Taxes and insurance concepts have always been confusing to me, but as a business owner, I need to know about every nuance and tiny little aspect of tax code, such as 831b. When I first started out in my business, I did not have an inkling about what captive insurance was and I never thought that I would be studying about it as a way to improve my business. It took a lot of mentoring from an expert in the field for me to wrap my mind around the potential promised by this concept.
It was my old friend who was a successful executive, who first started me thinking about the idea, as my business was beginning to thrive and we met up for lunch one Thursday afternoon. Obviously, our conversation turned to business and my friend asked me the very pertinent question of how I was taking advantage of 831b.
I stared back at him in confusion, not understanding pretty much every word he was saying. To my relief though, he laughed and said he wasn't surprised that I didn't know about it, and he offered to tell me all about captive insurance and help me set up a plan that would be a huge boon to my business. I told him to start at the very beginning and pretend I didn't know anything about it, because truthfully I didn't, so he started out with explaining the basic fundamentals.
He gave me a long lesson on what I most needed to know before he had to leave to go back to work, but before he left, he directed me to an informational website and said two important words, Delaware captive. I went back to the office and took his advice, supplementing his advice with more information that I found online on a very informative website for a company that specialized in captive insurance.
Once I had done a little more digging, I called the company and we discussed the insurance needs of my company, and they were very personable as they helped me set up an insurance structure that was perfect for my company. While it did take a bit of trouble to learn about these notions, it was definitely worth it in the end. I called up my friend again and told him how happy I was that he encouraged me to look into this, because it has been a great boon to my little business and given me the potential to grow in the future.
It was my old friend who was a successful executive, who first started me thinking about the idea, as my business was beginning to thrive and we met up for lunch one Thursday afternoon. Obviously, our conversation turned to business and my friend asked me the very pertinent question of how I was taking advantage of 831b.
I stared back at him in confusion, not understanding pretty much every word he was saying. To my relief though, he laughed and said he wasn't surprised that I didn't know about it, and he offered to tell me all about captive insurance and help me set up a plan that would be a huge boon to my business. I told him to start at the very beginning and pretend I didn't know anything about it, because truthfully I didn't, so he started out with explaining the basic fundamentals.
He gave me a long lesson on what I most needed to know before he had to leave to go back to work, but before he left, he directed me to an informational website and said two important words, Delaware captive. I went back to the office and took his advice, supplementing his advice with more information that I found online on a very informative website for a company that specialized in captive insurance.
Once I had done a little more digging, I called the company and we discussed the insurance needs of my company, and they were very personable as they helped me set up an insurance structure that was perfect for my company. While it did take a bit of trouble to learn about these notions, it was definitely worth it in the end. I called up my friend again and told him how happy I was that he encouraged me to look into this, because it has been a great boon to my little business and given me the potential to grow in the future.
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