Understanding Venture Capital
Venture capital is a special type of investment that is typically available to small scale enterprises and businesses that have the potential to produce significant long term capital. This is a high risk endeavor, but the potential for the startup company to generate long term revenue makes venture capital a lucrative investment option for wealthy investors.
What are some types of venture capitalists?
An adventure capitalist may take even riskier investments. Predictably, these sorts of investors can be difficult to find. Adventure capitalists tend to invest out of the excitement implied in risky investing, although many investors will avoid these risks.
An angel investor provides the initial funds to start up a business. These initial funds represent the seed money available to the business to being operations and seek other venture capitalists to fund the enterprise. The angel investor is typically close the founder or owner of the startup business and may be focused less on long term returns and will be more invested in having the business succeed.
What are the characteristics of companies that should seek venture capital?
The prime candidates for venture capital are high technology companies, such as software developers and biotechnology firms. In these high technology fields, a new invention or technology could potentially generate millions of dollars of revenue, often with little capital required. This differs from other businesses that may need to make a significant capital investment in order to commence operations. Remember that only a small percentage of companies will receive venture capital, so the startup must be able to prove that they have an innovative idea that distinguishes them from all others currently in that field. Venture capital seeking firms should be unable to attract funding on public markets and will not be large enough to secure a loan or line of credit from a bank.
What does a venture capitalist do after providing funds?
This will generally be a question to be answered before the funds are provided to the firm. Venture capitalists will typically demand a high degree of control over their risky investment and will be inserted onto the board of directors for the company. An investment into a venture capital enterprise means buying a stake in a company, which is different that financing a loan which only entitled the lender to interest. This gives the venture capitalist the right to influence the direction of the company. For some firms a venture capitalist with experience in the field or a related field will serve as a reliable asset to predicting market trends and influencing the conceptualization and design of the idea in a manner that makes it more marketable and
How does one find a venture capitalist?
There exist a number of organizations of venture capitalists that connect these investors to small firms that require investment. The National Venture Capital Association is an example of one such organization. When one attempts to find venture capital, they should assess their business model and unique ideas they may have that will be attractive to venture capitalists. Most venture capitalists will not agree to the risk of investing unless they believe that the idea or business model is unique, even if there is high risk assumed by the venture capitalist.
Venture capitalist firms are structured with venture capitalists, who are general partners contributing money to a venture capital fund. There are also limited partners, representing foundations, pension funds, wealthy individuals and sovereign wealth funds that contribute to the venture capital fund. The fund us a limited partnership and that portfolio will contain investments in several startup and other venture capital enterprises. The venture capital enterprise can be limited in scope, geographic area and investment philosophy. When seeking a venture capitalist firm, assess the goals of the firm and if those goals are consistent with the goals of the startup company. A venture capitalist firm in the right industry can boost the credibility of a start up with expertise that may help improve the product and facilitate the company going public.
How does the venture capitalist process work?
There are six venture rounds generally used to assess the stages of a company’s development
Seed money – the initial money, usually provided by an angel investor to prove that the idea is feasible. This is the minimal level of financing for the company to operate.
Start-up – the company that wants to market or develop the idea can market and begin to market the product. This is the point where venture capitalist funds become available to further develop the idea to attract further investment.
First Round – the earliest prototype is developed, manufactured and maybe even sold. The idea now has a tangible form, or in the case of software, the program is now somewhat functional.
Second Round – companies that are selling their product but have failed to make a profit. The venture capitalist may recognize the potential for the product to make a profit, either through better financing or modifications to the product.
Third Round – this is money provided for the company to expand. The company has reached a level of profitability and merely requires additional capital to increase its long term prospects. This is called mezzanine financing
Fourth round – this is called bridge financing and the funding helps to facilitate the transition of the company to eventually become traded publically.
What happens after a venture capital enterprise is successful?
Once the private equity in a firm is sufficient to generate the enormous anticipated revenue, the venture capitalist may be paid back in full plus generous payments and the firm can become a publically traded company that continues to innovate and grow. Alternatively, the advancement can be bought out by a larger company and the firm that received the venture capital will sell the rights to their idea or invention for enormous. Those that benefit from selling off the firm may become venture capitalists themselves, or use the earnings as seed money for another venture capital seeking enterprise. The firm can also merge with other companies that require the expertise or specific invention and create a partnership to seek additional capital or devise ways to market the invention.
