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SHATTERPROOF NEWSLETTER
FEBRUARY 2022
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SHOULDYOUR ONLINE BUSINESS BE AN S-CORP? ELECT TO STAND OUT FROM THE CROWD
One of the smartest moves you can make as an online entrepreneur and coach is to form either an LLC or a corporation. You probably already know that LLCs and corporations can protect your personal assets from your business, and this protects you from lawsuits against your business. But did you know that there are some other key benefits besides the legal liability protection that you haven’t heard about? My favorite entity is the LLC because it blends the best characteristics of a sole proprietorship, a partnership, and a corporation, especially when
working with a legal coach — like those in our Access Program — then you will do things right and the legitimacy of your LLC will be sound. The final reason is tax savings, and I know that everyone wants to pay as little in taxes as possible. Your LLC comes in a fashion that you can make it into whatever you want. There are many flexible ways to complete taxes, but for most online businesses, S-Corp is going to make the best difference for you if you’re doing leverage programs. You won’t pay that self-employment tax anymore. You have to set up a payroll tax account for yourself, withhold some taxes, and distribute dividends or distributions to yourself as the owner who isn’t subject to some of those payroll taxes. It ends up making a 10%–15% difference in your tax bill. Additionally, there are no taxes that are paid by the LLC or S-Corp, so it all goes to your personal return. Your LLC will issue a K-1 to you as the owner. You base your taxable income off of the profits and losses from your business that are shown on the K-1. It’s much cleaner and helps you with the IRS if you ever have to deal with that dreaded audit. It’s imperative that you make sure that you’re looking at the form of business that you have. If you’re a sole proprietor mom and pop, try and change to an LLC or corporation and look at the most efficient way for you to run your business from a tax standpoint. Make sure that you’re talking with a tax professional during this process, but always consider the S-Corp because it can be a lifesaver.
you add on the S-Corp election. There are three main benefits to doing this that most people aren’t aware of. Keep in mind that the LLC is governed by a state statute and every state is a little different, but they’re all mostly the same. Still, you need to know the law in your state and make sure that you’re set up correctly for where you’re operating your business.
The first reason you should do an LLC is the enhanced credibility it will give you and your
business. One of your business’s most valuable assets is credibility. If you start out by forming an LLC and making that S-Corp election, your business will stand out from the crowd. You’ll look better to customers, vendors, and even your competitors. Additionally, you’ll have a much cleaner tax return than if you are doing it as a sole proprietor using your Schedule C. Make the choice to form an LLC and get your account with us. We’ll talk about it and make an S-Corp election so that you can take advantage of that increased credibility. The next reason is liability protection, which is a big deal. Like setting up an LLC properly, it protects your assets at home so ideally, you’re making a profit in your business, taking it home, and creating net worth. This becomes exposed if your business is a sole proprietorship. If you get sued and they get a judgment, it’s going to stay in that LLC and not come back home to you. There are things that you have to do after forming the LLC that are incredibly important, but if you’re
–Scott Reib
As your Access Lawyer, we're specifically trained to help entrepreneurs like you put these cornerstone systems in place, providing your company with a shatterproof foundation. To see how stable your foundation is, take our Shatterproof Business Audit and assess your confidence in how much your legal, insurance, financial, and tax foundations will support your business growth. Just go to REIBLAW.com/shatterproof-audit and complete your audit. We will send you back a report card.
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FEEL CONFIDENT IN BUSINESS!
3 STEPS TO IDENTIFY YOUR VALUE
We've all been taught that bragging is annoying, but when you’re afraid to identify your worth, it can really hurt your confidence and success in business. To prevent that from happening, here are three tips to make it easy to name your price!
happy emails, texts, and reviews from clients and create an easy reference for instant, uplifting support. If a client seems happy, never be afraid to ask for a testimonial. Many people simply need to be asked, and they’ll be happy to provide one. In the same stride, consider the people who help you and your business every day and find ways to show appreciation. Passing that love around can make a huge difference in energizing the way you perceive your value.
