Why Rich People Have LLCs
Who should attend this learning series?
Anyone thinking about starting a small business.
Anyone confused around how to get started.
Anyone unfamiliar with budgeting.
Anyone interested in learning about limiting your legal liability while operating your business.
Anyone looking to learn about reducing your tax obligations.
(We are not tax professionals, but we talk about what we've done.)
Classroom Type: Virtual or In-Person
Duration: 4 sessions. One session per week: 4 Weeks total
Timing: Each group session runs for up to 3 hours, and will run during evenings or weekends
Timing: Week 3 has an optional 1:1 Session that will be scheduled for 45 minutes.
Size: Up to 8 participants
Coach: Ken Nothnagel, CEO, and Founder of The Canary Foundation
Recommended Experience:
You should be at least a little familiar with tax and legal liability.
You should have a basic understanding of insurance: car insurance, home owners insurance, life insurance, experience with any type of insurance will do!
You should also have a hobby, small business, or an idea for one of the two.
The Canary Foundation, Ken, and Carrie DO NOT profit from anything discussed during these sessions.
All participants must read and acknowledge this Legal Disclaimer
Session Description:
This is a hands-on session. Be ready to use your smartphone and/or laptop during this session. You will learn the theory behind each topic, and together, we will accomplish tasks to help you understand, get comfortable, and apply your knowledge.
To get the most out of this session, you will need access to create spreadsheets. Excel and Google Sheets are two examples of spreadsheet software, but you can use whatever spreadsheet software you prefer. We will show real-world examples of how we use Google Sheets.
There will be multiple breaks as well as opportunities for each participant to ask questions.
Questions can be asked in front of the group or privately, whatever fits your comfort level.
The quizzes are important to make sure we don't leave anyone behind!
We build on our knowledge, and apply our learnings during each session.
We'll proceed at the pace that is best for all participants!
Week 1 - First Session Topics
What is the difference between rich people and poor people?
What is an LLC?
Is a Non-Profit right for you?
Financial liability, and how to manage it.
Naming your business
Image/brand recognition and protection
Capital Expenses vs Operating Expenses (CapEx & OpEx)
Tools that can help you start your business.
First Quiz: Check your knowledge before week 2
Homework:
Go to the Secretary of State website and investigate business licenses and naming.
Investigate online legal companies that help file LLCs
Investigate insurance offerings for your type of LLC
Document your current personal or business OpEx
Week 2 - Second Session Topics
Review Week 1 Quiz
What's a mission statement?
Do you need a business plan?
Create your first budget
Getting Paid!!
Considerations for Payroll Accounting
Considerations for business ownership
Everything ends, what is your exit strategy?
Second Quiz: Check your knowledge before week 4
Homework:
Complete your first budget spreadsheet
Think about your business needs, do you have a mission statement? Do you need a business plan?
All participants are encouraged to present during the Week 4 session. Your topic is whatever you want it to be. Some ideas are:
Mission Statement
Budget and/or Tax Plan
Business Plan
Current Status and Next Steps for Your Business
Week 3 - 1:1 Sessions (Optional)
We will schedule individual 45 minute sessions to cover any questions or confusion on everything we've learned so far.
Week 4 - Final Session Topics
Participant Presentations:
Time: 15 Minute Max Per Presentation - No minimum time
Recommendation: Include the current status of your business and next steps you have planned!
Final Questions
Schedule is Coming Soon