What are Internet Marketing Tools?
When you are developing your online business one of the most important things you can do is to take advantage of internet search engines. This is done by using internet marketing tools to generate greater traffic on your website.
There are numerous internet marketing tools you can use. The goal of internet marketing tools is to get more internet traffic on your website and generate more profits. The way internet marketing tools work is that, through research and testing, you find keywords that match your product and have been found to be common words, or phrases, that individuals input into the “search” queue on various internet search engines such as Google, Yahoo, Bing and others.
There are many questions that go into finding the right keywords for your internet business: What makes a good keyword?; where to put them?; in what order should the words or phrases be sequenced?; will these keywords bring the internet traffic that I need to my site?
One of the first, and most important, steps in developing the keyword internet marketing tool is to find out which keywords properly represent your website. You can have a keyword that gets you hundreds of people for traffic through your website but if those individuals are looking for a different type of product or service and are misdirected then the traffic to your site is essentially worthless. For example, if you use a keyword like “funny cats” but your website content is strictly about astrophysics, the amount of traffic you get will be highly misleading because almost all of that traffic will be from people who are misdirected and will quickly leave your page.
There are a number of steps you want to follow when developing you keywords:
First, Build a list of keywords that you think people will use to search for your product. This entails that you think like your consumers. What keywords best describe your business?; are there keywords that are associated with your niche that individuals may use while searching?; Take advantage of other products and websites within your niche. For example, if you were in the business of selling soda over the internet it would be a good idea to have the name “coco-cola” within your website. Famous trademarks can be used to your advantage. Although, in this situation, the traffic that your website will receive will include many people who are searching for “coca-cola”, because you are in the same niche, you may be able to win some customers.
Take advantage of Wordtracker in refining your keyword search. Wordtracker is an internet marketing tool that compiles a record of the number of times specific keywords are used on the internet. By using this internet marketing tool you will be able to get a better idea of what keywords and phrases you should use in your business.
You should look at your competition. Go to their webpages and find out what keywords they are using; are their ways to make your keywords different to reduce the chances of a potential customer going to someone elses site. Also take advantage of pay-per-click services to determine if your keywords are getting the amount of traffic you want. Finally, once you’ve come to the decision of what keywords and phrases are best suited for your business you should develop your web content around them.
A Guide to Business Plan Software
The first step in starting your own business is to create a business plan. A business plan will outline every aspect of your new business. It should include information on your loan applications, marketing, business purpose, balance sheet, summary of the business both quarterly and yearly, capital, personnel, operating procedures, leases, and liabilities. It should also include your financial reports such as cash flow statements, balance sheets and income statements. The purpose of your business plan is, not only to focus the direction of your business, but also act as a “brochure” for anyone who wants to find out about the intricacies of your business.
Creating a business plan can be difficult, and for those who have never written one before, can be confusing. There is a lot of information that goes into a business plan and it should cover everything related to your business from the assets of the company to the salaries of employees. When you are starting a business it is essential that you use business plan software. Business plan software is designed to help those, starting a business, to create a business plan that meets their needs and provides step by step directions, sample business plans, applications that merge Word and Excel documents into the software, and helps to make your business more marketable to financors, investors, and potential customers.
The top 5 business plan software applications over the last decade have been somewhat standard. They consist of Business Plan Pro, Biz Plan Builder, Biz Plan.com, Ultimate Business Plannner, and Plan Write for Business. Each one has different attributes that make it simple to create your own business plan. The costs can range from $30, for BizPlan.com, to $130 for Biz Plan Builder. The most consistently used of these products is the Business Plan Pro and it often ranks at the top of most consumer reviews as the number one business plan software on the market.
Business plan software will help you to create financial documents, compile data for financing applications, and there are even features in many programs that help the consumer develop marketing and advertising models as well as presentations for possible investors and venture capitalists. A good business plan software will also help you learn about standards for industry; manage your cash flow; create templates; and even show you comparisons as to how your business is doing in comparison with other businesses in your field, geographic region and size.
Business Plan Pro has been rated as the number one business plan software by the Wall Street Journal and has sales over 1 million units. Business Plan Pro comes with over 500 sample business plans that cover every type of business you could think of.
Biz Plan Builder offers the consumer a fill in the blank option where you will input data upon request and the program will input the data into the specific area to formulate your business plan.