No. 1: Get to know your value.
How do we figure out our value? Specifically, how do we come up with a quantifiable method to reach an exact, irrefutable number? Well, we don’t. The best place to start is deciding who you want to be in your business and industry and building from there. With a solid mission statement and concrete affirmations that support your value in the business, you’ll gain more confidence in arriving at a price point.
No. 3: Make the final game plan.
After considering what your offerings are likely worth, whom you’re looking to serve, and what they’d be willing to pay, you can name your final price. After all, prices don’t fall from the sky. Without obsessing over it, look at what kind of value your competitors have set for themselves. That’ll give you a great starting point.
No. 2: Be open to receiving — and giving — love.
Accepting compliments can be tough, but in business, compliments can be powerful catapults to your continued success. When you take time to notice all the people you’ve helped, the accomplishments you’ve achieved, and the difference you’ve made, the motivation it fosters is monumental. Keep your
Take good care of yourself, friends — and don’t forget that a confident price tag is a great way to do just that in your business.
IMPROVE THE SKILLS OF YOUR EMPLOYEES
WITH THIS MONTH’S BIZ TOOL: COURSERA
When you’re hiring a new employee, it’s hard to truly grasp where their skill sets lie. You can conduct your interview and look over their resume, but that only tells you part of the picture. Once they become a part of your team, you
courses, specializations, and guided projects are created by some of the top minds and educators in each industry.
Coursera claims that its classes will help your employees build critical skills that help your company reach its goals, improve your company’s use of technology,
may wish they had more knowledge regarding science, AI, marketing, sales, or even effective leadership. This isn’t just a new employee issue either. You may wish that your current employees knew more about these categories too. This can essentially leave you with two options. You can hire yet another new employee that meets the specific needs, but this will cost you plenty of time and money. The much easier solution would be to invest in improving the skills of your current employees.
and create a more “data-driven, digitally fluent workforce” that will help your company stay ahead of the competition. For a full year of access to self-directed learning, Coursera only costs $399. With Coursera, you can choose specific content for your team to work on from over 5,000 courses. You’ll even be able to track the progress and development of your team as they work. You can find more information at Coursera.org/business/teams.
If you’re wondering how to do that, look no further than Coursera. It’s a training and development platform that specializes in improving employees’ skills. With Coursera, you can improve your employees’ skills in topics such as software engineering, management, finance, and so much more. Their
Coursera might not be the perfect fit for your team but luckily there are other options for you to look into. You can try MasterClass, Skillshare, or LinkedIn Learning if Coursera doesn’t seem like the best skill training program for your business.
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MADE-FOR-YOU LEGAL SERVICES, WITHOUT THE HIGH RETAINERS PROTECT WHAT YOU’VE BUILT, WITHOUT BREAKING THE BANK. You already know you need solid legal advice to protect the business you’ve built. Here are the problems … • It’s too expensive to build your own in-house legal team. • Paying the high fees that come with retaining a top firm is out of the question. • You’ve tried the cookie-cutter prepaid services but didn’t get the personal attention you need.
Tom Ziglar, the proud son of Zig Ziglar and President of Ziglar Corp. “Not only does Scott Reib handle all of our legal needs but he is an extremely valuable growth strategist and his insights have made us far more money than what we have paid him. Because of this unique combination of legal protection and business growth strategies, I highly recommend Scott’s Access Plan.”
