Aquila Wealth Newsletter #financialplanning #aquilawealth #feeonly

Here are 3 articles I found valuable in my reading this week, and I think you will too...

 #1
How to Establish a Sole Proprietorship in California
https://www.nolo.com/legal-encyclopedia/how-establish-sole-proprietorship-california.html

I often get questions about practical steps to take when setting up a new business venture or how to get a business license for "side income." I like this article because it simply lays out the steps for anyone to start the most basic type of business entity -- the Sole Proprietorship. Maybe this is pertinent for someone you know.

1. Choose a business name.

2. File a Fictitious Business Name Statement with the county recorder.

3. Obtain licenses (San Luis Obispo City example), permits, and zoning clearance.

4. Obtain an Employer Identification Number.

Then:

• Open a business bank account. Using your fictitious business name and EIN, you should set up a bank account to keep your business and personal finances separate.
• Obtain general liability insurance. Because sole proprietors are personally liable for all debts and obligations of the business, a business liability insurance policy may be the only form of financial protection against unforeseen events.
• Report and pay taxes.

#2
How to deal with the Imposter Syndrome
http://time.com/5312483/how-to-deal-with-impostor-syndrome/

Often times, professionals, experts, or creatives will second guess their value and "feel like a fraud" for getting paid to provide their product or their service. There's a name for that. 

#3   
What is Fee-Only Financial Planning?
https://www.napfa.org/financial-planning/what-is-fee-only-advising

There are three basic ways in which financial advisors are compensated:

• Through a commission-based model
• Through a commission & fee model
• Through a Fee-Only model

I believe the Fee-Only method of compensation is the most transparent and objective method available. This model minimizes conflicts and ensures that your financial planner acts as a fiduciary. Fee-Only planners are compensated directly by their clients for advice, plan implementation and for the ongoing management of assets.

Have a great week!

Warm regards,
- Eric 

Eric Maldonado, CFP®, MBA, CKA®
Owner, Aquila Wealth Advisors
(805) 250-4552
eric@aquilawealth.com
www.AquilaWealth.com