Business Plan Maker offers an interview style approach where you will input data into the business plan software and the program will analyze the data and help you with “phrasing” and any other difficulties you may have.
One of the important aspects of picking a business plan software is not just the software but the help that you get from the merchant. You should find out how much, if any, access you have with customer support, who supplies the information, and whether the representative is an expert. Business plan software is a valuable resource but when you are confused their is no better resource than an actual person.
What are Angel Investors?
Angel investors are individuals, usually retired entrepreneurs and executives, that offer funding to start-up businesses. The term “Angel Investor” is somewhat fitting considering that an Angel investor is often the only way that a start-up company, or a business in financial difficulty, can survive the tough economic times or the initial stages of a business where expenses are mounting but revenue has not yet begun to make the business lucrative.
Studies have shown that businesses who have the backing of Angel investors are less likely to fail. The influx of capital, as well as the counseling, networking, and other resources that an angel investor can be the difference between a business thriving or going under. Angel investors in the United States account for 60 times more investing in businesses than venture capitalists. Where venture capitalists will only invest in large businesses, an angel investor is likely to invest in smaller business where they envision rapid growth.
An angel investor will often invest as much as $1 million to $2 million for a business with the average being around $450,000. In return an angel investor will require some type of debt or equity in the business. Angel investors also invest only in companies that they feel will have a high rate of return. The average angel investor is looking to have their investment produce returns of 10 times their initial contribution within 5 years. Investing in start-up businesses is a high risk venture and a such angel investors seek a high rate of return. This is due to the a low success rate where 20% – 30% of investments fail. So for every 5 investments that the angel investor contributes to they expect to lose on 4 of them and as a consequence angel investors seek high returns from those that succeed.
There are numerous ways to seek out angel investors. The first, and easiest, is to seek help from friends and family. This has its advantages because they are more likely to play off emotions and give you a loan. The disadvantages are numerous. Borrowing money from friends and family can often cause a disruption in the relationship. You will also only be able to get so much capital from using this route and lastly, you will not gain the experience, networking, and counseling that you can receive from a professional angel investor or someone retired from that industry.
Another option is to set up internet advertising and using internet resources to request angel investors. Many times angel investors are looking for investment opportunities, they don’t come to you. Many angel investors are retained simply because they saw your product or business model online and thought it was interesting and possibly lucrative.
You can also go directly to the angel investor yourself. Many angel investors have their own angel investor companies with websites and contact information looking for entrepreneurs to invest in.
When you meet with an angel investor you want to be prepared and open to discussion. Many angel investors will not only want a guarantee on their return, and securitization, but also control over the start-up business. You should consider this seriously. You will receive great benefits in your business decisions by someone who has a large stake in the business and has obviously done well in finance in the past. However, this is your business and you don’t want to give up absolute control of your company. You may want to percentage of ownership, mandatory consulting, or a number of other options.
Also, be prepared. Have you business plan concise and in working order to present you the angel investor. The best way to get an angel investor to contribute to your business is to show them that you have a direction and you know what your goals are and that they are attainable.
A Guide to Business Licenses
When you are starting your own business it is important that you are in compliance with all federal, state, county, and local laws; this included getting the appropriate permits and licenses that go along with your specific business.
There are numerous permits and business licenses that you will be required to retain before you can successfully start your own business. Whether you are a home based business or are starting your own brick and mortar store you will need to comply with these regulations.
One of the first business licenses that you will need to comply with are zoning ordinances. If you are starting a manufacturing facility you will want to make sure that your land is properly zoned, not only for manufacturing, but manufacturing of that specific type. Take into account the waste, equipment involved and hazardous conditions that may affect your ability to start your business in that area. Home bases businesses also need to meet zoning ordinances and covenants that run with the land. If your property is in residential zoning it may or may not allow a business to be operated from that location. Your local city clerk will be able to help you determine whether a specific area is appropriate for your business activity. You should also hire an expert to analyze your business operation to determine whether it is suitable.
Your State and the Federal government will also require licenses to perform certain types of businesses. The federal government requires licenses to practice a number of professions including: broadcasting; drug manufacturing; ground transportation; sale and manufacture of firearms; investing; manufacturing; and production of meat products.
