. But I have seen coaches speaking either for free or a low fee in exchange for the ability to pitch.

David C

I help you buy, sell, plan, value a business

I have four different online courses with video content right now and there are lots of choices. If you're just starting out and want something that is easy with no monthly fee and built-in sales/landing pages with the ability to stop video downloads, you should check out Gumroad.com Give me a call if you want to discuss any strategy about how to actually sell the courses/videos. Thanks David Barnett

Humberto Valle

Get Advice On Growing Your Real Estate Business

Hello! This is a good question because it embodies several areas of consideration. I have experience in UXUI not as a designer but as startup founder and QA Consultant for many brands and startups. Not to mention working directly with UXUI designers for the past 10 years or so. If you are getting somewhere around million installs what that would tell me is that your design right now is not bad, it might need to be updated and modernized but consider that subtle difference in reasoning because some designers may have certain styles they prefer or may not be up to par on trending styles or schemas. Assuming that all downloads were organic and with minimal promotion to your app - you need to also consider that the flow and usability of it may be good as it is and maybe only minor changes need to take effect. What is your retention rate? Referral rate? (i would expect both to be high) If you are looking for quick fix on something you already know that needs to get done you can consider going to the typical freelancing sites and hiring someone there, but be weary because most freelancers are just that and will not necessarily (realistically) prioritize your app over another specially if they happen to also have a large client they're currently working with as well. If you lack engineering support consider looking for a programmer/UX designer as well. If all you need is UXUI and need someone who works with you, is somewhat dedicated to your growth and prioritize your needs as much as you can expect an employee or team member doing then I would look for referrals and through non traditional channels. For example in Arizona we have a growing hefty community of startup entrepreneurs who are driving Silicon Valley into the desert - this community for example can be a good source to ask some of the members for a referral with portfolio. Maybe someone looking for a dedicated contract job with no other jobs on the side. Go to facebook and look for associated facebook groups on UXUI. Do the same on linkedin and Instagram. With that said, I do have an amazing resource for you. his name is Caleb Barclay check out his work here https://dribbble.com/CalebBarclay and his direct email is calebjbarclay@gmail.com

Christopher (Chris)

I help entrepreneurs build businesses in tech

The Pomodoro method has changed my life! Whenever I'm writing or working out a creative problem, it really helps me focus on just one thing at a time. It's a simple timer that breaks down your day into 25-minute chunks (with 5-minute breaks). I use the Tomato One app on Mac OS, but there are countless others. Check it out and let me know what you think. I'd be happy to walk you through it or give some more tips if you need them. Thanks!

Humberto Valle

Get Advice On Growing Your Real Estate Business

Wow! Good for you! It looks like you are on the right track. I have been part of several startups and have launched and failed some myself as well and learned from the experience. I have also helped raised for startups. I won't necessarily speak to the financials, but your question got me thinking on something else I hope I can provide some clarity. When it comes to negotiating, don't worry too much about the equity right now instead ask yourself what leverage do you have over the investor. Does the investor need this deal to work more than you do? If this investor is willing to put money in it - why not find others who have more favorable terms? Don't ignore crucial sources of power over the negotiation and then by accident put yourself in unnecessary weak position. In fact you need to find a way to remain in control as you seek more investment. Are you looking only for money? Why friends and family? what value will they provide to the startup if any? Instead of dilution offer board seats, convertible notes, if you sell products consider AR funding instead of straight equity. I hope it helps, it looks to me that you need to find yourself a good lawyer now who understands funding and startups hurdles. If you reach out I'd be more than happy to refer you to fellow entrepreneurs who deal with investments on a regular basis :)

Humberto Valle

Get Advice On Growing Your Real Estate Business

That sounds like a great startup project! Good for you and best of luck! My name is Humberto Valle, I'm the cofounder of www.Unthink.me a small global digital marketing agency. There are many ways to network and prospect, there are also ways to network and social behavior that will help you not spook away potential candidates. Go to nearby universities, find small business networking groups, register on sites like cofounders.com, angel.co, killerstartups.com, zana, launchrock, look for upcoming near Startup Weekend events, coworking spaces, reach out to incubators and ask for potential leads, do the same with angel investors... For software development support consider outsourcing certain work to agencies like www.BetaBulls.com so that you can focus on key growth areas such as finding more long term partners.

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