Posted by BoomerSooner on 3/17/13 10:15am
Msg #461683

Husband and Wife Team

Good Morning;

Any thoughts and recomendations about a wife starting up as a NSA with a husband?

Maybee creating an LLC and working under a company name?

Thank you

Reply by DebraOro/CA on 3/17/13 10:22am
Msg #461685

I think its a great idea! Just keep in mind...it's not
a guaranteed income!

Reply by pat/WA on 3/17/13 10:28am
Msg #461686

My husband and I have worked together for over 30 years. We worked together as owners of a Travel Agency for 20 years and then 10 years as mobile signing agents. It works fine. I recommend seperate duties for each. That way you aren't always interfering with each other.

Reply by BoomerSooner on 3/17/13 10:32am
Msg #461688

You recommend not having an LLC or company name, just list each other on signing services separately?

Reply by DebraOro/CA on 3/17/13 10:45am
Msg #461691

I did not create an LLC, but I did a DBA, (Doing Business As) and filed a
company name.
This way I am hoping to protect my husband and my assets that are
separate from my signing business.
I also upped my E&O to $100,000, not only for the benefits of that kind of
coverage, but also for the credibility factor it gives my company.
If my husband were interested in becoming a SA, and I wish he were, he
would just become a Co-owner and Co-operator.
Hope this helps.
Debra

Reply by DebraOro/CA on 3/17/13 10:48am
Msg #461692

LLC vs DBA

I am not educated on the matters of pros and cons
of these. I would definitely get some legal advice
before making my decision.

Reply by sueharke on 3/17/13 11:51am
Msg #461711

Re: LLC vs DBA

Speaking as a CPA in this response. If you ask an attorney, you get one answer. If you ask a CPA you get a different answer. Ask the background of each person - for the attorney does he or she have a political and no business background? For the CPA, does he or she has a strong background in forming corporations. Also, consider talking to a lawyer who is a CPA who understands business.

Reply by Marian_in_CA on 3/17/13 11:10am
Msg #461701

Filing a DBA alone isn't going to protect your assets. It's only given you a legally fictitious name so you can get a business/tax license and open a business bank account, etc... it also gives you the right to use the name.

E&O insurance also isn't enough. You're going to need full business insurance. I think that's one of the biggest mistakes notaries make, thinking that E&O alone is sufficient. It's not.

And, make sure your auto insurance company is aware you're driving for business purposes vs. commuting/pleasure.

I suggest using the CalGold website and looking up your city/county: http://www.calgold.ca.gov/

That will help you go through all of the licenses and permits you'll need to get. SO that's a good start. After that, I'd suggest talking to your local SCORE office of Small business Dev center... or something similar to see how they can help advise you:

http://business.ca.gov/InteractiveMap.aspx

Reply by BoomerSooner on 3/17/13 11:16am
Msg #461702

Insurance

So even if you have an LLC, you need to get private buisness insurance to back the LLC?

Reply by Marian_in_CA on 3/17/13 11:25am
Msg #461705

Re: Insurance

I'm not sure how OK works it... but I was responding more to the CA post about filing just a DBA.

But yeah... if you form a business it makes good sense to get general business insurance, whether you're a SOleProp, LLC, Inc o whatever. E&O alone won't cover everything... in fact, it's fairly limiting. But, I'd talk to a business advisor or insurance person about that.

Here's a short overview from legal zoom:

http://www.legalzoom.com/business-management/running-your-business/insuring-your-business-5-questions

Reply by sueharke on 3/17/13 11:54am
Msg #461712

Re: Insurance

I suggest finding the nearest location of the Small Business Development Center (SBDC), a part of the Small Business Administration (SBA). Sounds like you need a lot of education on these subjects before making a decision. Also, ask the SBA about working with SCORE in making this decision SCORE has retired executives with lots of business experience to guide in the decision making process.

Reply by HisHughness on 3/17/13 10:53am
Msg #461695

***Any thoughts and recomendations about a wife starting up as a NSA with a husband?***

Depends on what your goal is. My wife and I were in the business together.

She is now my ex wife.

What is your goal?

Reply by DebraOro/CA on 3/17/13 10:55am
Msg #461696

"What is your goal?"

INDEED!
hhahahhahahahhahahahah rotflmao !

Reply by Moneyman/TX on 3/17/13 10:55am
Msg #461697

:-) n/m

Reply by BoomerSooner on 3/17/13 10:56am
Msg #461698

The reason would be

that I do this part time (weekends and evenings) and she already works from home, so we thought she could cover those signings I get called for that are during my work day and wish I could take.

Reply by pat/WA on 3/17/13 1:17pm
Msg #461723

It can be as good or as bad as you make it

We find that working together and having different responsibilities works for us. Also, it is nice being together going to and from signing. There is a sense of security you have as opposed to going alone.

Reply by pat/WA on 3/17/13 1:20pm
Msg #461725

It can be as good or as bad as you make it

We find that working together and having different responsibilities works for us. Also, it is nice being together going to and from signing. There is a sense of security you have as opposed to going alone.

Reply by Yoli/CA on 3/17/13 1:33pm
Msg #461727

Re: It can be as good or as bad as you make it

pat/WA: I have question. From your post, it appears to me that you and your husband attend and conduct the same signing, each with different responsibilities. Maybe, your husband takes ID's and enters info in journal and you present docs. Maybe you present docs and husband notarizes. Maybe you present and husband reviews for completeness and accuracy. I don't know. I can picture various scenarios. But, did I understand correctly ... you and hubby attend and conduct the same signing? If so, how do you split responsibilities?

Reply by pat/WA on 3/17/13 2:28pm
Msg #461739

Re: It can be as good or as bad as you make it

We split office responsibilities. He handles all the printing and colating. I take care of all the accounting.
We do travel to assignments together as this provide additional security and he is better at directions than I am
We are both notaries and signing agents and either one of us can conduct and notarize a signing.

Reply by Buddy Young on 3/17/13 2:48pm
Msg #461741

That's fine if you can stand being around your husband 24-7.

I found that it's imprtant to have your own time. Weekly golf game etc.

Reply by Shoshana/AZ on 3/17/13 3:18pm
Msg #461745

I am with you Buddy!

Not only that, but if we each do our own signings, then we make twice as much money!