State licenses are required to practice a number of professions including: accounting; law; medicine and dentistry; auctioneering; appraising; barbers; bill collectors; construction contractors; private security guards; real estate agents; and many more. You should consult your states business administration services department for information on what licenses you will need, depending on your profession.
In addition, when you start your own business, you will need to have a business name registered with the local and state. This can be done by going to the city clerks office and filing for a “Doing Business As” license. Depending on your location you may also be required to publish the “Doing Business As” name in a local publication to give notice to other parties of your intent. Depending on what type of business you are operating, you may also be required to register your business name with the Secretary of State in your jurisdiction. The “Doing Business As” license allows your business to be in the public record and is essentially the way the government knows of your existence. Most banks will require that you have a “Doing Business As” license in order to receive loans and open accounts in that institution. It is not a federal requirement that you trademark your business name but there are advantages to doing so, especially if your business takes off.
If you are in retail, or involved in any type of selling of goods, you will also be required to have a sellers permit. This permit is given out by the States and allows for you to collect sales tax from the sale of merchandise. You can receive your sellers permit from your State’s Board of Equalization, Sales Tax Commission, or other like entity in your State.
You will also need an Employer Identification Number. This acts as the businesses social security number and allows the federal, state, and local governments to tax your business.
There are numerous other permits and licenses that you may need to receive, depending on your business. These include: fire permits, health department permits, business permits, zoning, professional licenses, among others. A helpful resource when going about retaining these permits and licenses is to have a checklist. www.myownbusiness.org has a helpful checklist that you can use to make the process more manageable.
Internet Marketing Defined
Internet marketing is a broad term that envelops all forms of advertising and marketing that businesses, marketing companies, professionals, and individuals use to market their goods and services over the internet. Internet marketing can take the form of search engine marketing; search engine optimization; banner ads; e-mail advertising; and many other forms.
There are industries devoted solely to internet marketing. As the world of internet business grows, so do marketing and advertising on the internet. Just as companies will have billboards on major highways, companies will put banner ads on highly trafficked web sites. One of the most profitable ways to make money over the internet is to develop blogs, and other information sources and rely on advertising for income. The more traffic you have coming to your website the more money and more advertisers you will get.
Internet marketing isn’t always plain to the eye. Many forms of internet marketing involve the manipulation of search engines. This is called search engine marketing and optimization. Most of the time when individuals are looking for a particular service or product they won’t know exactly where to go so they rely on search engines such as Google, Yahoo, and Bing to help them find websites. Search engine optimization involves the creation of content on your website that will generate a positive result from the search engine. Most people who go to a search engine are going to look at the top 10 websites that are recommended. It is the job of search engine optimization to make sure that your website is at the top of the list. For example, if you want people looking for “retro clothing” to be directed to your site then your content should include the words “retro clothing” as many times as possible without damaging the integrity of your website.
There are entire corporations that do solely research on search engine optimization. They collect data on what words and sequences are inputted into search engines. They help e-businesses design their websites to generate maximum e-traffic.
There are advantages and disadvantages to e-commerce and internet marketing. Internet marketing is inexpensive in relation to tangible marketing. Where, in real life, their are only so many locations that you can advertise in their are literally infinite possibilities for internet marketing over the web. You will have to pay more money depending on the amount of traffic the website generates but either way it is still less expensive than billboards, television ads, and magazine ads. Internet marketing has its disadvantages in that most internet marketing ads are grouped with a number of other ads on the same page. Where in television and magazine advertising the ad is the only thing on the television or magazine page. In internet marketing there may be dozens of advertisements on one website and even though it is there it may not be seen by the audience.
In many situations internet marketing must comply with government regulations. The FCC, FTC and other government entities have taken on internet marketing in the same way as regular marketing techniques. It is a good idea to keep abreast of rules and regulations concerning these matters.
Direct Mail Advertising Benefits
Direct mail advertising is exactly what it sounds like, mailing advertising materials directly to consumers homes or places of work. Typically, direct mail advertising is used by targeting clients who are most likely to read the mail or respond to what is sent. Businesses will build a database of all sorts of types of consumers, separated by age, sex, income, or a whole host of other characteristics. Direct mail can also refer to joint mailers or “coupons”, such as the value-pack or local mailings attached to reading materials.