What’s the Solution? You need your own legal team that knows your business inside and out. That’s why the expert lawyers at Reib Law created The Access Plan. It’s a program that gives business owners like yourself access to all the best legal services without the sky-high costs traditional firms are known for. The Access Plan is available for you to use whenever you need it for one flat monthly fee. YES, you get unlimited text, email, and phone calls with your attorney. YES, your attorney can create and review your business contracts. YES, you get a Shatterproof Business Assessment and legal strategy session as a member. YES, it includes setting up your corporate structure. Finally, you can concentrate on running your business knowing you’ve got a legal team in place to help you avoid many of the pitfalls that come from running your own company. You can finally stop wondering if you’re making the right choices for your business. With most small businesses surviving on razor-thin profit margins, any litigation could be disastrous. Imag ine getting all your legal questions answered by your own personal lawyer who’s an expert in your industry and is already familiar with how you run your company. • You’ll never have to try incorporating your business on your own, potentially making a fatal mistake that leaves your personal assets exposed to uncapped liability. • You’ll avoid using contracts with your customers that might contain illegal or unenforceable language. • You’ll know well in advance if a contract you’re offered has terms that are bad for your business. CONTINUED ON BACK ...
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... CONTINUED FROM FRONT
It’s like having your own in-house team of lawyers on-demand! It’s true. Any time your business needs legal advice, all you have to do is pick up a phone and speak with an attorney who has worked with you before and understands your needs. Have you ever tried working with those pre-paid legal services? • You are literally just another number. • It takes hours or days for a lawyer to call you back. • The attorney NEVER knows who you are, what your business is about, or how you operate. • And it always seems like getting you off the phone as quickly as possible is their only goal. • You never feel this way as an Access Plan member. • You will be matched with a dedicated team of attorneys who specialize in your profession or business. Your attorneys’ expertise will help you find options and solutions that always work in your favor.
Doug Foley, Amazon Best Selling Author and founder of Foley Media. “Scott and his Access Team made it so easy and simple to create the proper legal structure I needed to separate my IP from my various companies. He made it easy to understand, without any outrageous fees. Scott is a go-to guy for small business owners and entrepreneurs.”
I’M READY TO PROTECT MY BUSINESS WITH ON-DEMAND LEGAL ADVICE 1. Go to REIBLAW.com/access-program or scan the QR code and enter your contact and business information.
2. Schedule your strategy session to meet in person or online. 3. Come to your call with any questions prepared. Take notes and be prepared for complete access to your new team of legal experts.
SCAN ME!
It gets even better! Access Plan members receive a 25% discount on all Reib Law Services. There’s no need to hire expensive attorneys to help you find solutions for your growing business. Our highly-rated service lets you stop hoping and praying you’re making the right choices for your company. Our service is designed to help you: • Take advantage of years of knowledge and experience on how to navigate the legal process … • Finally rest easy knowing that something is being done to protect the business you’ve worked hard to build … • Put proven, winning legal strategies to use that have already helped hundreds of people just like you to gain the advantage in business negotiations and deals. Don’t wait to get your business needs in order. Contact us today and get enrolled in the ReibLaw Access Program. It’s one of the best decisions you can make for your business.
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DO I REALLY NEED A LAWYER TO REVIEW MY CONTRACTS?
Contracts are a vital part of operating a business. They can come in the form of purchase orders, sales agreements, employee contracts, and more. Without contracts, nobody would be able to operate a business properly, but many business owners have wondered if it’s necessary to hire an attorney to review or write their contracts.
If your contracts are poorly written, you can find yourself in some expensive disputes. An experienced attorney will be able to highlight your responsibilities in a contract so nothing gets overlooked. We can also insert clauses that help protect you from disputes that would otherwise interfere with your everyday life.
To put it simply, you should absolutely hire a business attorney to review and edit any contracts that affect your business. We’ll be able to provide you with professional advice to ensure that your contracts are accurate and work in your favor. Though you aren’t legally required to have a lawyer look over your contracts, it will help prevent contractual issues that could cost you plenty of time and effort down the road.
Most importantly, an experienced business attorney will help you fully understand your contracts and what you’re signing. Since these contracts are legally binding, you want to make sure you fully understand everything detailed within. Don’t leave any questions up to chance. Understand what you’re signing by having a lawyer look over your contract and explain it to you.
If you’re a small-business owner, you can benefit greatly from having an experienced business attorney in your back pocket. Give us a call to see how we can help you or check out our website to learn more about our access plan and how it can help you and your business.
