Infinity Business Magazine Summer Issue 2019 by Infinity Business Media Group

SUMMER ISSUE 2019

Mary Beth SEWALD President & CEO LVMCC

discusses the future of the Chamber

July 24th is National Amelia Earhart Day

top 5

THE INFINITY

Women Business Professionals You Should Know

Letter from The Publisher

TONY F

Welcome to our Summer 2019 issue featuring Mary Beth Sewald, President and CEO of the Las Vegas Metro Chamber of Commerce, as well as one of the Infinity Top 5 Female Business Owners. More and more female entrepreneurs are rising to the top and when we arranged to feature Mary Beth Sewald, it was a no brainer to do the first ever, Infinity Top 5 Female Business Owners you should know feature. These 5 women are truly the meaning of entrepreneurship, as well as leadership in our community. Not only do they lead, but they lead by example. I have had the privilege and honor to work with these women and I respect each of them dearly. If you have not had a chance to visit with the Las Vegas Metro Chamber in a while, I highly recommend you do so. Mary Beth has changed the culture there, she has changed the vibe, the feel and the overall importance to the meaning of small business. I recently became a President's Club Member and my experience in the last few months have been phenomenal. If you would like to be introduced again to the Las Vegas Metro Chamber, please reach out to me and I will personally make an introduction for you. Thank you for reading the Infinity Business Magazine, and have a fabulous summer!

#AreYouIn

COVER STORY

Featuring Cover: Mary Beth Sewald, President and CEO of the Las Vegas Metro Chamber of Commerce Photo By: Dave Cherkis Photography

Infinity BUSINESS MAGAZINE

PUBLISHER Tony Ferriera

EDITOR-IN-CHIEF Dawn Ferriera

PHOTOGRAPHER David Cherkis Photography dcfoto@cox.net Chelsea Ferriera Chelsea@myaddesigns.com DESIGN TEAM A & D Designs Inc myaddesigns.com MEDIA GROUP Infinity Business Media Group INBMediaGroup.com

C O L U M N I S T S Business Coach

Legal

Rena McDonald, Esq. rena@Mcdonaldlawgroup.com

Tax

Al Whalen al@whalengroup.com

Mediator

Nancy Gabriel mediationaroundthetable@gmail.com

General Business Legal

Galit Ventura Rozen galit@galitventurarozen.com

Debbie Donaldson debbie@superpowers365.com Gina Bongiovi gina@bongiovilaw.com

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www.INBMediaGroup.com Disclaimer: The Infinity Business Magazine ÂŠ, all rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher. IBMG, the Publisher and its Affiliates have made every effort to ensure the accuracy of the information was correct at time of publication. IBMG, the Publisher and its Affiliates do not assume and hereby disclaim any liability to any party or advertiser for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from accident, negligence, or any other cause. All articles are for informational purposes only and should not be relied on, or construed as legal advice and the views expressed are not necessarily those of the Magazine. Infinity Business Media Group Contact us at 4310 Cameron St, Ste. 14, Las Vegas, NV 89103 702-889-1039

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TABLE OF

Contents

08 ACHIEVING YOUR GOALS

I get asked often how someone can achieve their goals successfully. My first question to them is what are your goals?...

FOR BUSINESS TAX 20 STRATEGIES PLANNING

AGRICULTURE INSIGHT: MAJOR PLAYERS NURTURE INNOVATION BY SUPPORTING STARTUPS

Read More Environmental pressures like drought confront growers across the globe, and they can exacerbate the many other demands growers face.... Read More

HOW SMALL BUSINESSES ARE Consumer buying habits MASTERING THE ART OF SELLING have changed ONLINE dramatically over the years. With the rise of online shopping, many small and medium-sized businesses find it difficult to reach customers....

3 WAYS LEADERS CAN HELP EMPLOYEES EMBRACE AI PERFECT YOUR CLOSING TECHNIQUE

Read More Most people may be unaware how much Artificial Intelligence (AI) has become part of their lives. From GPS and predictive text on smartphones.... Read More

CONSUMERS ARE USING PURCHASING POWER

You don't often get the opportunity to even consider making a taxsaving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity...

Recent studies have shown that a record number of Americans understand that climate change is real and their increasing concern for the future of our planet ... Read More

23 TO SUE OR NOT TO SUE

diversity of businesses with everything from start-up, to management and windingdown. Through our many years of representation, a common concern is ever present for business owners.... Read More

THE INFINITY TOP 5

PEOPLE YOU SHOULD KNOW...COVER STORY

As a tribute to Earhart and her accomplishments, Infinity Business Magazine has picked 5 top business women that we believe are excelling in their profession and exemplify the same tenacity and empowerment for women in business... Read More As the chief executive of the largest and broadestbased business association in Nevada, Mary Beth Sewald sets the vision for the Las Vegas Metro Chamber.. Read More

36 38 41 44 48

HOW TO MAKE EMPLOYEE ENGAGEMENT A DAILY HABIT STARTING, SERVING, OR SUPPORTING A NONPROFIT SMALL BUSINESSES ARE LOOKING BEYOND BANKS FOR LOANS HOME AND OFFICE FURNITURE: WHAT YOU DON'T KNOW COULD BE TOXIC! NEVADA BUSINESSES REQUIRED TO REPORT AND REMIT UNCLAIMED PROPERTY ANNUALLY

Infinity BUSINESS MAGAZINE

ACHIEVE YOUR GOALS

G a l i t Ve n t u r a - R o z e n i s Broker/Owner of Commercial Professionals for over 25 years, a Business Performance Coach, Professional Speaker and author of The Successful Woman's Mindset.

I get asked often how someone can achieve their goals successfully. My first question to them is what are your goals? If you do not know specifically what the goals are that you want to accomplish how can you possibly begin the process of achieving those goals. At this point in a workshop, I'll usually ask those attending to take a moment and write out as many goals as they can think of that they would like to accomplish and categories such as Financial business/professional personal and health. If these categories don't resonate with you take a look at your goals that you want to accomplish and come up with categories that do. You must know what you want before you can achieve it.

Once you take the time to write out your goals the next step is to really know your why it is important to know what will motivate you, what will push you and what will drive you to succeed for those days when you are not feeling like working on the steps to accomplishing your goals. The next question I like to ask is chosen a goal and ask yourself do I really believe that I can succeed at this goal? When you believe you can even before you know the Howe you are already halfway there. If you don't believe that you can ask yourself what's holding you back and then ask yourself why have you or haven't you succeeded in the past when working towards accomplishing your goals.

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AGRICULTURE INSIGHT: MAJOR PLAYERS NURTURE INNOVATION BY SUPPORTING STARTUPS

GENERAL By Dana Earhart, of Dana Earhart ConsultingBUSINESS

(BPT) - Environmental pressures like drought confront growers across the globe, and they can exacerbate the many other demands growers face. The challenges are intertwined, coming from every direction, including proﬁtability requirements, food-supply-chain demands and nutrient shortages. "Across the industry, growers will have adapt to deal with those growing pressures," says Colin Steen, who heads up operations for Syngenta Ventures, one of the world's ﬁrst venture capital groups dedicated to agriculture.

