Why Choose GM2
Establishing Your Individual Company
Immediately purchase workers' compensation coverage and have yourself endorsed onto the workers' compensation policy so that you have coverage for yourself, purchase $1,000,000 of general liability coverage, and purchase $1,000,000 of hired non-owned auto coverage at a likely cost of at least $3,000/year overall.
This is riskier because you must first pay for insurance. Before you even start to do any business and do so well before receiving any payments from your clients. You will lose money if you don't get enough business.
If you are inactive for a few months throughout a year and/or vacation, you will not receive a credit on your Insurance premium unless you cancel your coverage.
Many members under GM2 will do less than $50,000 in business annually. Below is a breakdown of what your insurance would likely cost compared to different levels of annual billings:
$10,000 in business will likely cost at least $3,000/year
$20,000 in business will likely cost at least $3,000/year
$30,000 in business will likely cost at least $3,000/year
$40,000 in business will likely cost at least $3,000/year
$50,000 in business will likely cost at least $3,000/year if not more
Setup and pay for business bank accounts stemming from having a company at the cost of at least $25/month or $300/year.
Initially, pay to set up and form your LLC or Corporation, easily costing $250 or more. Pay annual business fees and filings.
Annually prepare and file both state and federal business tax returns. In most cases, you will pay a CPA or a tax professional to do so. Easily costing $250 or more annually.
Potentially having to deal with legal matters filed against your company and having to retain an attorney at law to defend against claims from others against your company, easily costing $300/hour after an initial retainer for $5,000 or $10,000.
Potentially having to deal with legal matters filed against your company and having to retain an attorney at law to defend against claims form state and federal agencies against your company easily costing $300/hour after an initial retainer for $5,000 or $10,000.
Potentially having to take an extensive amount of time to file a business-related insurance claim and figure out what to do and whom to contact, taking days of your time resulting in your inability to be making business and losing money.
Advantages of Establishing Yourself as a Member of GM2
No upfront cost and you immediately have workers compensation, coverage for yourself, $1,000,000 of general liability coverage, and $1,000,000 of hired non-owned auto insurance coverage when you join as a member of GM2. Then, you will only pay a 6.0% to 10.0% (six to ten percent) service charge of whatever you receive as payment from your clients to maintain this coverage.
This is less risky because you only pay for this insurance after you do business as a member of GM2 and receive payment from your clients. If you receive no money from your clients, you pay nothing.
If you are inactive for a few months throughout a year and/or vacation, you will pay nothing as a Member of GM2. No need to cancel and later reinstate your insurance coverage to save money. Many members under GM2 will do less than $50,000 in business annually.
Below is a breakdown of what your actual insurance will cost as a member of GM2 compared to different levels of annual billings. The cost summarized below is derived from a fixed 6.0% (six percent) service charge:
$10,000 in business will cost you only $600/year at 6%
$20,000 in business will cost you only $1,200/year at 6%
$30,000 in business will cost you only $1,800/year at 6%
$40,000 in business will cost you only $2,400/year at 6%
$50,000 in business will cost you only $3,000/year at 6%
There is no need for members of GM2 to set up a business checking account. GM2 already has a business checking account, and payments from GM2 are sent directly to each member's bank account.
GM2 is already established, and all business fees and filings are taken care of based upon the 6.0% to 10.0% service charge already collected from each member of GM2.
The tax return for GM2 and issuing of K-1’s to members of GM2 is taken care of based upon the 6.0% to 10.0% service charge already collected from each member of GM2.
GM2 has resources that handle all legal matters based upon the 6.0% to 10.0% service charge already collected from each member of GM2.
GM2 has resources that handle all insurance claims based upon the 6.0% to 10.0% service charge already collected from each member of GM2. Read more by clicking on the WHAT MM DOES FOR GM2 tab above.