Hannah Kromminga’s Post

My take on Lillium doesn’t really matter. But I’ll share it anyways 🚁 Dear Germany, You can’t just subsidize innovation. You have to foster it. Breed entrepreneurs, don’t prop them up. If Lillium couldn’t stand on its own legs then you don’t give it crutches. Especially when it’s masking as a German company with its legal base in Amsterdam. Maybe try to understand why it calls Amsterdam home? Let me tell you, it’s not our cheese, coffee shops or poffertjes ;) Germany has a robust family business economy. It counts 3 million businesses. But these businesses are often generational and need to modernized or digitized. So even if Lillium was one of the more promising Tech companies, you can’t force success through taxpayer money. They’re not yet too big to fail - letting a bank like Commerzbank go under would have a much larger negative impact. In those cases, state aid can help. So how do we fix entrepreneurship in Germany? Start by supporting them - not penalizing them. It should be easy to start a company and wind one down. Failure needs to be welcomed. And not haunt you for life as insolvency in Germany does. And then there are taxes - don’t get me started. But it’s pretty obvious that small companies should enjoy more tax benefits in the first few years. As well as simpler reporting. At the core we need to fix Germany’s relationship to risk. If you agree, give it a like or comment, and maybe someone relevant reads it. I’m not giving up on Germany yet, and I’m not moving to Amsterdam (yet)….

🌟 Exploring Business Structures in the USA 🇺🇸 In the vibrant landscape of American entrepreneurship, there's no one-size-fits-all approach to building your dream venture. From solo ventures to collaborative endeavors, the USA offers a spectrum of business structures, each with its own allure and advantages. Let's embark on a journey through the diverse avenues of business ownership: 1. Sole Proprietorship: Blaze your trail as a solo entrepreneur! With total control and minimal paperwork, this structure is perfect for those eager to dive headfirst into their passion projects. 2. Partnership: Team up for success! Whether it's a dynamic duo or a trio of talents, partnerships foster collaboration and shared responsibility, pooling skills and resources for mutual growth. 3. Limited Liability Company (LLC): Harness the power of protection and flexibility! As an LLC, shield your personal assets from business liabilities while enjoying the freedom to tailor management and taxation to suit your vision. 4. Corporation (C-Corp): Dream big, think corporate! Establish your entity as a separate legal entity, offering shareholders limited liability and paving the way for substantial growth and investment opportunities. 5. S Corporation: Navigate the tax landscape with finesse! Opt for S Corp status to enjoy the benefits of a corporation while sidestepping double taxation, keeping more profits in your pocket. 6. Cooperative (Co-op): Strength in unity! Join forces with like-minded individuals to create a community-driven enterprise, where shared ownership and democratic decision-making reign supreme. 7. Nonprofit Organization: Make a difference, not just a profit! Embrace the spirit of philanthropy and social impact, serving noble causes while enjoying tax-exempt status. No matter which path you choose, each business structure in the USA offers its own unique blend of opportunities and challenges. So, seize the moment, ignite your entrepreneurial spirit, and embark on the adventure of a lifetime! 🚀 For more information feel free to connect Luv Jain #USA #Ccorp #Scorp #Business #entrepreneur #freelancing #businessadvisory

🏢 Choosing the Right Legal Structure for Your Startup! 🚀 Confused about which legal structure is best for your startup? Here’s a breakdown of the most common options and their benefits to help you make the right choice: 1. Sole Proprietorship: Simple to set up, full control, but personal liability. Ideal for solo entrepreneurs. 🧑💼 2. Partnership: Easy to form, shared responsibilities, but joint liability. Great for businesses with multiple owners. 🤝 3. Limited Liability Company (LLC): Offers liability protection, tax flexibility, and less paperwork. Perfect for small to medium-sized businesses. 🛡️ 4. Corporation: Provides the strongest liability protection, easier to raise capital, but more regulations. Best for businesses planning to go big. 🏢 5. S Corporation: Tax advantages of a partnership with the liability protection of a corporation. Suitable for small businesses with specific eligibility criteria. 💼 6. Nonprofit Organization: Tax-exempt, dedicated to social causes, but strict compliance requirements. Ideal for charitable and educational entities. 🌍 Choose wisely to set your startup up for success! Need expert advice? Contact our Founder & CPA Anshul Goyal at anshul@incencred.com or schedule a meeting by visiting incencred.com . Let's find the best structure for your startup together! 🚀🏆 #StartupSuccess #LegalStructures #BusinessGrowth #IRSCompliance #TaxAdvantages #CPA #Entrepreneurship #SmallBusiness #BusinessIncorporation #StartupTips

Why would you give the government money, out of your pocket, interest free, for a year and a half? Fear is why people do this. You should not be fearful. simply pay what is due, when it's due, at no detriment to you. This requires budgeting and planning your expenses and I'm not in accounting, I have zero interest in being an accountant, but basic budgeting and planning is a fact of life for entrepreneurs who are building business. Balancing the books sucks, because it takes me away from what I enjoy doing. You can delegate and outsource the work at some point, but you still have to be aware of the cost of business and maintain a plan that keeps you ahead of the game. Don't give free money to the government out of fear that they're going to put you in jail because you kept your hard earned dollars in your own pocket, in your bank account, to utilize for expenses that are considered deductions by the IRS. Minimize your taxable footprint, so you can keep more of the money you work so hard to obtain. Clawing it back from the IRS as a tax return, after they've spent months using your money for their own benefit, is more difficult than keeping it in your own pocket until you're required to pay your share.