Organizations that use Direct Mail Advertising
Many different groups will use direct mail advertising for their advantage, but there seems to be consistent use among certain organizations. Political organizations heavily use direct mail advertising, as they try to solicit voters for elections or raise awareness of political events. Financial institutions are also heavy users of direct mail, as they will send credit card and mortgage advertisements to per-existing banking consumers.
While these groups are geared towards using direct marketing advertising, you should consider whether your business can benefit. Professional services, such as lawyer offices, medical services, or tax services often do not use direct mailing, especially as many regulations exist to limit the types of advertisements they can utilize.
How can Direct Mail Advertising help your business
1. Evaluate your business and targeted clients
Direct mail advertising does not work for all businesses, but can be helpful for numerous businesses, local, regional, or even national. Consider whether your clients will be likely to respond to mailings sent to your house and whether your business will be received positively and negatively. Some clients react negatively to what they consider “junk mail”, some react positively, and most will be neutral.
2. Consider your budget
Direct mail advertising will require some funds from your marketing budget in order to work. The amount you spend will highly depend on the materials you are sending, how many units you send, and whether you spend for access to targeted mailing databases from other companies. You should budget for your mailers to be sent multiple times, as it often takes a few attempts before certain clients will be reached and respond to them.
3. Start your Direct Mail Advertising campaign
You must determine who you can send your direct mail to. Many states have restrictions on who can receive advertisements through the mail, as consumers in these states have the right to be excluded. Always be aware of these rules before addressing your direct mail. Many companies provide you with names and locations of people who should not be contacted.
Your direct mail advertising should include the following: A response device, main letter, an envelope, and a brochure or other similar document.
A. The Response Device – You must provide a way for your consumer to contact you and further expand the relationship. At minimum, you must have your business name and contact information prominent in your mailer. You should also include return cards, forms, or any other way of getting your consumer to actively respond to your ad and contact you.
B. The Main Letter – You must address your consumer in a professional manner and engage them with interesting content and new information. This is the crux of your direct mail, so ensure that it will achieve maximum exposure and be received positively by your consumer base.
C. The Envelope – While an envelope may seem like a simple and obvious part of direct mail advertising, you must put time and effort into creating an envelope that will garner attention to your consumer. It is the first thing they will see when they get their mail and will determine whether they choose to open your mail. The envelope must match your business and the consumer’s expectations. Flashy and attention grabbing envelopes will grab attention, but may not be proper for all types of businesses. Consult with consumers and clients to determine what type of envelopes will get their attention.
D. The Brochure – Besides the above, you should also include something for your consumer to review with the hope that they keep for their reference. Brochures are one way to try to get a consumer to hold on to your mailer for an extended period of time, but you can also use things like refrigerator magnets, calenders, bookmarks, or other useful items that can be sent. While they may raise your overall costs, it is important that your direct mail remain with your consumer for an extended period of time, as they will review it when they need your services or products.
4. Evaluate whether your Direct Mail Advertising campaign is working
Direct mail advertising can be very difficult to evaluate, as you will not know when people receive the mailers, what they think of when they read it, and whether they find the mailers positive or negative. You should consider contacting some recipients and consumers who have become clients and ask them what they thought of them. Many clients will be very open and their feedback will be crucial in understanding the reception of your mailers.
Direct Mail Advertising and new technology
Recent technology has made much of direct mailing less popular than it has in the past. The ease of email, the transient nature of many residents, and the general dislike of “snail mail” by a younger generation has made targeted mailings seem out of date. Instead, targeted mailing is now generally used to reach older populations who do not use the internet or other communication technologies. Consider using internet advertising strategies if your target audience includes younger consumers.
Recent Opt-Out Laws
Many new laws in states across the country have begun to adopt Opt-Out laws, which require database companies to abide by the wishes of consumers who do not want their names on the lists and to receive direct mail advertising. Maintaining these lists while taking names off the list is a very difficult task and often leads to direct mail being sent that violates these regulations. Ensure that you comply with these opt out laws by using only reputable consumer lists from respectable companies. If you have further questions, contact a legal professional with experience in advertising regulation.
What Makes for Quality Direct Marketing?
Direct marketing is a form of marketing that has the business stay in direct contact with clients and consumers. There are numerous methods of contacting, especially considering the advances in technology that allow for open and easy communication. These include e-mails, text messages, tweeting, social networking, and traditional mailings. Direct marketing has the advantage of keeping your business’ name relevant to your client while also keeping them informed of changes to your business or new products that are available.