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enhancing yield and resilience. We invested in them last year and have been very pleased with their progress." Investing for long-term results Today, Sound Agriculture is one of more than 15 companies in Syngenta Ventures' portfolio. There's no one-sizefits-all formula for the ideal investment. It's more about casting a broad net and finding companies that share the vision for making growers' farms more sustainable and more profitable, which is viewed as a long-term partnership.

group. First, the group must understand what's happening on the farm. "That's the key. We have to understand the stresses growers face so we can look ahead for solutions," he says. Second, technical expertise is essential. "The driving force for many companies we evaluate is novel technology," Steen says. "The best way to build relationships is to speak the same language." Finally, Steen says that a good venture capital team must be savvy enough to make commitments and decisions that play over a long time period, often more than 5 years. Making good decisions today r e q u i r e s understanding future challenges. T h e f u t u re o f a g technology "The ag-technology sector has completely changed and thrived in just the past 10 years," Steen says.

Members of the research and development group at the organization identiﬁed Sound Agriculture as a promising new startup based out of the San Francisco Bay Area. Their mission: to create a suite of products that mitigate drought stress, decrease fertilizer needs and increase crop yields.

AgriMetis - a Syngenta Ventures' portfolio company in Maryland - which develops natural products to protect crops from weeds, diseases and insects, is another example. "AgriMetis needed a little help developing its testing capabilities and our R&D group stepped in," Steen says.

"Sound Agriculture was looking at a common problem from a new angle," Steen says. "They were discovering new products that could be tools for

He collaborates with a team of seven professionals in the U.S. and Europe. Their talents, he says, reﬂect three pillars of a successful venture ag-focused

Satellite imagery and drones, for example, felt like the stuff of scifi novels just a decade ago, but now they're common sights in ag offices and fields across the world. One portfolio company, Phytech, draws on spatial imaging, hyperlocal climate information and agronomic modeling to help farmers improve their profitability. "Helping to develop successful companies directly impacts the agriculture industry," Steen says. "Our core mission is to help create new tools to make growers more profitable. For us, it's all about the collaboration to maximize that success."

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HOW SMALL BUSINESSES ARE MASTERING THE ART OF SELLING ONLINE

GENERAL By Dana Earhart, of Dana Earhart ConsultingBUSINESS

| LEGAL | FINANCIAL | MARKETING | HEALTH & WELLNESS

Infinity BUSINESS MAGAZINE (BPT) - Consumer buying habits have changed dramatically over The success of Darlyng & Co. is booming, according to Darnley: the years. With the rise of online shopping, many small and "As a result of selling on Amazon we've been able to grow our medium-sized businesses find it difficult to reach customers in the vast ocean of the internet. To succeed online, businesses need a partner to help them reach a national - or even global - customer base, and to support them throughout the process of building their business and fulfilling increasing demand for their products or services. An amazing variety of small and medium-sized businesses now boost online sales by selling in Amazon's stores, reaching more customers and bringing their business to a whole new level. More than half of the items sold in Amazon's stores worldwide are from small and medium-sized businesses. And the number of small and mediumsized businesses exceeding $1 million in sales in Amazon's stores worldwide grew by 20 percent last year, to more than 25,000. When Tara Darnley, co-founder of lifestyle baby brand Darlyng & Co., started selling online in 2015, she initially hesitated to sell in Amazon's stores, despite brand globally without the need for a middle person or distributor. being an Amazon customer. However, she changed her mind when We sell on Amazon.com, Amazon.uk and recently Amazon.au, and she noticed a reseller offering one of their popular products for now our products are more accessible to customers worldwide." three times the retail value on Amazon - and selling out. Small businesses are also finding success with Amazon "We knew then that we were leaving money behind by not Handmade, where artisans from all 50 states and more than 80 establishing our brand ourselves on Amazon," Darnley says. Once countries offer genuinely handcrafted goods. Darlyng & Co. moved their business to Amazon, their sales The owner of John Leslie Studios started selling his handmade increased instantly. jewelry and personalized gifts made from reclaimed wood online Darnley explains that their products appeal to "parents who are up in 2014, with moderate success. The Amazon Handmade team late in the night with a cranky teething baby and the only time they approached Leslie in 2015 about being among the first sellers to get a chance to browse the internet is late at night. We actually join the new store. could not keep up with the demand from Amazon in the beginning. "I hesitated because of the time and effort involved in creating all We were getting 100 orders a day." new listings but, after serious thought, put the work in to create my Darlyng & Co. turned to Fulfillment by Amazon (FBA) to help Amazon Handmade storefront. Best decision I've ever made," says handle their influx of orders. With FBA, businesses store their Leslie. His first year in the new store, sales doubled and continue to products in Amazon's fulfillment centers, so Amazon can pack, grow. ship, and provide customer service for them. Using FBA also makes products Prime eligible, providing members with free Leslie describes how quickly things changed: "I saw sales almost immediately since I started at the beginning of the Christmas shipping and other benefits. season. It got so busy that Amazon contacted me because they wanted to make sure I could keep up with the sales volume." That was the best thing about the online store for him - the personalized support from the Amazon team. Leslie explains, "The greatest thing is that you can request a phone call from the help desk and in minutes you are speaking with a real person who can walk you through your issue." Leslie recommends Amazon to any small business, saying, "My sales have steadily increased on Amazon year after year. Last year my sales on Amazon alone were over $150,000. Simply being on Amazon is a huge visibility boost because Amazon is often the first place people go when seeking to purchase almost anything."

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SHOULD I GET IT IN WRITING? Do you need a contract? Sounds daunting, doesn't it? You think you're going to have to hire an attorney, spend hundreds of dollars and wait weeks for the final product. And why? What happened to the handshake?

By Nancy Gabriel, Mediation Around the Table

I can answer that in one word: INTENTIONS. Unless the precise intentions of each party to an agreement, or to an arrangement, are spelled out thoroughly at the beginning, there might be a problem in the future. And unless you're prepared for the “what if?” and the “what's the worst that can happen?” you might be headed towards an unforeseen, costly, and time-consuming battle down the road. Intentions are also important if you're starting a new business with a partner. What about creating what I like to call a business prenup? It's not unheard of for couples contemplating marriage to discuss a prenuptial agreement. Why are people contemplating starting a business together? Makes some sense, doesn't it? What makes a business prenup different from an operating agreement? Or corporate by-laws? Or a business plan? Your business prenup is not a boiler-plate template into which someone inserts your names, addresses, and nature of your business. It is also not a document that you would have to pay an attorney $2,500 to generate, although you can certainly do that and it will, hopefully, be an ironclad contract protecting you from each other and from third parties. This is not a bad idea, by any means. But it might not be your first step.

other, and provide them with some tools to continue the communication for the duration of their relationship. Whether you're just starting out with a new business, or whether you're already comfortably established but have not yet created anything in writing, you're probably wondering whether you need a lawyer. Although I am never anti-lawyer, I'm going to suggest that you might not necessarily need one at first. If you're forming a legal entity, such as a corporation or a limited liability company, you can certainly do it yourself. There are many websites created for do-it-yourself incorporation. You will pay for boiler-plate corporate formation documents, and you can simply fill in the blanks and file the papers with the Secretary of State. That being said, if significant sums of money are involved (and “significant” is up to you to define), or if the instructions seem daunting, please skip the do-ityourself step. A lawyer will make sure you are creating a viable, legal entity, in the form best suited for your new business. I always recommend that you see an attorney when starting out in business. Many will give you a free, although limited, initial consultation. Once you've established the nature of your business, making it legitimate by compliance with all of the proper entities, obtained the appropriate licenses, opened your bank accounts, and are ready to market your product or services to others, you're probably going to need a contract between you and your clients or customers. Can you write that contract yourself? Absolutely! In order to make it a binding agreement, it needs to contain these five things: Ÿ

The information provided is for entertiament purposes only and is not intended as legal advice. You should consult your attorney.

