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LLC or S-Corp…why not both?

Written by: Business Advisor Peter Harriman

LLC or S-Corp? - Maine SBDC

Congrats! You are thinking of getting into business! Or you are in business already but wondering if your business is operating under the right type of business! You are looking online to try to figure out the ins– and outs of which business entity formation is best for you, and you are coming to a road block. There are a lot of choices; sole proprietor, partnership, limited liability company (LLC), c- corp, etc. The complexity of the topic should prompt a call to some kind of legal professional to ensure you understand the decision and how it will affect you and your business. 

One business entity you might want to discuss during this conversation is the LLC that is taxed like an S-Corp. This article will discuss some general pros and cons of this election, but (again) it is meant as a discussion point with a legal professional. Your accountant will also want to weigh in on the topic too, more on that later. 
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How To: Create a good marketing plan

Working with clients over the years has made me appreciate marketing as a key to success. The ability to create a great product isn’t going to assure success. There are many great products and services that fail. You can’t take the “build it and they will come” approach. With a well thought out marketing plan, a good product can exceed the sales of an equal or even better product.

Part of any successful business is identifying their target market and developing plans on how they can reach the customers and demonstrate value. Have you ever tried to identify your customers?

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Business Highlight: EterNav – Verona Island

eternav-logo-and-backgroundKasey Smith, founder of EterNav, wants to change the funeral and death care industry.

With a background in technology startups and personal experience dealing with loss, she saw an opportunity to help those experiencing one of life’s toughest challenges, navigating the unexpected loss of a loved one.

She has created 21st century technical tools and a step by step process that helps guide families through the practical tasks and action steps that follow the loss of a loved one. Her solution, called EterNav (short for eternal navigation), offers affordable, personalized and convenient bereavement solutions — working either with and without a funeral home.Read More

Business Highlight: Autotronics – Frenchville & Bangor

logoAutotronics, a family-owned business that specializes in the building and restoration of emergency vehicles, has been in business since 1958 and serves customers within Maine, New England and even internationally. Business Owner Lita Daigle approached Maine SBDC Business Advisor Josh Nadeau looking for help in restructuring some current loans as well as obtaining funds to help build a new state of the art paint facility at their headquarters in Frenchville, Maine.

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How To: Create a working business plan

Many small business people think of the business plan as that thing they had to do to obtain financing for their business. While that is one way to describe a business plan, it isn’t the right one.

Business plans are not something that should be seen as a hurdle. Think of it as a ladder. The business plan is part of a process that helps you achieve your goals. It leads you onward and upward. Sometimes the steps go quickly and sometimes they don’t. If you have done your research you should be well prepared and have a sound basis for your business decisions. You don’t need a business plan that is from a 30-page template you found on line. You need a working business plan.

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