Business Industry

Knowing your industry is crucial when forming a business because it provides a clear understanding of the market you will be operating in and the competition you will be facing. It helps in identifying target customers, developing effective go-to-market plans, and making smart business decisions. A NAICS, North American Industry Classification System number, is a standard used by governmental agencies, businesses, and institutions to classify establishments into specific industries. It is a six-digit code that categorizes businesses based on their primary economic activity. NAICS codes provide a standardized framework for data collection, analysis, and reporting across different industries. Most banks and credit processors require information about the industry in which a business operates. This is because understanding the industry helps them assess the potential risks and profitability of the business. It allows them to evaluate the viability of providing financial services and determine appropriate loan terms, interest rates, and credit limits. Researching the two industries identified by our AI will provide valuable insights into their characteristics, trends, and market dynamics.

Existing Clients

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Manager Managed

  1. Popular where 1 or more of the owners will act as “Passive” investors
  2. Some owners may be “Passive” while others may be designated as “Managers”
  3. Some owners may be designated as Managers, some “non-owners” may be designated as managers, or any combination thereof may be designated.

Member Managed

  1. The most popular structure for LLCs with 1 or more owners.
  2. ALL Owners have control over the daily operations of the business.
  3. The owners have authority to bind the LLC by signing for a loan, negotiating and executing contracts, and managing other daily operations of the business.