As a Mediator and neutral third party, I like to talk to potential business partners about avoiding the communication pitfalls that challenge many business partnerships. What are your expectations about meeting with your partner? What is a reasonable time within which to return a phone call, a text, or an email? Instead of issuing stock and deciding upon the date of your annual meeting, I like to talk to potential business partners about loans, salaries, support staff, and family members. I like to ask questions about each party's visions and goals. I like to inquire about what the parties have considered for the use (and cost) of outside resources.These resources can be utilized for legal advice, marketing concepts, and financial planning, to name only a few. Most importantly, I like to LISTEN to the voices of people planning their new endeavor, to help them honestly and accurately communicate with each

Ÿ Ÿ Ÿ Ÿ

The legal names of all parties entering into the agreement; An effective starting date (usually the date you sign); An ending date (which can be extended by mutual written agreement); The specific points to which you are agreeing, including what happens if a dispute arises; and Original signatures of each party.

Does it need to be witnessed or notarized by a nonparty? Not a bad idea, but it's not necessary. You should sign as many original agreements as there are parties to it, so that each of you retains a fully executed original document. Regardless of your best intentions, it's always a good business practice to get things in writing. And after everyone signs, be sure to shake hands. 15

InfinityBy BUSINESS MAGAZINE Dana Earhart, of Dana Earhart Consulting

3 WAYS LEADERS CAN HELP EMPLOYEES EMBRACE AI

(BPT) - Most people may be unaware how much ArtiďŹ cial Intelligence (AI) has become part of their lives. From GPS and predictive text on smartphones to search engines and customer service chatbots, AI is changing the way people live and work. AI involves the process of using algorithms to make sense of large amounts of data beyond human capacity to manage, with the potential to tackle more tasks than ever before imagined.

16 9

GENERAL BUSINESS | LEGAL | FINANCIAL | MARKETING | HEALTH & WELLNESS Researchers at Oxford University asked AI/machine-learning experts for their future predictions, and they said AI will replace truck drivers by 2027 and do a surgeon's work by 2053. They said there is a relatively high chance AI will beat humans at all tasks within 45 years, and that AI could automate all human jobs by 2063. AI is increasingly used in the workplace, including for productivity tracking and numerous HR functions. Virtual assistants use proprietary AI algorithms to identify and screen candidates. Employees ﬁrst using AI may have diﬃculty making this transition, according to director of research and thought leadership for Dale Carnegie Mark Marone, PhD. In his publication, Preparing People for Success in the Era of AI, Marone discusses issues employees encounter adapting to AI, and steps leadership can take to help employees prepare for working alongside machines.

what AI is and how it will be used in their workplace. People often fear what they don't understand. While employees may not comprehend every technical detail, leadership should explain the use of AI as clearly as possible. Marone gives an example of employees' willingness to accept an appraisal given by AI rather than a human supervisor. In their research, 62% of respondents were more willing to accept an AI appraisal if criteria for the appraisal were completely transparent. Without transparency, only 32% of respondents would accept that appraisal. Marone explains, "People want to be sure that AI is delivering decisions that are fair and in a way that can be explained."

Transparency contributes to employees' perceptions of fairness. In the survey, 63% of respondents expressed concern about human biases built into AI systems, such as the inappropriateness of using predictive power for HR applications. Marone cites the example of an AI algorithm determining potential hires based on current company Marone outlines three ways leaders can ensure employee leadership, which "may suggest the desirability of hiring more success in embracing AI: instilling trust in organizational white males." leadership; providing transparency for employees to understand what AI does; and increasing employee Employees who trust the role of human leaders to provide AI oversight, and who perceive transparency in how AI is used, confidence in their own skills to adapt to AI. will more likely accept these new technologies. Trust. Confidence. Employees may worry about the true purpose of using AI in their company. If a solid foundation of trust in leadership is Employees feeling threatened by technological advances may already established, it's more likely changes will be accepted be insecure about their own skills to adapt. Marone found that positively. Trust is gained by leaders exhibiting honesty and what makes an organization more agile in the face of change is the ability of employees and leadership to adapt, learn and consistency in what they say and do. assess new information, ask questions and analyze situations. Without underlying trust, implementing AI could be Agility in the age of AI requires soft skills that machines perceived as a threat. Marone recommends assessing the level cannot replace: creativity, social skills and judgment. of trust employees have in leadership using tools like engagement assessments, pulse surveys and exit interviews. If With sufficient training and development of those soft skills, the trust level is not optimal, leaders must improve their employees demonstrate increased confidence in accepting consistency of communication and demonstrate the and using AI effectively. organization's stated values in deed as well as word. Building trust is vital to helping employees accept challenging It's vital that organizations lay the foundation for employees to cope with technological change. With preparation, gains transitions. achieved by adapting new technology won't be offset by losses in employee engagement. Preparing the workforce with the Transparency. right attitudes, understanding and skills will make future Related to trust is transparency. Employees must understand changes more successful.

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CONSUMERS ACROSS THE COUNTRY ARE USING PURCHASING POWER

TO HELP THE ENVIRONMENT (BPT) - Recent studies have shown that a record number of Americans understand that climate change is real and their increasing concern for the future of our planet is driving major corporations across the country to go green by setting and fulﬁlling lofty sustainability goals. According to a recent survey from global renewable energy company Enel Green Power, over half of Americans assume sustainable products are more expensive. However, operating sustainably goes beyond the brands that are making headlines with buzzworthy products, as other household names are making large commitments that are reducing consumers' carbon footprint behind the scenes. The survey also found that two in three Americans would engage in sustainable lifestyle choices by making a purchase from a sustainable brand or a company that donates to an environmental cause. In fact, about half of Americans say they would pay more for a sustainable product, and of those people, half would pay 3% to 5% more. This commitment to making environmentally friendly purchase decisions continues to push companies to invest in climate solutions.

Kohler aims to reduce its carbon footprint by 3% year over year to be net zero by 2035 and the company uses wind energy to supply 100% of the power needed to operate Kohler's U.S. and Canadian manufacturing operations. The power generated is enough to power nearly 40,000 homes, and globally, the project will reduce Kohler's greenhouse gas emissions footprint by 26%.

And telecommunications company T-Mobile turned magenta green last year, announcing its transition to 100% renewable electricity by 2021. T-Mobile is well on its way to achieving this aggressive goal and takes environmental stewardship one step further by engaging its community in conservation and reforestation efforts with its #TreeMobile campaign to plant up to half a million trees for Earth Day "All businesses, from world-leading big brands to small in partnership with The Nature Conservancy. manufacturers, can play a role in operating sustainably and consumers have a say through their purchasing decisions," said Georgios Adopting a sustainable lifestyle in tactical ways like driving an Papadimitriou, Head of Enel Green Power North America. "We are electric vehicle or installing solar panels on your roof has clear proud to work with companies that make the conscious decision to benefits for the environment. However, energy consumption goes far better our planet by greening their business and encourage consumers beyond turning your lights on and getting behind the wheel. The products we use in our daily lives require immense amounts of energy to use their purchasing power to continue this momentum." and materials for production, making our responsible purchasing For example, last year, Anheuser-Busch announced its commitment to decisions more influential than ever. Businesses are in a unique brew its beer with 100% renewable electricity by 2025. The amount of position to lead the charge against climate change. Americans' renewable electricity that the company's Budweiser brand uses is demand for a more sustainable future will continue to influence enough to produce more than 20 billion 12 oz. servings of beer companies' sustainability commitments. annually. 18 9

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DOUG FORSTER The Financial Conductor

702.445.3454

855.263.8287

Email me at: doug@thefinancialconductor.com

“

Is your retirement going to get you where you need to go? What if you are hurt or out of work? Can you still pay into your retirement if these things happen?

