Taxes and insurance concepts have always been bewildering 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 got started, I had never even heard of captive insurance or had a hint what it could mean for me and the bottom line of my business. It took a lot of counseling from an expert in the field for me to wrap my mind around the potential promised by this concept.
I first started thinking about the whole idea when my business started earning a comfortable profit, and I took a well deserved break one day by meeting up with an old friend who was a very successful executive, for a round of golf. His natural curiosity led him to ask me how I was doing, including asking about specifics, such as how I was taking advantage of 831b.
I have to admit, that I could not follow what he was talking about, and simply sat there with a befuddled expression on my face. But I was relieved when he laughed and told me he didn't expect that I would know about it, and he told me that he would be happy to teach me all about captive insurance and help me to set up a plan that would be a great benefit to my company. I told him he would have to start at the very beginning and pretend I knew nothing about it, and he laughed and did exactly that.
He was amazingly helpful, and he was able to tell me most of what I would need to know, and before we had to leave, he told me to look at a website that would answer my queries and he told me to look up Delaware captive. As soon as I returned to the office I jumped on my computer and looked up the website he had told me about and I found that it was wonderfully informative, and I was able to learn even more as I studied this 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 friendly as they helped me set up an insurance structure that was perfect for my company. It is a truth in life that there are things that are at once very hard to understand, but very beneficial to know. I called up my friend again and told him how glad 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.
I first started thinking about the whole idea when my business started earning a comfortable profit, and I took a well deserved break one day by meeting up with an old friend who was a very successful executive, for a round of golf. His natural curiosity led him to ask me how I was doing, including asking about specifics, such as how I was taking advantage of 831b.
I have to admit, that I could not follow what he was talking about, and simply sat there with a befuddled expression on my face. But I was relieved when he laughed and told me he didn't expect that I would know about it, and he told me that he would be happy to teach me all about captive insurance and help me to set up a plan that would be a great benefit to my company. I told him he would have to start at the very beginning and pretend I knew nothing about it, and he laughed and did exactly that.
He was amazingly helpful, and he was able to tell me most of what I would need to know, and before we had to leave, he told me to look at a website that would answer my queries and he told me to look up Delaware captive. As soon as I returned to the office I jumped on my computer and looked up the website he had told me about and I found that it was wonderfully informative, and I was able to learn even more as I studied this 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 friendly as they helped me set up an insurance structure that was perfect for my company. It is a truth in life that there are things that are at once very hard to understand, but very beneficial to know. I called up my friend again and told him how glad 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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