There are many types of Entrepreneurs. The list is not all inclusive.

• Any individual willing to establish his or her own business
• Real Estate Agents
• Property / Casualty Brokers
• Contractors, Business Owners
• Physicians
• Engineers…. etc

By definition an entrepreneur is a risk-taker who has the skills and initiative to establish a business. Every business experiences different phases. Whether you are in a start up phase or have an established track record. Each phase requires appropriate financial planning.

Important aspects of being an entrepreneur are establishing goals, developing a business plan, and securing financing.

There are important factors that should be taken into consideration as an entrepreneur:

• Business Structure. What type of entity is appropriate and when. C-copr, S-Copr, LLC
• To secure financing, financial institutions may require a life insurance policy in the amount of credit extended.
• Liability
• Business property insurance
• Partnership Agreements
• Appropriate Retirement solutions and investments for current business phase and future goals
• What are IRS guidelines governing what defines an Employee on Staff or Contract workers.
• Self Employment Tax
• Estate and Succession Planning
• Business Profits and Personal Wealth Building. How much stays in the business.
• Budgeting, Cash Flow and Balance Sheet Statements

Nathan Simmons Wealth Solutions will help you make the decisions that will support your dreams.