Think of retirement as being on a road trip. You have a quarter tank of gas but still have a long way to go. Do you drive slow and hope you make it? Or do you drive fast and hope you coast the rest of the way.

Because I specialize in Tax Free Retirement and Lifetime Income, I can show you how to never have that worry again. With my knowledge you can go anywhere you want without running out of “gas”.

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STRATEGIES FOR B

USINESS

Combine Home Sale with the 1031 Exchange You don't often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity.

Al Whalen, EA, CFPÂŽ The Whalen Group (702) 878-3900 Al is Chief Executive Officer of The Whalen Group. He is a Certified Financial Planner â&#x201E;˘ at Whalen Financial. He is enrolled to practice before the Internal Revenue Service. Mr. Whalen is a member of the National Association of Enrolled Agents, the National Society of Accountants, and the Financial Planning Association. Al is a national speaker on taxation and recognized authority on estate and charitable planning concepts.

The tax-saving strategy is to combine the taxavoidance advantage of the principal residence gain exclusion break with the tax-deferral advantage of a Section 1031 like-kind exchange. With proper planning, you can accomplish this tax-saving double play with full IRS approval.

Your basis in the former residence is only $400,000 at the time of the exchange. You realize a whopping $2.9 million gain on the exchange: proceeds of $3.3 million (apartment building worth $3 million plus $300,000 in cash) minus basis in the relinquished property of $400,000. Now, let's check on your tax bite. You can exclude $500,000 of the $2.9 million gain under the principal residence gain exclusion rules. So far, so good! Because the relinquished property was investment property at the time of the exchange (due to the two-year rental period before the exchange), you can defer the remaining gain of $2.4 million under the Section 1031 like-kind exchange rules. Nice! No taxes on this deal.

The double play is available if you can arrange a property exchange that satisfies the requirements for both the principal residence gain exclusion break, and tax deferral under the Section 1031 like-kind exchange rules.

Pay No Income Taxes Ever

The kicker is that tax-deferred Section 1031 exchange treatment is allowed only when both the relinquished property (what you give up in the exchange) and the replacement property (what you acquire in the exchange) are used for business or investment purposes (think rental here).

If you hang on to the apartment building until you depart this planet, the deferred gain will be eliminated from federal income taxes thanks to the date-of-death basis step-up rule. Under the date-of-death rule, the tax code steps up the basis of the building to its fair market value as of the date of your death.

Clarifying Example

Example. You die. Your heirs inherit the building at its new stepped-up basis. They sell the building for its date-of-death fair market value. Presto, no income taxes.

Let's say your principal residence-owned for many years by you and your spouse-is worth $3.3 million. You convert it into a rental property, rent it out for two years, and then exchange it for a small apartment building worth $3 million plus $300,000 of cash boot paid to you to equalize the values in the exchange.

Of course, you do need to consider estate taxes if your estate is greater than $11.4 million.

GENERAL BUSINESS | LEGAL | FINANCIAL | MARKETING | HEALTH & WELLNESS

Avoid This S Corporation Health Insurance Deduction Mistake & Important Elections To Consider Avoid This S Corporation Health Insurance Deduction Mistake

If you own more than 2 percent of an S corporation, you have to do three things to claim a deduction for your health insurance:

The remainder of startup expenditures are deductible over an 180month period beginning with the month in which the active trade or business begins.

2. 3.

You must get the cost of the insurance on the S corporation's books. Your S corporation must include the health insurance premiums on your W-2 form. You must (if eligible) claim the health insurance deduction as an above-the-line deduction on Form 1040.

The amount of startup expenditures for the active trade or business; or $5,000, reduced (but not below zero) by the amount by which the start-up expenditures exceed $50,000.

The IRS deem that you made the election, to amortize your startup expenses for the taxable year the business began. In other words, if you do nothing, you have made the election.

The three-step health-insurance procedure also applies under attribution rules (and this could be a surprise) to your spouse, children, grandchildren, and parents if they work for your S corporation, even if they don't own a single share of S corporation stock directly. You need to get this S corporation health-insurance thing right. Without the W-2 treatment, the S corporation does not get a tax deduction. With the correct W-2 treatment, the more than 2 percent shareholder who finds the health insurance premiums on his or her W-2 can claim the self-employed health insurance deduction on Form 1040, provided he or she is not eligible for employer-subsidized health insurance through another job or a spouse's job. IMPORTANT ELECTIONS TO CONSIDER - IRS Elections can save time and/or increase current deductions: 1. SAFE HARBOR TO EXPENSE ASSETS - You can elect the de minimis safe harbor to expense assets costing $2,500 or less ($5,000 with applicable financial statements). The safe Harbor election eliminates the burden of tracking those small dollars cost assets, depreciating and/or Section 179 expensing them in your tax returns and book of account, and then making sure to remove them from your books when you remove the assets from your business. You must make the election on your tax return every year you want to use the safe harbor. To make the election, you must attach a statement to your federal return and file that tax return by the due date (including extensions). Election should state: "Taxpayer hereby elects under Reg. Section 1.263(a)-1(f) de minimis safe harbor expensing of up to $ 2,500." 2. ELECTION TO DEDUCT BUSINESS START-UP COST Expenses incurred prior to starting a new business are not deductible. But a taxpayer can elect to deduct up to $5,000 of startup expenses in the year in which the trade or business begins. Specifically, the taxpayer is allowed a deduction for the tax year in which the active trade or business begins in an amount equal to the lesser of:

3. ELECTION TO CAPITALIZE CARRYING COST OF VACANT LOT AND UNPRODUCTIVE LAND - If you own a vacant lot or unproduction land, the first step that's needed is to determine whether you will or will not get a tax deduction for the interest, property taxes, and other carrying cost (cutting grass, removals of debris, insurance, etc.) If you can get a deduction then take it, however, if it is not currently deductible then capitalizing those cost will reduce the gain on the sale of the property later. The election to capitalize is a formal election, and you need to make it for every year you want to capitalize one or more of the cost of the vacant lot or unproductive land. The election to capitalize is an annual election that you should consider every year, and when you capitalize, you need to file the election for that year Election should state: "Taxpayer hereby elects under Code Section 266 and IRS Regulation 1.266-1(b)(1)(i) to capitalize, rather than deduct, property taxes on the (address of property).â&#x20AC;? *This is for informational purposes only and does not constitute tax advice. See a CPA or tax advisor for your particular situation.

