Are You A Millionaire In The Making?

It’s no joke. 20% of the 500,000 millionaires in the United States alone got there via the network marketing industry. Network Marketing is here to stay and is no longer considered the black sheep of home based opportunities. If you’ve been tempted in the past to dig deeper into this industry maybe now is the time to get started.

MLM is powerful method for even the largest of companies to promote new products and services and many are planning out and implementing strategies of this manner today. They power behind network marketing can no longer be ignored and you can bet that word of mouth advertising isn’t going anywhere. It’s here to stay.

Finding out about a new product or service via the advise from a friend or relative is the most powerful form of advertising available and MLM has become a legitimate and highly accepted form of bringing new products and services to market. A recommendations from a colleague goes alot father and will create a much quicker call to action than traditional adversing most of the time.

Ground floor opportunities seem to pop up on online almost on a daily basis and the internet has become a powerful tool for getting the word out to millions of people around the world. Everyday press releases, blog posts and articles are written touting the value of specific products and services and for those willing to due their due diligence and get busy the sky’s the limit when this worldwide promotion tool.

Starting up a brick and mortar type business can run into the thousands of dollars. A MLM opportunity can be started for very little money at all but don’t ever discount the return on investment capable with network marketing. Those who opt for the more traditional type business plan also absorb enormous amounts of risk as compared to a home based opportunity in MLM and the MLM can offer far greater rewards as the income potential is virtually unlimited with most plans.

Whether you’re looking for a few extra hundred dollars a month or the dream income and lifestyle you have always wanted, this industry can help you attain your dreams. There have been many rags to riches stories in this industry and there are sure to be many more to come. If it’s worked in the past for so many who’s to say it can’t happen for you too.

Maybe you can be one of them. If you’ve ever told someone else about a great movie you just saw or an incredible new restaurant you just visited you already have the required tools to be successful in this industry. You should find a good opportunity and give it a try like the one belwo and give it a try.

Are Nevada or Delaware Really The Best Places To Set Up Your LLC?

I am often asked where’s the best place to set up an LLC or corporation, my answer is usually in the state where you intend to conduct most of your business or where you have an office or business presence. In other words, your home state.

If you form an LLC in a state that is different from the one you are conducting most of your business in, you will likely be required to file an application as a foreign LLC or foreign corporation (meaning from another state) in any other state where you conduct substantial business or have substantial business contacts.

For example, if you form an LLC in Nevada but your business office is in Oregon and you conduct most of your business in Oregon, you will likely have to file and pay fees in Oregon as a foreign LLC doing business in Oregon, in addition to filing and paying fees in Nevada.

This dual filing can be expensive and can result in substantially more record keeping which may outweigh any potential advantages. Some larger LLC’s and corporations are registered as foreign entities in every state but this is expensive and time consuming for most small businesses.

Occasionally, there may be a valid reason for setting up an LLC or corporation in a state different than where you conduct business. There may be some special tax advantages or liability advantages in one state which are helpful to your special type of business. This requires some advanced research into the tax and liability laws of the state you want to use. Give your accountant or tax advisor a call and discuss this with them.

Many people believe that Delaware and Nevada are the best places to set up a new LLC or corporation. In my experience this is not necessarily true. Delaware may be a good state for larger companies but the costs and red tape of foreign state filings likely outweigh the advantages for smaller businesses. The same is true of Nevada.

For example, Nevada has no state income tax on corporations or LLC’s. However, LLC’s don’t pay income tax anyway. They are considered pass through entities which means the LLC itself is not subject to federal or state income tax. Rather, the owners or members pay income tax on their pro rata share of the income. If you live and do business in a different state, you will likely have to pay income tax in that state.

It is true that many states require the members of an LLC to pay state income tax on their share of income from an LLC. There are other states which do not have state income tax but they often make up for the revenue with some other form of tax or assessment.

Nevada also boasts that it protects privacy because they do not share information with the IRS. Believe me, if the IRS wants information or records from a business, all they have to do is issue a subpoena and they get the information. I’ve seen it done. In addition, if you form a corporation in Nevada but then have to file as a foreign corporation or LLC in another state because you do business there, your information will be shared with the IRS anyway.

We all need to be aggressive about reducing taxes and saving money but I also believe in doing it honestly. If you are running a legitimate business and are properly filing tax returns, why should you be so intent on not having your information shared with the IRS anyway.

If your business provides its product or services everywhere or in many places, such as an internet business, then you have more choices. However, even with an internet business, if you do substantial business in any particular state, you may still be required to register in that state as a foreign corporation or LLC.

The bottom line is that for most smaller businesses, forming an LLC or corporation in your home state or in the state where you have the most business contacts or where you do most of your business is still the best practice and will likely save you some money.