March 8, 2021

Home Based Business

2 min read
The marketing plan in an insurance company business plan is the place to define what...

The marketing plan in an insurance company business plan is the place to define what the brand is that your firm will try to create. If you are running a business, no matter small or big, and do not have a website, then you are losing your online potential customers. A website is a key to expanding your business rapidly. Think carefully before taking this extreme step against a business. Since it cannot be undone, it may mean that the company will never give business plan you the refund you were after. Posting on these sites is giving up and throwing away all of your bargaining chips. Please do not take these irreparable steps until you are certain that no amount of internet destruction will get your money back. On behalf of brand managers everywhere, please do not file these kind of reports without warning the company and giving them ample opportunity to respond without leaving a scar on their permanent internet record.

Some practitioners have been reluctant to rely on the Knipp case where a partnership or LLC holds no assets other than life insurance. They feel that Knipp requires a business purpose for holding life insurance. But, in PLR 200947006 (Nov. 20, 2009) and PLR 200948001 (Nov. 27, 2009), the IRS ruled that a decedent did not have incidents of ownership over policies on his life owned by (and payable to) a limited partnership, even though: (1) the limited partnership owned no assets other than life insurance; and (2) the decedent owned stock in the corporate general partner and was the trustee of a trust that was a limited partner. The ability to analyse financials and forecast future projections comes down to accurate documentation in your business plan – from costs of premises and vehicle maintenance, volume of haulage jobs, right through to wages, cash flow, and creditors and debtors lists. If you’re just starting out, it is very important to indicate that the financial figures you’re including are forecasts only.