How to start Direct Marketing
1. Identify if Direct Marketing will help
Direct marketing should not be used by every business as not all clients want to be in continuing contact with your business and do not need to know about your updates or changes. Evaluate whether your products or services are suited for this type of marketing. Will consumers want you to contact them? There is a fine line between over saturating your client base with ads and giving them constructive information that they will be happy with.
2. Determine if your budget can afford Direct Marketing
Direct marketing usually does not require significant financial backing, unless you are physically contacting clients through the mail or other expensive services. Instead, direct marketing will require a large time commitment. Contacting by emails or other electronic media require that you or an employee consistently come up with fresh ideas and newly written information that can be sent to clients. Twitter accounts or social media require constant updates and review in order to best use their services. This should all be considered before committing your business to direct marketing strategies.
3. Establish your Direct Marketing plan
If you believe your business can benefit from direct marketing, begin to create your strategy and plan how to best use the services available. Come up with ideas that will help your direct marketing remain fresh and useful for consumers. Decide how much time you or other employees can spend on it, what messages they will try to put forth, and how to determine if it is successful. Once your plan is ready to start, stay committed to keep direct marketing unless you are sure it is not effective.
4. Effectuating your Direct Marketing plan
Once you have your plan ready, you finally must put it into play and assure that your message is reaching your target clients. When clients come to your business, ask them if they have seen your marketing techniques so that you can evaluate whether it is working or not. You may need to change some or all of your direct marketing strategy, so always be aware of what is working and what is not working whenever you can.
How to adapt Network Marketing to your clients needs
The most difficult part of Network Marketing is finding how to reach your clients and provide them with information they want and need. Try to update them about new products, exciting events at your company, or interesting news or informational articles that your clients may have interest. Only by keeping your direct marketing interesting and relevant will you see any success from your direct marketing strategy.
PLLC Services
PLLC
PLLC stands for Professional
Limited Liability Company that provides the services of a professional, such as
a lawyer, doctor or accountant. PLLC
arrangements are generally required by state law for any licensed professional
to provide services. A notable exception
is California, which prevents LLCs of any kind from providing professional
services from licensed individuals. A
PLLC may have multiple members, but all of the same profession.
Which professionals are required to form a PLLC?
–
Accountants
–
Architects
–
Dentists
–
Physicians
–
Lawyers
State laws will define which
professionals in each field will be qualified to join services in a PLLC. Related professionals may file for a PLLC
such as a PLLC of mental health professionals that constitutes a joint
practice.
How is a PLLC formed?
The steps to from a PLLC are
similar to a typical LLC formation, with a few notable exceptions. For one, most states will require signature
and license numbers of the professional incorporating the PLLC. There may also be a need to provide a copy of
the professional’s license to ascertain that the individual is indeed eligible
to provide professional services.
Generally, the formation of a PLLC must be announced in two newspapers
for six consecutive weeks.
Partners in PLLCs
Partnership in PLLCs are usually limited
to actual professionals providing services, retired professionals that provided
services under the PLLC and holders of the estate of a former PLLC member. Even then, they may only have shares in the
PLLC two years after the date of death.
These distinctions vary by state and a specialized corporate lawyer will
be able to explain the distinction related to taxation, formation and ownership
of a PLLC.
Taxation of a PLLC
After the formation of a PLLC,
taxation usually follows the corporate taxation guidelines. Some PLLCs, such as those that offer services
in health, law and others have “Qualified Personal Service Corporation”
classification and will pay a flat tax of 35% rather than a variable corporate
income tax rate. Other PLLC arrangements
include the S corporation status that allows for flow-through income taxation. A PLLC is considered a flow-through entity
when the income is not taxed as the income goes directly to the partners who
are in turn, taxed on their income.
Taxing an LCC that serves as a flow through entity would constitute
double taxation and therefore would be a non-taxable entity.
PPLC lawyers
When forming a PLLC, you may find
the services of a PPLC lawyer necessary to understand state restrictions on
PPLC formation and membership. These
laws vary by state and a local business lawyer will be able to inform you on
such factors as which professionals must form PPLC, what protections a PLLC
ensures, and how a PLLC can be taxed, especially related to your
circumstances. There will be associated
fees with PLCC formation, in addition to relevant lawyer fees from seeking
legal assistance through the PPLC formation process.