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TO SUE OR NOT TO SUE At McDonald Law Group we have assisted a diversity of businesses with everything from start-up, to management and winding-down. Through our many years of representation, a common concern is ever present for business owners... How do I collect? In order to save costs, we have found that a majority of business owners prepare their own agreements or use online drafting services. These agreements are often vague and do not contain the necessary or correct language which leads to ambiguity and confusion as to the terms. In legal agreements, every provision and word counts, and missing even one important piece could force you to forfeit any monies that would have been rightfully owed to you had you written the agreement properly. Spending money now to have the proper agreements in place could save you thousands of dollars in the future. When a business doesn't use good agreements, they are forced to try and collect, decide whether to file litigation or just "eat" the loss. There are other options outside of filing a lengthy lawsuit or forfeiting the monies owed to you. It may seem odd to have an attorney talk about the benefits of not litigating a case, but we believe that litigation should be a last resort and several factors should be evaluated before you commit to filing a lawsuit. Is it worth it? First, you must weigh the financial costs litigation will place on you compared to the possible results. Litigation

often costs thousands of dollars, and even if you prevail you will not see the benefits until the litigation is resolved. In addition to the actual costs, litigation is stressful and timeconsuming and the aggravation of a lawsuit may not be worth the amount you are attempting to collect. Litigation can take a very long time and does not ensure immediate resolution of your issues. No amount of justice is worth your health. Have you tried other resolution methods? Las Vegas has many avenues available for Alternate Dispute Resolution or ADR resources. ADR can be anything from simply written requests for settlement to formal arbitration hearings. Depending on the situation there may also be state agencies to which you can address your complaints. Licensed professionals have their own regulatory systems which may be a perfect place to air your complaint. For example, let's say you sub-contract a job to a licensed contractor. If you are unhappy with their work, you can contact the contractor's board and an investigator will review the situation, then a hearing with be conducted on your behalf. Civil litigation is not necessary unless you are unsatisfied with the results of that action. Prior to filing litigation, you can attend mediation. A mediator is an independent third-party whose sole purpose is to help the parties settle their disputes. Mediators will hold a mediation where they will meet with each party separately, hear their side of the

story and then use this information to attempt to reach a settlement. Mediation is less time consuming and often more effective than litigation. Lastly, Can you Ever Recover? Even if you successfully transverse the world of litigation and get a judgment in your favor, you may never be able to collect on the funds due and owing to you. The person or entity you are trying to collect against may be "judgment proof", meaning that they have filed bankruptcy, they have no assets, or any money they do have or receive is legally uncollectable. You may very well spend thousands of dollars, win your lawsuit and never see a penny from the Defendant. Filing litigation for the sake of principal is not usually in your best interest. Finding ways to resolve your issues without litigation can be easier, cheaper, and less stressful for you. Of course, there are situations where litigation is unavoidable in those situations hiring an attorney is imperative to protect your rights. Over the years, McDonald Law Group has successfully helped business owners with the formation of their businesses and the management of their businesses legal needs and with our Business Success Plan, we are confident that we can help you manage your legal needs in a cost-effective manner. This information is provided for informational purposes only. It is not legal advice and does not constitute an attorney-client relationship.

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July 24th is National Amelia Earhart Day

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Women Business Professionals You Should Know July 24, it is designated as "NATIONAL AMELIA EARHART DAY." Author and American aviation pioneer, Amelia Mary Earhart was born on July 24, 1897. Earhart flew solo across the Atlantic Ocean on May 20, 1932. As a result, she became the first woman pilot (aviatrix) to complete the journey. Setting this record earned Earhart the United States Distinguished Flying Cross. Her accomplishments would inspire women around the globe to the world of aviation. 1. Among this achievement, Amelia also had other endeavors that distinguished her as an early pioneer as a woman in business. She wrote best-selling books about her flying experiences Earhart was instrumental in the formation of The Ninety-Nines (an organization for female pilots). She joined the Purdue University aviation department faculty in 1935 as a visiting faculty member to counsel women on careers and help to inspire others with her love for aviation. • She was a member of the National Woman's Party • She was a supporter of the Equal Rights Amendment • • •

As a tribute to Earhart and her accomplishments, Inﬁnity Business Magazine has picked 5 top business women that we believe are excelling in their profession and exemplify the same tenacity and empowerment for women in business.

1. Information obtained at nationaldaycalendar.com

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Mary Beth SEWALD President & CEO Las Vegas Metro Chamber of Commerce As the chief executive of the largest and broadest-based business association in Nevada, Mary Beth Sewald sets the vision for the Las Vegas Metro Chamber and leads its strategy of supporting local businesses and pursuing initiatives to boost job growth, a healthy economy, and a vibrant community. In her role, Sewald represents the business community in a widerange of capacities. She currently serves on the board of directors for the Las Vegas Convention and Visitors Authority, Workforce Connections, U.S. Chamber of Commerce Committee of 100, Western Association of Chamber Executives, the Nevada Military Support Alliance, City National Bank, The Congressional Award of Nevada, the UNLV Lee Business School Dean's Advisory Board, and the Leadership Foundation of Greater Las Vegas, and is Vice Chair of the National Championship Reno Air Races. She was appointed by Governor Brian Sandoval to the Southern Nevada Sporting Events Committee, charged with making recommendations on how Las Vegas can maximize opportunities from professional sports to grow the economy. Sewald is engaged on several policy initiatives at the local, regional, national and international levels, and works with the Chamber's Government Aﬀairs Committee and team to advocate on behalf of the business community. Under her leadership, the Metro Chamber was named as the World Trade Center Las Vegas Business Club to connect international visitors to the local business community. And she worked with the Secretary of the US Department of Labor on Association Health Plans, helping businesses provide more aﬀordable health insurance to their employees. 26 9

Sewald has successfully served as a strategic and visionary executive in both the private sector and non-profit association sectors. She is the former President & CEO of the Nevada Broadcasters Association (NVBA) where she led the efforts of the NVBA to collaborate with government officials, represented Nevada's broadcast industry to all constituencies, and assured the financial health of the Association. She also served as General Manager of the NBC affiliate, KRNV TV in Reno, NV, where she managed and developed a staff of 95 broadcast professionals across all disciplines required to run a professional broadcast organization. Sewald was recognized as the first woman to be named Television General Manager in 2003, and was inducted into the Nevada Broadcaster's Association Hall of Fame in 2009. She earned an Emmy Award for a documentary she executive-produced called "Meth Madness" at the NBC affiliate that is now KSNV-TV in Las Vegas. Most recently, she was honored with the Silver State Award for Excellence in Service. She is the host of the Metro Chamber's Like Nobody's Business television show and is a 2017 graduate of the Leadership Las Vegas program.

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Inﬁnity Business Magazine had an exclusive opportunity to talk with Mary Beth and her team to learn a little bit more about her personally and her vision for the future of the Las Vegas Metro Chamber of Commerce. Where were you born and raised? I was born in Washington, Missouri and raised in St, Clair, Missouri. Who was the biggest inﬂuence in your life when growing up? The person I most looked up to was my Mom.

As Las Vegas continues to evolve into an international business destination, the Las Vegas Chamber is working to become an international chamber, linking our members to the global economy. Our new partnership with the Las Vegas Convention and Visitors Authority and the Consumer Technology Association as the World Market Center Las Vegas Business Club gives us the perfect platform to connect globally.

