Southfield, MI

This article was written by friend of mine who I have also had a business relationship with. She has given me permission to repost her material. I am sure you will find the information to be valuable and useful.

As you begin a new business venture, you have an important decision to make right at the beginning of your venture. Now you probably have already decided what kind of business - and even the name, but the entity structure is the most important. You need to know what type will be the easiest and most valuable for your company. Have you heard the words LLC, C-Corp, and S-Corp? If you answered yes, but don't really understand what they are, then read on.

You can use a number of business structures when creating your company. Each one comes with different benefits and liabilities. Here's an overview:

•1. What is a Sole Proprietorship? This is a "one-person show" where the individual person running the business keeps all the profits. However, they also carry all the responsibility and liability. This is definitely the least desirable form of business structure due to the huge personal risk that's involved for the individual business owner.

•2. What is a Partnership? In this structure, two or more people are the owners. They usually put similar amounts of money and/or time into the business and are all responsible for running it. They also incur the debt for the business and can be held personally liable if it were to fail or be sued for the debts.

•3. What is a Limited Partnership? In a limited partnership there are at least two partners involved, but they don't necessarily have the same level of responsibility - or authority. One or more of the partners will take part in decision making and the others are "silent" partners.

•4. What is a Limited Liability Company (LLC)? This is the best and most flexible business structure and one of the easiest to set up. It's a good entity for both small and large businesses. It provides personal asset protection and offers an easy format for distribution of profits and losses. With this entity structure the liabilities of the company are only taken from business assets, not the personal assets of those who own the LLC.

•5. What is a C-Corporation? There are two ways to file as a corporation: C-Corporation or S-Corporation. The C-Corp is the most structured, and rigid form and the business profits are taxed at both the corporate level and the stockholder level. In this entity, there is no limit to the number of stockholders. This structure is taxed as a separate entity, unlike the S-Corp.

•6. What is an S-Corp? This is also a corporation, but it's limited by the number of stockholders, which is a maximum of 75. One of the advantages of this type of business structure is that the profits are not "double" taxed like they are in a C-Corp. This structure is a "flow through" entity. This means the profits or losses flow through to the individual personal tax returns of the stockholders and are taxed on the individual tax returns.

Financial institutions generally view the LLC and corporation structures as higher rated business entities. By choosing one of these structures for your business, you are presenting a more professional image to the financial institutions and they are more likely to offer business credit and trade credit to the business.

If you want to find out more about setting up a business structure correctly and learn about the advantages and disadvantages of each type of entity, go to my website: http://www.SusansBooks.com. Learn the secrets of presenting your company to others as an established business. With this knowledge you can apply for lines of credit from lending institutions and start obtaining vendor credit without risking your personal FICO scores.

This article was originally posted at http://blackentrepreneurshalloffame.blogspot.com/2005/12/dr-robert-s-shumake.html

Dr. Robert S. Shumake is the founder of Inheritance Investment Group, a Michigan based real estate investment and development firm. As founder and president, Dr. Shumake invests, manages and develops commercial and residential real estate. Dr. Shumake has implemented policies and funding strategies to raise capital for small businesses, mortgage loans, commercial leasing and specialized financing. Dr. Shumake's vision is to expand housing opportunities for people dreaming the American dream of owning a home.

Dr. Shumake founded the real estate and business corporation, First Equity Holdings in 1996. Since then, First Equity Holdings managed and sold 85% of the Department of Housing and Urban Development (HUD) inventory in the state of Michigan with sales of approximately 80 million dollars. In addition, Dr. Shumake has developed, sold, or financed well over 100 million dollars in real estate. Based on the success of First Equity Holdings, Dr. Shumake received a White House appointment to the Board of Directors for the Federal Home Loan Bank Board, the second largest bank in America with 700 billion in assets. As a director, Dr. Shumake presided over the Affordable Housing Committees in Michigan and Indiana. Dr. Shumake was also appointed by the governor of Michigan, as a member of the Board of Real Estate Brokers and Salespersons with responsibilities to regulate and license real estate professionals.

As a supporter of cultural arts, Dr. Shumake is a member of the Charles H. Wright Museum of African American History, located in Detroit, MI . Dr. Shumake also served on the board of directors for the Lewis College of Business. Dr. Shumake is an active culturist, specializing in political and educational fundraising strategies. He has also served on national finance committees for not-for-profit companies and political candidates.