Fairly often, you may understand the general idea of the contract, but you could still have a few specific questions regarding certain aspects. An experienced business attorney will be able to clarify and explain any questions you have about your contract. Additionally, business attorneys can offer edits and ideas to enhance your contracts so they work to your benefit.
AKA VIRAL TIKTOK PASTA! BAKED FETA PASTA
We want your feedback!
In editions of this newsletter, we’ve covered everything from business contracts to how to handle the former spouse who wound up with everything because there was no business succession plan in place. But now we’re wondering: What would you like to see? You know those legal questions that Google can’t give you a satisfactory answer to? The ones that keep you up at night as you wonder whether it’s time to call a lawyer? We want to answer those. Send us your questions, and we’ll use them to address the topics you want to know more about. Text your questions and curiosities to 940.227.3383 .
This viral TikTok pasta has you covered for Valentine’s Day!
INGREDIENTS
• 4 cups cherry or grape tomatoes • 1 shallot, chopped • 3 garlic cloves, minced • 1/2 cup olive oil • Salt, to taste
• Red pepper flakes, to taste • 3 sprigs of fresh thyme • 1 8-oz block of feta cheese
• 10 oz pasta of choice • Lemon zest to taste
DIRECTIONS
1. Preheat the oven to 400 F. 2. In a large pan, combine tomatoes, shallot, garlic, olive oil, salt, red pepper, and thyme. 3. Place the cheese block in the center of the pan and bake for 40 minutes. 4. Cook pasta according to box instructions. Save 1/2 cup of pasta water before draining the noodles. 5. When the tomato and feta cheese mixture is done, add the cooked pasta, pasta water, and lemon zest, stirring until completely combined.
Inspired by Delish.com
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Should Your Online Business Be an S-Corp? INSIDE THIS ISSUE 1 2 2 3 3 4 3 Steps to Identify Your Business Value Improve the Skills of Your Employees Make TikTok Pasta for Your Sweetheart! How Mary Barra Helped GM
Do I Really Need a Lawyer To Review My Contracts?
FROM ‘CAR GIRL’ TO CEO OF GM
According to an interview with Stanford Magazine, Mary Barra is a self-proclaimed red convertible "car girl.” Her eyes gleamed as she talked about the day she first saw her cousin’s Chevy Camaro convertible, a late ‘60s vintage model. MEET MARY BARRA
Faulty switches resulted in 124 deaths and 275 injuries, which prompted the Senate to conduct an investigation. Barra’s court appearances led to a public outcry against GM, forcing the company to recall nearly 30 million cars due to their defective ignition switches. Although no federal charges were pressed against Barra or the GM executives, the company paid $120 million in settlement claims and offered $595 million to victims and families affected by the scandal. Barra’s subsequent actions became key. She fired 15 employees, including eight executives, for failing to respond quickly to the defective ignition switches. Additionally, she initiated GM’s shift toward electric-powered cars, including the Chevrolet Bolt EV, which became the first electric car with a range of 200 miles priced under $40,000, a milestone that warranted significant coverage. According to GM executives, a major reason for Barra’s corporate and entrepreneurial success is not only her passion for cars, but also her skill to listen and communicate well with others. Her “consensus approach” involves conducting town hall meetings to seek input from the majority of people, not just top management. This allows every employee to be heard, and that inclusive environment remains a crucial part of GM’s ability to thrive far beyond its darkest days.
At that moment Barra knew she’d love cars forever, so she worked on cars as soon as she could. In fact, she was only 18 years old when she started working for General Motors (GM). She worked her way up while earning a couple of college degrees, and she held multiple engineering and administrative positions at GM, including managing the massive Detroit/Hamtramck assembly plant. By 2014, Barra became the CEO of GM and was the first female head of a “Big Three” automaker in the United States. It was a dream come true — her appointment even earned her a spot on Time’s 100 Most Influential People in the World of 2014. However, during her first year as CEO, GM faced one of the worst scandals in the U.S. auto industry: the GM ignition switch scandal.
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