What lessons or traits from her do you think have influenced you as an adult, personally or professionally? The Las Vegas Chamber also plans on introducing an Association Retirement Plan later this year once the regulations are released by She was relentlessly encouraging, positive, and inspirational. The the U.S. Department of Labor. Association Retirement Plans would lessons and traits I learned from her were to be tenacious and never allow small businesses to band together to offer 401(k) plans to their give up on my dreams. She taught me that there was nothing I employees. This would give small businesses more plan options to couldn't do and the "sky is the limit... and even then there is no limit". their employees, as well as reduce administrative costs of providing She taught me to be kind to others and "if you think something nice this type of employee benefit. It is another great example of how the about someone, you should always tell them." She was my Life's Las Vegas Chamber is continuously looking for new ways to help Mentor. members find solutions to challenges and thrive in the marketplace. What are some of the challenges you have faced when assuming the position as President & CEO of the Las Vegas Metro Chamber? Getting to know our members and understand the diverse industries they represent. Also, we've concentrated over the past year in raising the bar at the Las Vegas Chamber even higher on delivering great programs and services to our members. In doing so, we've introduced a new consultative approach to customizing membership benefits to better serve the needs of our members. You are now a year and ½ in as President & CEO, do you feel you have met the goals you have set for the chamber?

(l-r) Alexander Acosta, U.S. Secretary of Labor and Mary Beth Sewald

Absolutely. We've been working hard to expand the number of members and engage them even more in our organization. Also, we are particularly proud of the national leadership role the Las Vegas Chamber has played in bringing back Association Health Plans to help businesses access more affordable health insurance. While these plans have been put on hold because of a federal judge ruling, the fact remains that finding affordable, quality insurance is one of the biggest challenges small businesses and sole proprietors face. We need to find practical solutions that make sense for our businesses and their employees. What are the future goals that you have for the LVMCC? Build on the chamber's already exceptional array of services that we provide to our members of all sizes. The Las Vegas Chamber will continue to be a strong advocate for Nevada's businesses at all levels of government. Protecting our business climate and promoting the needs of our community are essential roles that the Las Vegas Chamber plays.

(l-r) Mary Beth Sewald, Governor Sisolak, and Paul Moradkhan, V.P. Of Government Affairs

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2. GALIT VENTURA-ROZEN Motivational Speaker/Coach, National Association of Women Business Owners - Woman of Distinction Award for Professional Services, My Vegas Magazine Top 100 Women of Inﬂuence for 2017 and 2018, and Nevada Woman's Chamber of commerce honoree for the Athena Award in Leadership. She was recently inducted in the Nevada Women's Chamber of Commerce Leadership Hall of Fame. She named an Unsung Hero by Las Vegas Sun. She volunteers her time as the current National Chapter Director for Women of Global Change and as President-Elect for the National Association of Women Business Owners. As well as planning multiple events a year for the women and children of The Shade Tree Woman's Shelter. Galit has appeared on ABC, NBC and Fox as an expert on mindset, leadership, business and more. She is a sought-after international speaker speaking on these topics and also works with HR departments to train employees that have been promoted from within on leadership, eﬀective communication, and the successful mindset.

Galit Ventura-Rozen is a Business Performance Expert, professional speaker, author of The Successful Woman's Mindset, philanthropist and Inﬂuencer. An Entrepreneur since the age of 21. Galit owns and operates Commercial Professionals for over 25 years. Galit most recently received the TMG Entertainment 25th Silver State Award for Best of the Best Local

She combines her unique skills to deliver business mentoring, speaking engagements and interactive workshops to help businesses and entrepreneurs accomplish their goals and desires, break through fear, eﬀect lasting change, employ motivated teams, increase revenue, and build lucrative businesses from the ground up and take them to the next level. Galit also works with women that are inspired to be professional speakers sharing their story and expertise. Galit has a passion for her purpose to empower, inspire and motivate as many people as she can to believe in themselves and recognize the possibilities are limitless when you get out of your own way to success!!!

GENERAL By Dana Earhart, of Dana Earhart ConsultingBUSINESS

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3. MELANIE BASH Melanie Bash is a Creative strategist in event planning, branding, logistics, and adminstrative operations management. With over 25 years of experience, she specifically focuses on fundraising for non-profit organizations. Melanie is a true leader in Las Vegas and has touched many lives through her various executive fundraising positions via multiple non-profit organizations. Melanie's achievements in the field come from her personal experience with her own child with a disability. Her personal experience has not only given her the knowledge and compassion to help others but has given her insight into the everyday struggles other parents and families endure. This has been her driving force and passion to help all nonprofits succeed in their mission. Melanie has taken her passion further and combined it with her business acumen to start a streaming internet show called Non-Profit Life. As the host of Non-Profit life, a weekly talk show featuring nonprofits in our community, she uses her extensive contacts to help showcase and feature many of the local non-profits, many of which do not have the benefit of large donors, to give their programs the much-needed exposure to the community. Additionally, Melanie will be collaborating with Infinity Business Media Group to publish a quarterly magazine called – Non-Profit Life – as an extension to her talk show to help further the causes of the many non-profits. Melanie has also recently co-founded Leverage LV, a company offering donation sourcing for all nonprofits in the community. It has always been a struggle for donors to be championed by many nonprofits throughout the year to donate to their various functions and fundraising events. Leverage LV works closely with donors to allow them to donate to one

location which will then source out to local charities. Leverage LV will also act as a one-stop source for Non-proﬁts to help source all of their fundraising event needs, including marketing, printing, and event production. Bash is a graduate of California State Northridge and has been involved in many associations and leadership organizations throughout her career. She is married and has two children Arielle and Matthew.

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4. GINA BONGIOVI decided to dedicate her practice to serving startups and small businesses. Over the last ten years, Bongiovi Law Firm has grown with its clients to serve businesses of all sizes - from one owner to 100, and from those without in-house legal to those whose legal departments need to oﬄoad some work. Its attorneys pair business education with real-world experience to provide clients with business-minded legal advice that addresses all facets of business ownership. Much like Robert Duvall's character in the Godfather, think of Bongiovi Law Firm as a business consigliere, except with considerably less violence. Gina has helped found several nonproﬁts - Dress for Success Southern Nevada, Vegas Shepherd Rescue, Working K9 Rescue - and is working on others. She also serves on the UNLV Alumni Association Board, Dean's Advisory Boards for the Lee Business School and UNLV Honors College, the Las Vegas Metro Chamber Board of Trustees, and is the former chair of Vegas Young Professionals Advisory Council.

Gina is Managing Partner of Bongiovi Law Firm, a boutique ﬁrm that provides on-demand outside counsel services to businesses of all sizes. In 2005, Gina started a marketing company and, in need of legal advice, couldn't ﬁnd a lawyer that was willing or able to help a startup like hers. After hearing similar stories from other entrepreneurs, she

She's been honored as a Woman of Distinction by NAWBO, recognized as a Rising Star of Business by Las Vegas Business Press, listed among the Legal Elite for ﬁve years running, awarded the International Women's Forum Carolyn Sparks Founder's Award, and was named UNLV's MBA Alumnus of the Year. Personally, she's an animal-loving, wine-drinking, shoe-addicted yogi and dog mom who loves to cook, hike, and spend time by the ocean.