Dr. Shumake has written For Entrepreneurs Who Considered Suicide When Business Got Tough! for individuals looking to achieve their entrepreneurial and financial dreams. The book is a guide, based on Dr. Shumake's experiences as an entrepreneur, for building wealth. Packed with quotes and helpful advice, as well as interactive pages for recording your personal and professional goals, For Entrepreneurs Who Considered Suicide When Business Got Tough! is a must have resource for anyone on a journey to do business well.

In addition to being an author, Dr. Shumake hosts radio and television programs in the Detroit area. His radio show, "Necessary Business with Robert Shumake" airs weekly on WCHB-AM. "Take the Land" is a simulcast program that airs weekly. "Take the Land" can be seen on TV 68, TV 33 and heard on WHPR 88.1 FM in Detroit, Michigan.

Read more about Robert Shumake on his blog at http://robertshumakemortgagefraud.wordpress.com/

According to the US Federal Bureau of Investigation, mortgage fraud is one of the fastest growing white-collar crimes in the country. Robert Shumake found this out the hard way, when he was the victim of mortgage fraud.

When Shumake tried to sell a house that he purchased and fixed up, he found out that someone had "stolen" the property and removed his name from the title with a fraudulent quit claim deed! The new owner had moved into the home and took out building permits to work on the property.

It took 2-1/2 years and nearly $60,000 in legal fees to resolve the matter. Mortgage fraud is hard to prove with signed agreements and documents in place and recorded. It is possible to spend thousands of dollars and still not get your property back.

Anyone can be a victim of mortgage fraud, even a real estate industry professional like Shumake, who is the owner of Inheritance Capital Group in Detroit, a company who manages and develops real estate. Robert's experience led him to join with Michigan state officials to launch a mortgage fraud task force to aid victims of mortgage fraud and promote consumer awareness and prevention.

Robert Shumake's mission is to inform the public about mortgage fraud and real estate scams and to provide tips on how to protect yourself.

Robert Shumake's 10 Tips to Protect yourself from Mortgage Fraud

Mortgage fraud is one of the fastest growing white-collar crimes in the country with Michigan being one of the top 10 locations for real estate scams. The downward trend in the real estate market has encouraged mortgage fraud perpetrators to develop and utilize many schemes. The recent rise in foreclosures along with a depressed market, declining values and decreased demand has placed pressure on lenders, builders and home sellers. Fewer loans will be originated as lending practices tighten in response to the subprime lending crisis. Identity theft is a popular tool for use in mortgage fraud. With higher lending standards being enforced, individuals with good credit are valuable to perpetrators; therefore, at risk for identity theft and mortgage fraud schemes.

How it Works

Mortgage fraud is divided into two major categories; fraud for profit and fraud for housing. Fraud for housing involves misrepresenting income/expense and assets/liabilities information on an application in order to obtain funding to buy a home. Fraud for profit involves industry professionals including mortgage brokers, property appraisers and real estate agents who over state a buyer's income, assets, property value and other information to trick lenders into approving mortgages.

Sometimes people commit identity theft to obtain housing loans, sell someone else's home or take over other's property. Here are some tips to protect yourself from becoming the victim of mortgage fraud:

•· Never sign blank or incomplete documents

•· Never purchase property that you have not seen and personally inspected

•· Use only licensed mortgage bankers or lenders; find a broker through the National Association of Mortgage Brokers (http://www.namb.org)

•· Have a local, licensed real estate agent do a BPO (Broker's Price Opinion) to determine value

•· Don't be pressured into using a particular lender, real estate agent or appraiser

•· Know your rights as a mortgage borrower

•· Don't buy into get-rich-quick schemes of instant equity or investment property using your own name - investment property should be owned by an LLC to protect you from liability exposure

•· Do not work with someone who suggest that you lie on your mortgage application

•· Beware of lenders who charge excessive fees and prepayment penalties

•· Most importantly, be sure to look over and understand your truth in lending disclosure documents which spell out the terms of your mortgage, before signing a contract with a mortgage company

If you are in doubt, have an attorney look over your documents and advise you. The fee for this service is little compared to the tens of thousands you can be charged for dealing with problems caused by mortgage fraud later.

