How To Choose A Name For Your Business

How to choose a name for your business. So fascinating. I'm going to say it that way. For beginners to like worry about what their business name is going to be. Because at the end of the day, it matters what your search engine optimization is going to do, not the name of your business. So let's talk about a few things. Number one, again, why the name of your business isn't as important as you think. There's so many workarounds to actually get that done and then never, ever shut your company down. We'll talk about that. Number two, how to actually build the company regardless of its name. Like I have used companies for 20, 30 years and they have done multiple things. Some one company might've bought real estate and then it went to actually being a contract to run the cashflow games for the rich dad, poor dad team to then being a management company to use to sell nutrition. I mean, it's been the same company, just different names. We're talking about how do you do that? Do not shut these companies down. Last thing I'm going to share with you are these big broad mistakes. There are so many mistakes that can be made unless you are really, really mindful and purposeful about what you're doing. So let's start with the beginning. Why the name of your business isn't as important as you think. You can use it across all sorts of platforms, like I just explained. So the company by law is really a financial structure. It's an LLC in America. It's a limited partnership. It's an S corp, it's a C corp. All over the world, you have names of different kinds of companies that are held in trust or the trust is held to the company, again, in different parts of the world. So the company is just a financial structure that allows you to legal deductions. So for example, I can't deduct this, but my company can. I can't deduct wardrobe, my company can. I can't deduct my vehicle, my company can. So those are pretty typical around the world. Like why would I need a home office if I'm not having a legal reason to make money as a business? So for many of you, you just got to put a big name out. And I would say, go as generic as you can. Like I'm XYZ, ABC. I have all sorts of different names for mine. BIC, because I can. That was a company I had for years and years. So the company name doesn't matter because what matters is the financial structure for taxes, number one. And then right next to it is what's called the DBA, doing business as. And you could go down to your local county clerk and you get this little form. And it's a fictitious name agreement where you can say, I am going to go under XYZ company, but I need you to take the checks under ask Laurel. I need to take the checks under real estate as leverage. I need you to take the checks under whatever you're doing. I'm part of the CBD company, so I need you to take the checks this way. So you can even have two or three different DBAs. The point of the DBA is to tell the bank, the financial institute of where your structure is held, that they can take the check. The check's actually going to this company, but on behalf of a DBA, a doing business as name. So the DBAs are actually more important because say you want to change form. You want to go from real estate, like I said, to supplements or supplements back to a CBD or whatever you're going to do. All you do is change the DBA. You don't shut the company down. One of the biggest mistakes is shutting these vehicles down. So I'm going to back you up and just explain. If you're a sole proprietor, you're operating under your social security number. It gives you a very limited amount of deductions on your tax return and it puts you at liable. It puts you at risk. So if you're doing something and someone sues you, they can come through, get your house, 401k, life insurance policies, they get whatever they want. So the company's job is to put some asset protection around you, liability protection around you, tax planning around you. That's the job of the financial vehicle. It's not about the name. So you can DBA the name, change the name, whatever you want. But the goal is to have a legacy, meaning these companies outlast you. Like I'm starting to teach my kids now, 18 and 25 years old, not to shut these companies down. I mean, by the time they acquire them, there'll be in their 50th, 60th year, maybe even 70th year of business. Those are so valuable. The amount of money that's moved in and out, different kinds of ways, it doesn't matter. It's the financial vehicle that you want to keep. I treat them like an airplane. I say, once you put your plane in the air, never land it, never ever land it. You're going to pass it on for generations. That's the Rockefeller strategy of own nothing, control it all. So when you do that, you have a whole different structure financially. So how do you build a company that grows over time? So this is where you add what I call the real financial layering, meaning where do you bank? How do you use credit cards? How many corporate cards versus personal cards do you have? See, let's just say there's you and two companies, two different kinds of companies that you've set up and they're doing two different things. One's doing real estate and one's doing, it's a baking business, call it. These two companies should never be shut down because now you have you, your social security number, and these have tax ID numbers and can get funded. So now you have three sources of credit. If you're a sole proprietor, all you have is one source of credit. And then when you become a company, if you run as a sole proprietor, you have to shut down your bank accounts, your credit cards, everything, and restart them under this EIN tax ID number. So it's a complete waste of time financially. Plus the financial institutes don't even recognize you until you actually start a company. So sole proprietors are the number one audited group of people in the United States as like recently. So you want to live corporate life. You want to have the documents. You want to have the structure right. If you want to learn more about this, come to our Millionaire Intensive to learn corporate life. There's two tickets in the link below as well. That's going to give you three chapters of my Millionaire Maker, a gap analysis. I want you to call and have a one-on-one conversation about how we could help you set your company right. Work through the DBAs, work through the expenses, get corporate credit, get personal credit, and then you qualify for bigger funding capital. The whole thing is a growth move. Now, before we go to final and big mistakes, I want you to subscribe to this channel, be here five days a week, check that notification button, and just be here, learn, listen. There's a link below to grab my journal. I have a YouTube journal that says what day and what video did you watch, what did you learn, what are you going to do. After a year, you're going to have such a great plan of what you and your family could do. Plus, you use this channel as a way to have a conversation with your kids about what are you learning, what are you going to do. So they start getting more independent and realizing that being an entrepreneur is really where the money is because you have an unlimited upside to however much you want to make and what you want to do. The biggest mistake is setting up the wrong company in the wrong state in the wrong way and then shutting it down to do it all over again. The other big mistake is using your personal name, your personal home address, using your kids' names. You want to keep privacy in your life as you grow. And some of you, you're going to say, oh, but I'll never be that big. I'll never be whatever. I'm sorry. I'm a farm girl from Nebraska. If somebody would have told me growing up that I was going to have six bestselling books and I'd be doing what I'm doing, I'd say they're out of their mind. You don't know where God's going to lead you, so you're going to have a huge career. So keep yourself private, keep your liability and asset protection private, and keep the lowest tax burden you can. That is a choice to overpay the IRS or your tax, you know, people around the world. And I'm not saying do anything legal. We completely color between the lines, but there's so much that just isn't done on TurboTax, H&R Block, or you yourself trying to figure out checking the boxes on an IRS form. You want to know the code. In America, it's 81,000 pages. So I'll see you at the Millionaire Intensive so I can explain corporate life thoroughly. If you have any questions between now and then, go to askloral.com, A-S-K-L-O-R-A-L, ask a question, make a request. We'll be back tomorrow.