How to set up a corporation or LLC in Michigan?

When setting up a corporation in Michigan your initial consultation is ALWAYS free and we’ll discuss:



  1. Choose Corporate Name. …
  2. Appoint Registered Agent. …
  3. Set Up Corporate Books. …
  4. Prepare Corporate Bylaws. …
  5. Appoint Corporation Directors. …
  6. Hold First Board of Directors Meeting. …
  7. Issue Company Stock. …
  8. Taxation Related:
    • EIN: Your corporation must obtain a federal employer identification number (EIN).
    • S Corporation Filing: If the corporation wants to elect S corporation status for tax purposes, it must submit Form 2553 Election by a Small Business Corporation (signed by all the shareholders).
    • UIA
  9. Business Licenses: Local DBA’s as needed, etc.
  10. Don’t forget to: File Michigan Annual Report Requirements.


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Long term care insurance – do I need it?

Well, after seeing a long time client use over $100,000 worth of LT care this year alone, you Anibal-Affiliates-RealtyNetWorth-Old+People+and+technologymay wish to visit this question closer. Fortunately, they had purchased LT care insurance.

http://www.aarp.org/health/health-insurance/info-06-2012/understanding-long-term-care-insurance.html


3 Reasons People Retire Broke

An easy read Dave Ramsey article points out a couple key pointers.woman_piggy_bank_000009343524

  1. Zero % ROI brings in nothing, in fact, inflation will eat it alive. You must invest.
  2. Jumping in or letting panic make you jump out…well, we just hear a sermon on this today. Read all of Mark chapter 13, then realize that there will be ups and downs but don’t run about in sky is falling mode. I know, easier to understand and you get older (ps, I’m older).   http://biblehub.com/mark/13-7.htm
  3. Stupid Decisions. A good read is The Millionare Next Door. Those that stay the course don’t tend to make impulse buys. But on the flip side, if your investment has seen good appreciation, evaluate it for some profit taking. What does that mean ?

When clients accumulate more than one investment property, I show them how they compare against others they own. If they own only one, I’ll give regular feedback on others that are available and how they might compare (ROI). When I was in my 20’s, I was about to make about $10k on a flip that I had $3k into. Dad said, “so you’ll get this much out of it, then rent will stop, and what will you do with the $x’s ?” He’d been trained as a teacher

On-duty

with an Economics masters degree so it was a straight forward question. I’ve used this approach each time I or a client has cleaned up a house. There are +’s and -‘s to a. selling, b. renting it out, c. ?….you get the idea. I prefer to get investors – and home owners as well – thinking more, jumping off cliffs of optimism less. At the same time, if your $50k house bought as a rental has now shot up to $120k in value and we can get that same rent from a another $75k house, well, I can lead you to water but I can’t make you drink.

 

  1. http://www.daveramsey.com/blog/reasons-people-retire-broke?ectid=10.34.637


History of income tax rates

See if you notice any trends. If so, please comment what you see.4372605-Render-Unto-Caesar-Newspaper-ficititious-headlines-about-Income-Tax-Time-Also-includes-image-of-flag-Stock-Photo[1]

History of income tax rates adjusted for inflation (1913–2010)[70][71]
Number of First Bracket Top Bracket
Year Brackets Rate Rate Income Adj. 2016 Comment
1913 7 1% 7% $500,000 $12 million First permanent income tax
1917 21 2% 67% $2,000,000 $36.9 million World War I financing
1925 23 1.5% 25% $100,000 $1.35 million Post war reductions
1932 55 4% 63% $1,000,000 $17.3 million Depression era
1936 31 4% 79% $5,000,000 $85.3 million
1941 32 10% 81% $5,000,000 $80.4 million World War II
1942 24 19% 88% $200,000 $2.9 million Revenue Act of 1942
1944 24 23% 94% $200,000 $2.69 million Individual Income Tax Act of 1944
1946 24 20% 91% $200,000 $2.43 million
1964 26 16% 77% $400,000 $3.05 million Tax reduction during Vietnam war
1965 25 14% 70% $200,000 $1.5 million
1981 16 14% 70% $215,400 $561 thousand Reagan era tax cuts
1982 14 12% 50% $85,600 $210 thousand Reagan era tax cuts
1987 5 11% 38.5% $90,000 $187 thousand Reagan era tax cuts
1988 2 15% 28% $29,750 $59.5 thousand Reagan era tax cuts
1991 3 15% 31% $82,150 $143 thousand Omnibus Budget Reconciliation Act of 1990
1993 5 15% 39.6% $250,000 $410 thousand Omnibus Budget Reconciliation Act of 1993
2003 6 10% 35% $311,950 $401 thousand Bush tax cuts
2011 6 10% 35% $379,150 $399 thousand
2013 7 10% 39.6% $400,000 $406 thousand American Taxpayer Relief Act of 2012