The creative industry is at a turning point. Although the data ‘suggests’ the industry is still growing (image shown from FT Sep 11 2024) talking to many small studios and creative businesses, the outlook feels different to that being presented by the media. Tangibly, with fewer larger rebrands announced this year and an air of uncertainty, smaller businesses always feel the effects first. In 2024, it feels even more difficult to operate effectively, and ultimately making it feel worthwhile for those who started a business. I won't even dive into the potential rises we will see in CGT, that will make a worthwhile exit for founders even more challenging. Overall, UK government policy continues to be aimed to help (indirectly or directly) larger global companies and seems to forget that these entities were once started as small companies abroad or in the UK. We need to encourage risk taking, and ‘unglamorized’ entrepreneurship. Grass roots. Companies and ideas that start as a one man band or partnership and end up employing tens or hundreds of people. Right now, a sea of paperwork across all business functions, an overly complex and unfavourable tax burden (corporate and personal) and more policy changes that you can shake a stick at. It takes a small army to even attempt to stay within the rules. Small businesses even operate as unpaid tax collectors for VAT! We need to ensure that those who choose to take the difficult path are supported through policies that reward entrepreneurship, not hinder and demotivate them.

Proprietorship or partnership offers a simpler, more tax-efficient way to run your side hustle discreetly when you commence your entrepreneurial dreams So you've got a brilliant business idea and keen to build it on the side. Your basic product or service is ready and even obtained a few paying customers. Now most would jump straight to start a Private Limited form. But is this the best way forward? There's a simpler way to start: - Consider a proprietorship (for solo ventures) or a partnership (for a team of 2 or more). - Easier to manage and tax-friendly. - Profits you Withdraw are taxed once, against twice in Pvt Ltd. - Leverage Section 44AD for an even further tax reduction. - Avoid the hassle of Compliance and paperwork. - If you are a director, your existing firm can label this "moonlighting." - You can avail most benefits - GST Registration - Utilise a trade name for your side hustle, - PAN card for partnership firms. Proprietorship you use your PAN - Open a current account. - Unless you advertise it, your current organisation won't know about your side hustle, avoiding any complications. #startups #compliance (https://lnkd.in/gdwJhjVB)

🚀Join Our Startup Webinar: Free, Expert Guidance for Irish Startups! Whether you're in the early planning stages or have launched within the past 18 months, this webinar is tailored to meet your needs. What You'll Discover: ✅ Essential Accounting & Compliance: Gain insights into the necessary requirements from Revenue and the Companies Registration Office (CRO) to ensure your startup's financial health. ✅ The Startup Blueprint: Navigate the intricacies of establishing your business as a Sole Trader or Limited Company in Ireland. Get started on the right foot. ✅ Cracking the Irish Tax Code: Uncover the mysteries of Irish corporation tax and Value Added Tax (VAT) rates, crucial for startup entrepreneurs. ✅ Tax-Saving Strategies: Learn how to optimize your tax position by understanding and strategically managing your business expenses. 🗓️ Date: Tuesday, 13th March 2024 🕥 Time: 10:30 AM – 11:30 AM Register now to secure your spot: https://hubs.la/Q02mGFZk0 #StartupWebinar #IrelandBusiness #TaxInsights #Entrepreneur #StartupSuccess

The agenda for the new government is “growth, growth, growth” and this inspired a focused lunch at Mosimann's last week which we co-hosted with Capital Law Ltd, with some of the UKs most impressive business founders and successful entrepreneurs, alongside members of the UK private equity and venture capital community.  Challenging the narrative that economic prosperity hinges on attracting foreign investment and creating Unicorn tech scale-ups, author and thought leader on growth, David Molian of Cranfield University, celebrated the ambitious UK business founders who make that leap from being a large small business to becoming a small big business, known as “gazelles”. He argued that we need more gazelles, and we need them now. These thousands of high-performing independent businesses spread across the country are agile, nimble and grow at least three times as fast as non-gazelles. They create a hugely disproportionate number of new jobs, build wealth for their founders and great careers for their employees. Nick Gornall FCSI, Head of Entrepreneurs at Weatherbys Private Bank said: “It’s time to talk up the positive mindset for the success of UK business and support today’s entrepreneurs and inspire those of tomorrow with positive role models and great stories of success”.  Duncan Macintosh, Senior Partner of Capital Law, said: ”Quite right Nick, and part of David’s thesis is that it is good old fashioned attributes such as competence, effort, focus, and diligence that makes gazelles happen, rather than miracles. We entirely agree with that. Get the basics, legal and otherwise, right (and we see a lot of this) and good things are so much more likely to happen.”