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5. MICHELE ROTHSTEIN Michele Rothstein is the owner of Balloons With a Twist and the recipient of the elusive title "Best Event Planner" for 2017 and 2018 in the Review Journal's Best of Las Vegas program, as well as the Co-Founder of 30DaysSugarFree.com. She is also the founder of MasterCalendarLasVegas.com, a comprehensive listing of local charity galas and fundraisers, and the Co-Founder of Leverage Las Vegas, a fundraising and event planning company specializing in non-profit organizations. Michele is the Vice President of the Board of Directors for Create a Change Now, a local nonprofit fighting childhood obesity by educating students on the benefits of healthy eating and applying our Healthy School, Healthy Life programming in at-risk elementary schools. Michele also sits on the Board of Directors for Woman of Global Change, and the Advisory Council for the Vegas Golden Knights Foundation. She also supports numerous other charities like the Make A Wish Foundation, Aid For AIDS of Nevada, Leukemia & Lymphoma Society, St. Jude's Ranch for Children, and New Vista. In 2010, she was a finalist for the ATHENA Young Professional Leadership award and was inducted into the Women's Chamber of Commerce of Nevada "Women's Hall of Fame." The following year, Michele was selected as one of the elite group of business professionals for the "40 Under 40" title. In 2016 she was awarded with the Reflection Award for Outstanding Entrepreneurship at the BIBO (Beauty

In, Beauty Out) Awards, as well as being chosen as one of the Top 100 Women in Las Vegas by MyVegas Magazine. In 2018, Michele was honored with the "Women of Wonder" recognition by Deluxe Version Magazine for her work in the community.

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HOW TO MAKE EMPLOYEE ENGAGEMENT A DAILY HABIT (BPT) - One of the latest business buzzwords this year is EX, or the employee experience. Organizations are beginning to realize that they need to create a positive employee experience in the same way they have focused on the customer experience. In this ever-tightening job market, it's mission critical to keep employees happy, fulďŹ lled and challenged. Only then can they keep their customers happy. Focusing on EX means evaluating an employee's entire life cycle with the company, from before they even apply for a job to beyond their last day. It's so critical that Forbes even dubbed 2018 the Year of the Employee Experience.

GENERAL By Dana Earhart, of Dana Earhart ConsultingBUSINESS

What is the EX, exactly? EX is not just about what it's like to work day-to-day in the office, and it's not about benefits, halfday Fridays, sleeping pods, beer fridges in the break room and other fun perks, though those things do enter into it. But EX is deeper and more meaningful than that. It's about truly engaging employees. Employee engagement (EE) and EX are intertwined so closely they can be called one and the same. The problem with EE: There's a disconnect In a recent study, Dale Carnegie found that 70 percent of top executives believe that employee engagement has a strong impact on financial performance. In a similar study, Deloitte found that 85 percent of company leaders say EE is an important strategic priority, but Dale Carnegie found that just 31 percent of front-line employees and managers strongly agreed that their company is actually making engagement a top priority. Clearly, there's a disconnect between what execs are saying and what employees are feeling. That's because there's a piece left out of this puzzle: the employees' managers.

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The key to aligning executive priorities with what employees are experiencing lies in the management chain. Managers need to be enabled and empowered to engage their teams on a daily basis. It means getting managers the training they need to engage their teams, by making it a strategic priority and creating a culture of engagement. Dale Carnegie programs teach the skills managers need and can help organizations do the right things to increase overall employee engagement. Ways to increase employee engagement Focus on getting managers and supervisors the skills they need. Immediate supervisors and managers are on the front lines of employee engagement. Leaders at all levels need to understand that the way they interact with their employees and direct reports matters to the company's bottom line. Open a dialogue with managers about EE, and listen to what they're saying about what works and what doesn't, and if they're frustrated, give them the tools and training necessary for change. Get CEO buy-in. If your CEO does not have employee engagement on his or her priority list, the eﬀort is doomed to fail. Make sure the CEO has the facts on employee engagement, and the knowledge that it needs to start at the

top. EE needs to be treated like any other strategic priority.Align policies with EE. You need employee-supportive policies and procedures, such as a standard performance evaluation policy. But it also means changing policies that are barriers to engagement. Are there processes and procedures working at cross-purpose with engagement eﬀorts? If so, change them. How are your rewards and recognition programs designed? What do you reward and recognize? Are they making your employees feel valued? It requires going through your policies with a critical eye, and the willingness to change what's not working. Employee engagement needs to be on the top of the priority list for top executives, managers and supervisors, and that's no easy task. But in this ever-tightening job market, with greener grass just a click away on a job seeker's app, keeping all of your employees happy, engaged and fulﬁlled is the key to your company's competitive advantage.

InfinityBy BUSINESS MAGAZINE Dana Earhart, of Dana Earhart Consulting

STARTING, SERVING, OR SUPPORTING A NONPROFIT Repeat after me: "Nonprofit" is a tax status, not a business plan. Keep that tenet in the back of your mind as you read on. Nonprofit organizations are permitted to make a profit. With approval from the IRS, they are exempt from paying taxes. Better stated: "nonprofit" = "tax-exempt." Too many nonprofits struggle because their donors, volunteers, or leaders forget how crucial it is to run the organization like a business. When extraordinarily passionate people come together in pursuit of a common philanthropic mission, it's easy to let emotions cloud rational decision making. As of November 2018, there were over 19,000 nonprofits in the state of Nevada. Nineteen. Thousand.

Gina Bongiovi Managing Partner of Bongiovi Law Firm, Gina is a Las Vegas native and holds a JD/MBA from UNLV. The company, which just celebrated its tenth year in business, serves as outside counsel to small and medium-sized businesses. Gina is a recurring speaker at a legal technology conference on topics such as Process Automation and Technology Planning.rtups and small businesses.

All rely heavily on just over 3 million Nevada residents for their support. Though it's a silly proposition which ignores the fact that many of those residents are themselves served by nonprofits, if you divided our population by the number of organizations, each nonprofit could call dibs on about 158 residents. Could you run your business with only 158 clients? I could…for about three months.

asked for my help in setting up a nonprofit that only rescued white German Shepherds or only German Shepherd puppies, I'd do my darndest to talk them out of it. If you have an idea that might jibe with the efforts of another organization, volunteer to lead a task force to bring that vision to reality. Most nonprofits would welcome the diversity and extra pairs of hands.

Let's talk more about mission. To file a taxexempt application, you'll have to articulate your charitable purpose. This shouldn't be an off-the-cuff thing but should be informed by the same depth of research involved in a forprofit venture's business plan. Resist the belief that everyone in the world shares your passion because that simply won't be the case. With that in mind, you'll want to first confirm you can recruit board members, a veritable army of dependable volunteers, and declare a purpose that interests enough donors so you can keep the lights on. A mission supporting the repopulation of the threatened African Pangolin might be a bit too narrow while one that "helps women" is far too broad.

Another reason to reconsider setting up your own nonprofit - it's complicated. Registering at the state level might be easy, but the IRS 1023 application is no joke, at around 28 pages. The IRS, not surprisingly, is primarily concerned with where your revenue will come from and how you'll spend it. To that end, the 1023 application requires an invasive yet mostly clairvoyant examination of your budget, mission, messaging, fundraising efforts, donor channels, governing documents, board participation, employees, independent contractors, policies and procedures…the list goes on. Once you submit the application, the IRS takes months to process.

This is only one reason among many why I strongly encourage people wanting to start their own nonprofit to instead search the market for an existing organization with a similar mission with which they can align. As an example, I helped establish Vegas Shepherd Rescue. They rescue, rehabilitate, and rehome orphaned German Shepherds. If someone

I also helped found Dress for Success Southern Nevada; we waited nine months for our taxexempt approval, even with a request for faster processing from our global headquarters. Vegas Shepherd Rescue's application was approved in only three months. Maybe we got lucky and our application landed on a dog lover's desk. It's the IRS – there's no way to tell.

