Filippini Financial Group – The Key To Make Your Business A Successful One
If you are at the very beginning of your career and you still didn’t choose your business entity, at Filippini Financial Group will know for sure how to help you. Not only they are able to help you during the first steps of your successful career but also they will keep advising you for all of your business life. Choosing the right business entity is definitely the most important decision you will ever make. Although the legal details about each type are often complex, you should know that the most common alternative is Sole Proprietorship; Partnership; C-Corporation; S-corporation and Limited Liability Company.
A sole proprietorship has a single owner, and is perhaps the simplest of all entity types. This kind of business is very easy to implement and it will give you complete business control, but you will have to personally assume all liability and business risk. The main difference with a partnership is that the latter have a number of business owners. This kind of business is usually established, after making a formal arrangement known as the partnership agreement. This kind of business offers minimal protection to its owners while the C-Corporation offers more protection. Although, it is more expensive and it will take a lot of your time to maintain, C-Corporation is probably the greatest option if you want protection from business risks.
The S-Corporation is some sort of hybrid; it offers indeed great protection from business risks for its owners but the costs and legal requirements needed to found an S-Corporation are very modest.
Limited Liability Companies offer many benefits that you might get from other business entities, too. LLC avoids double taxation and offers limited liability for debt and business risk.
As you can see, choosing the right business identity can be tricky since they are similar but some way different to one another. If you don’t want to regret this choice, you should ask for advice at the Filippini Financial Group because they are professionals when it comes to guiding people to their wealth and success.
Once you decided the right business entity for you, it is time to start attracting valuable employees. For a small-business owner, it is hard to both attract and retain valuable employees. If you want your business to be more attractive to current and potential employees, implementing a qualified retirement plan might be a great idea so that both you and your employees work with the security that only a well-planned future can give. Furthermore, maybe you don’t know that qualified plans can also mean that you will get numerous tax advantages such as, for example, the possibility to pay income taxes upon withdrawal or the chance to get favorable tax treatments once you retire.
But there are many other perks, equally important, and the Filippini Wealth Management’s employees will be happy to explain them to you. For example, did you know that plan assets are creditor-proof so they aren’t subject to bankruptcy rulings? This is very good information that will for sure improve the morale of your employees, since these mechanisms help securing their retirement plans. And a confident and tranquil employee is a productive and optimist one!
If you don’t know what kind of retirement plan you should adopt, don’t worry because at Filippini Financial Group they know all about them and will suggest the most suited for your needs. The two most common types are pension and profit sharing plans but a business can also sponsor an IRA or SEP (simplified employee pension plan).
When it comes to pension plans, there are three types of them: defined benefit, money purchase and target benefit while the most popular type of profit-sharing plans is 401(k).
But you shouldn’t improve only your retirement plan; there are many other improvements you can do that will definitely make your employees feel more comfortable and if your current employees enjoy working for you, that means that if you need it, you will find another employee in a heart-bit!
In fact, a lot of business owners focus on supplementing retirement benefits, too. This is a benefit that is usually offered only to owners and key employees and one of these benefits is the deferred compensation. Basically, this is some sort of agreement between an employer and his employee to postpone the compensation until some future date or future event. This postpones taxation too for the employee.
As well as retirement plans, there are different types of deferred compensation, too but you shouldn’t worry because employees at Filippini Financial Group are very well prepared and are capable to suggest to you the one that suits best your needs.
Deferred compensation plans can be funded or unfunded, forfeitable or nonforfeitable but they can also provide one or a combination of death benefits, disability benefits and retirement benefits.
If you really want your employees to feel safe, you can get a Rabbi trust. One of the most common problems with unfunded deferred compensation plans is indeed that your employee has no guarantee at all that you will be able to make the payment in the future. Rabbi trusts have the unique function of protecting the employee’s future and give to him the security that no matter what happens to the employer, he will get the payment as promised.
Most of small-business owners decide to insure the firm against the loss of its property values. But at Filippini Financial Group, they know that the loss of an executive is far more important and even more crucial. Why? Because it is much easier to lose a key employee than to lose a building because of fire. And you should also consider that a loss due to a fire is only temporary but it may take a lot of time to find and train another employee that becomes an essential asset to your company.
Every company, even the smaller ones, has an executive that makes a substantial contribution to the success of the firm. A key person life insurance might be what you need to protect the company from losing not only an incredible person but also some important deals. This kind of insurance makes sure that both customers and creditors are well assured that the company will keep working even without this key employee and it will also offer you the necessary funding to find and train a good replacement. And the good news is that it is very easy to get the policy, even though the board of the company will have to authorize the maintenance of the policy.
At Filippini Financial Group, people know that loosing an incredible asset is one of the greatest losses for a company and they want you to have the best chance to find a worthy substitute without losing any more money.
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