An ex-carny with an MBA and CPA by his name; part jokester, part motivator, part used-car salesman, but all businessman as he guides entrepreneurs to business ownership

Troy, MI - Woodward Promotions, LLC will be hosting a panel of experts at a weekend conference on how to prosper in difficult times. As real estate prices fall and the stock market drops, amazingly, more opportunities to make money become available. This conference is designed for real estate investors and business owners to address the problems in our economy while developing new ways of structuring their business to meet their financial goals of 2009.

With Ed King joining the panel this is sure to be an educational and an action packed event. Ed King is a very dynamic speaker who will have everyone at the edge of their seats; entertaining and educational, guaranteed, no one will be bored when he speaks!

Ed King is a former Price Waterhouse consulting manager and author of two small business how-to books. He spent 15 years in carnivals running rigged games of chance in mall parking lots across the country. Since 1981, King has been working with Wayne State University to help entrepreneurs overcome the hurdles that trip most small businesses. He figures his years of hawking fuzzy dice and cheap trinkets have helped him with assisting small business owners. "I got into this because I was sick of seeing all these people starting a small business who just didn't know what they were doing," said King. "The task can be daunting. It is estimated that one-third of all start-ups fail within six months and 9 out of 10 companies operating today will eventually fail or just quit trying."

Ed King and Wayne State have developed a fool-proof plan to provide as much information as possible about as many things as possible. "We pride ourselves on squeezing as much information as we can into our classes," said King. "I don't know where else you can get so much information, in your face, in a user-friendly level." In Ed Kings' classes, students learn how to read a balance sheet and income statement, increase the efficiency of a sales staff, calculate a business's return on investment, write an attractive advertisement, reduce taxes and much more. Students have a lot of fun learning; Ed King has just as much fun teaching; the bottom line is his classes provide valuable information that they can use in business.

Ed King graduated from the University of Michigan, with honors, and with an MBA in Corporate Finance. He recently completed work on his Profit Forecaster/Analyzer software, a program that will help the small business owner in moving away from "crisis management" through financial projections.

Come to this information-packed weekend event to hear a panel of experts speak on many real estate and business related topics, February 6 - 8, at MSU-Mec at 811 W. Square Lake Road; Troy, MI 48098. Learn more at http://www.woodwardpromotions.com and register for this event; seats are filling up quickly; register today.

Contact:

Woodward Promotions, LLC

PO Box 698

Farmington, MI 48332

248-991-1851

Jeffrey Taylor is known by many parents as Your Money Coach.

With over 20 years experience, he has helped many families plan for their children's college education.

Here are some valuable tips that he shares in his seminars:

Prepare yesterday! Waiting until today will cost you thousands of dollars.

Invest in your child's raw talent in their early years; this talent can be an effective tool to help reduce college tuition costs. A moderate ability student can get money from a college that has an interest in them; the more talent you child has, the more likely "free money" will be offered.

Choose the right school for the right reason. Colleges do a great job with marketing; they are a business seeking to make a profit. Don't let the hype fool you. Don't get caught up in the marching band or the best athletic team unless those are an important key to your selection process

Jeffrey Taylor offers free seminars to provide insightful, straightforward facts parents need to know to receive college funding and scholarships. For details on the next event visit http://www.tuitionreductionplan.com and sign up for a free membership to receive newsletters and a free electronic book (ebook) loaded with valuable tips.

You can also request to be placed on the waiting list for the next CD and book entitled "Help, I Need Money for College! Right Now Strategies for Parents that Want to Send Their Children to College without Going broke!"

The mission of the College Funding Resources is to educate parents on the strategies that can be used to fund a college education while utilizing other people's money. The subject of student financial aid is covered profusely in the media, but little is discussed about how to pay off college debt assumed by the parents. College Funding Resources provides free workshops to their local communities on the subject of using various obscure legal and ethical strategies as an alternative to college debt.

Contact:

College Funding Resources

Jeffrey Taylor

4000 Town Center; 11^th Flr.

Southfield, MI 48075

248-230-9668

Email: yourmoneycoach@gmail.com