Once upon a time in a bustling city, a determined young man named Mr. Murthy ( Name Changed) lived. Known to many as a humble Rapido rider, Mr. Murthy's story resonated with perseverance and the spirit of entrepreneurship. Every day, before the sun even thought of rising, Mr. Murthy would navigate the roads with his trusty two-wheeler, offering quick and convenient rides to those in need. I met him during my morning walk and entered into a small conversation. Despite his financial constraints and responsibilities, Mr. Murthy saw an opportunity in every ride. It was evident that behind the helmet and the handlebars was a young man with a heart as big as his aspirations. One can see his hard work, dedication, and dreams of supporting his family's needs. Soon I realized Mr. Murthy was not just a rider but a "𝐫𝐚𝐩𝐢𝐝𝐩𝐫𝐞𝐧𝐞𝐮𝐫" - a term coined for individuals like him who seize opportunities, no matter how small, to create a positive impact in their lives and the lives of those around them. His dedication to earning extra to support his family's financial needs while pursuing an MBA spoke volumes about his resilience and commitment. 𝐓𝐡𝐞 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐥𝐞𝐬𝐬𝐨𝐧𝐬 𝐨𝐧𝐞 𝐜𝐚𝐧 𝐥𝐞𝐚𝐫𝐧 𝐟𝐫𝐨𝐦 𝐌𝐫. 𝐌𝐮𝐫𝐭𝐡𝐲'𝐬 𝐬𝐭𝐨𝐫𝐲 𝐚𝐫𝐞 𝐩𝐫𝐨𝐟𝐨𝐮𝐧𝐝 𝐚𝐧𝐝 𝐢𝐧𝐬𝐩𝐢𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥: 1. 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫𝐢𝐚𝐥 𝐒𝐩𝐢𝐫𝐢𝐭: Mr. Murthy exemplifies the entrepreneurial spirit by recognizing and capitalizing on opportunities in his role as a Rapido rider. His drive to supplement his income showcases a go-getter attitude that is essential in the business world. 2. 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐟𝐮𝐥𝐧𝐞𝐬𝐬: Despite limited resources, Mr. Murthy leveraged what he had - a two-wheeler and determination - to create a source of income. This highlights the importance of resourcefulness and making the most of available assets. 3. 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭: Managing his earnings from Rapido to support his family and cover personal expenses demonstrates financial prudence and responsibility. Mr. Murthy's actions teach us the significance of financial planning and meeting both short-term and long-term goals. 4. 𝐁𝐚𝐥𝐚𝐧𝐜𝐢𝐧𝐠 𝐏𝐫𝐢𝐨𝐫𝐢𝐭𝐢𝐞𝐬: Pursuing an MBA while working as a Rapido rider and supporting his family illustrates the art of balancing multiple priorities. Mr. Murthy's ability to juggle responsibilities teaches us about time management and prioritization. 5. 𝐄𝐦𝐩𝐚𝐭𝐡𝐲 𝐚𝐧𝐝 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐨𝐧: Over a period of time, Mr. Murthy built connections and showcased the power of human connection in building relationships and fostering understanding. The network is Net worth!!! He became a beacon of hope and a living embodiment of rapidpreneurship!!! I am sure this story fuel the dreams of many, reminding all of us success is not just in the destination but also in the journey and the lives touched along the way.

It’s amazing how life can bring people back together when the time is right. Ceira Unsworth and I go way back – we were close friends at school, side by side in the top GCSE results of our year. As happens with life, we drifted apart when things got busy, people moved on, jobs took over... you know how it goes. But now, we’ve reconnected, and honestly, it couldn’t have come at a better time. 🙌 Ceira’s doing something incredible right now, and I couldn’t be more excited to share it with you all. She’s head of recruitment for a business helping people take the leap into self-employment and start their own businesses. As someone who lives and breathes the entrepreneurial journey, I know firsthand how rewarding (and challenging!) it can be to take that first step. There’s nothing like being your own boss – controlling your schedule, making decisions that align with your passions, and building something you’re proud of. That’s why I’m 100% behind what Ceira is doing. She’s helping people in County Durham make that leap, giving them the tools and support they need to thrive on their own terms. Here at Ultra Tax Ltd, we’re all about empowering business owners too – from our unlimited free consultations to guiding entrepreneurs through the maze of tax and accountancy. So, this couldn’t be a more perfect collaboration. 💼 If you’ve ever thought about starting your own business or just want to explore the possibility, Ceira and her team are the ones to talk to for support and even courses on enterprise understanding. And when you’re ready to get started, Ultra Tax Ltd will be here to make sure your finances are set up for success from day one. 👊 Reach out to Ceira at Ceira@youarefirst.co.uk or give her a text on 07523686232 to find out how they can help you turn your dreams into reality. And remember – the only permission you need to chase your goals is your own. 💥 #Entrepreneurship #SelfEmployment #BusinessGrowth #Collaboration #PowerOfConnection