Have a fitness training company which has built quite a reputation due to name clients. I would like to branch off and allow people to use the name...

Licensing a platform is a terrific way to generate revenue. We struggled to gain an audience to our site and didn't have the funds to market as heavily as we would have wanted. In came the offers to license. Margins were tighter, but the exposure to new customers made a world of difference.

It really depends under which legal jurisdiction you are. The tax laws are very different in each country. Very generally speaking, every income needs to be accounted for, but what you could do is transfer the money to your corporate account and register it as a founder's loan to the company (which may or may not be paid back to you in the future). You just need to take into account that you still may need to report the source of the income (even if you didn't have a company then) and pay taxes for it (if applicable in your case - again, it depends where you located, how you're registered with the tax authorities, and what the amount is). * Disclaimer: the above should not be seen as legal or tax advice as this is impossible to give without knowing all the details. You should always consult with an accountant or lawyer. I can try connect you with one if you let me know your location and budget. Good luck I've successfully helped over 350 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-david

Hey there, I trust that your CRM is robust enough to trigger some workflows and automated steps. I would recommend you have an automated series of reminders to both your customer AND their respective relationship manager that fire as the client approaches their end of contract. To your internal staff, getting notified that a customer is opening/clicking on resources included in their reminder emails would be recommended, or if a client has NOT taken any action, to notify more than one member of your staff to ensure that these folks are not falling between the cracks. Additionally, monitoring and being notified of actions of the client, such as visiting your FAQ page or pricing page on your website provides helpful context for your sales team when reaching out. Again, I think it is just as important to nurture the client as they approach this date, they should really be able to see the value of working with you and make the decision to continue their partnership with you regardless of the contract. I'd love to help you more with this, let's set up a call if you have specific questions. All the best, -Shaun

Disclaimer: I am not a lawyer nor an accountant, and this is not "professional advice." I have, however, set up a few businesses and had partners. What you need to do is incorporate and then write up an Operating Agreement that lays out the terms of your partnership. Who owns what. How the new partner will "buy into" the organization with their sweat equity. What happens when revenue targets are reached. And how exactly you separate when it's time to move on. Lay these details out and more in your operating agreement. You'll be so happy you did, later. When you incorporate, you may do this on your own...or you may want an attorney or accountant to help. They will know how to set up an operating agreement, but now that you know the term it's likely you can google a template. There'll be a lot of technical mumbo jumbo in there you probably won't need, but the section headers will guide you in the right direction.

The income should be reported by the individual or business that provided the service and earned the income. If the 1099 is in your name, you could ask the issuing Company to change to the S-Corp if that is who earned the income. In the future, have a written agreement between your S-Corp and the Company you are providing service. Also, provide them with a Form W9, so they know where to report the 1099 income at year end.