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Interestingly, a few years ago the IRS introduced the 1023EZ form for certain eligible applicants that don't take much to complete and has a pretty short turnaround time. "Eligible" applicants must be able to (honestly) answer "no" to 30 - count 'em - 30 questions. This process is directed toward smaller nonprofits whose annual gross receipts don't exceed $50,000. Also, fight the temptation to go this route rather than exploring ways to collaborate with an existing organization. Just because it's easy to file doesn't mean it's easy to run. Between submitting your application and receiving your approval, you must be careful about accepting money. It's important to disclose that your tax-exempt status is pending and that donations are not guaranteed to be tax-deductible to the donor. If you are eventually approved, the contributions are taxdeductible to the donor as of the approval date. Let's pause for a second because it's important to note that registering a nonprofit with the Nevada Secretary of State is NOT the end of the process. You must apply to the IRS for tax-exempt status. A few years back I was introduced to a client who had completed step 1 but not the crucial step 2. They had been sending letters to thank donors for their "tax-deductible" donations for, oh, about 15 years before they hired a competent CPA who informed them they hadn't been a tax-exempt organization ever. Whether you qualify to file the EZ form or must file the long form 1023, you still need a board, volunteers, donors, and supporters, and you must skillfully manage all those people and their often vastly differing personalities. Human nature dictates that some people will be more committed to the organization than others. Especially where those people are unpaid, that disparity can be drastic and can have a significant impact on your operations. A strong volunteer base is crucial and it's also important to cultivate leaders among those volunteers. Many nonprofits employ a board matrix which shows the skillsets needed on the board and among the volunteers to move the mission forward. Sound like an organizational chart? It is. Remember the mantra? "Nonprofit" is a tax status, not a business plan. Speaking of differing personalities, the nonprofit world can be surprisingly cutthroat. I've seen organizations report their competitors to the IRS for noncompliance, which was appropriate in some instances and simply vindictive in others. I may have successfully discouraged you from forming your own nonprofit, but do strongly encourage you to serve one or more. Don't get carried away, though. Some people (looking in the mirror) have a hard time saying no and can quickly find themselves overextended. So how can you best serve a nonprofit? Though I (somewhat) jokingly suggested a drinking game of taking a shot each time someone says "time, talent, or treasure" during a nonprofit board meeting, it's the best catchphrase for ways you can help. First, it's important to understand the mission and to ensure the organization's efforts are aligned with it. Some organizations can veer off track and lose sight of the mission. It might be an intentional pivot or it might be the result of distracted or

ineffective leadership. Ask lots of questions of current and former board members to ferret out any problems. Next, determine how you might be able to help - time, talent, and/or treasure. "Treasure" is easy. Provided you have the funds, writing a check is the path of least resistance and provides the thing almost every nonprofit needs most - money. "Talent" means bringing your unique skill set to an organization. While there are roles based on a day job - a CPA chairs the Finance Committee or a lawyer chairs the Governance Committee - there are myriad less obvious ways to contribute if you don't have expensive letters after your name. One is by leveraging your resources to help the mission. If you work at a TV station, fill lastminute guest appearance cancellations with plugs for the organization. If you own an event planning company, lend your expertise on setup, decorations, and maybe donate centerpieces. If you're a photographer, serve on the Marketing Committee and take photos of events that are watermarked with your company name. Relationships are resources too, so if you happen to know a lot of influential people, facilitate introductions to the organization's leadership. Keep in mind there are a limited number of very wealthy families in Southern Nevada and they are on every nonprofit's radar. If you are bold enough to join the chorus, make sure your message is unique and compelling and that the organization has its act together. Not that I'd know (yet), but if I were a major donor, I'd want to see my money used wisely. That said, also recognize and honor your weaknesses. I can barely ask for extra ranch, so I am the furthest thing from a fundraiser. However, I have found other ways to contribute that isn't just squawking about bylaws and reviewing contracts. Time. Even if you don't have the money and believe, incorrectly I'd argue, that you don't have the talent, you might find the time. While nonprofits need leaders and donors, they also ALL need volunteers - people who are committed, dependable, and trustworthy. If you aren't ready to commit to a board role, serve on a committee. If that's too much, simply volunteer. We live in an amazing community with a staggering number of generous people and ways to get involved. If you aren't sure where to start, give me a call. I have relationships with a ton of nonprofits in the valley and am happy to make suggestions and introductions.

"The best way to find yourself is to lose yourself in the service of others." - Mahatma Gandhi

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SMALL BUSINESSES ARE LOOKING BEYOND BANKS FOR LOANS (BPT) - Growing a business requires strategy, persistence and money. Even the most successful business owners occasionally need extra cash to expand their operations. However, getting this funding through a bank can be an uphill battle.

Continued neglect from big banks is leading small-business owners to seek alternatives. After being rejected by her bank, Lester called Funding Circle, an online small-business loans platform that connects business owners who need capital with investors willing to provide it.

That was the case for Kate Lester, owner of Kate Lester Interiors, a luxury design firm based in Southern California. After Lester's "We thought it would be a longer process because of what happened business took off, she set her sights on opening a retail space to when we went to our bank," she said. "I spent eight hours on the phone with my bank just trying to get someone to talk to me." attract even more clients. "When the perfect space became available on the Pacific Coast Highway," she said, "we didn't have all that capital in the bank." After reviewing her finances, she decided to apply for a bank loan. Despite being a longtime customer, and having excellent credit and zero debt, she was denied.

Banks are notorious for having tedious loan application processes and lengthy turnaround times. Compiling paperwork for an application can take multiple days, and business owners often have to wait another several weeks or months just to receive a response.

Online credit providers, on the other hand, pride themselves on Unfortunately, this is a common occurrence for small-business offering faster, simpler financing to small businesses without owners across the country. According to a 2018 Fed Small Business sacrificing on affordability. For business owners like Lester, Survey, nearly one in two small-business owners struggle to get the maximizing time and resources is crucial. financing they need to expand and pursue new opportunities. "Time is something that's super valuable to me," she said. "For me to That's largely because banks are still ignoring small businesses, go to a bank, and maybe get one or two points difference in the interest rate, wasn't worth all the back and forth it would have despite their contribution to the economy. required." A new report from Oxford Economics shows that: Today, Lester's sales are up 150% after receiving a loan from • Small businesses are responsible for 60% of all jobs in Funding Circle in 2017. Her story, while remarkable, isn't exceptional. industrialized countries • And yet, in the United States, loans to small businesses make up Online providers are driving growth and profits for millions of small only 0.7% of banks' balance sheets • Only 13% of business owners who applied for a commercial loan businesses in the U.S., in turn creating more jobs and boosting the of $25,000 to $100,000 from a bank received at least half the economy. In 2018, businesses borrowing from Funding Circle supported 38,000 jobs and contributed $2.8 billion to the American money they asked for economy (measured in gross value added). 41

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: E R U IT N R U F E IC F HOME AND OF D L U O C W O N K 'T N O D U O Y T A H W BE TOXIC!

How to avoid hidden dangers in home and oï¬&#x192;ce furniture 44 9

GENERAL By Dana Earhart, of Dana Earhart ConsultingBUSINESS

| LEGAL | FINANCIAL | MARKETING | HEALTH & WELLNESS

(BPT) - Awareness of health risks from potentially harmful chemicals has grown exponentially in recent years, leading to a consumer demand for transparency regarding what's in the food, personal care products and household items we use every day.

it's proof that we're prioritizing ingredients that are healthy and environmentally friendly."

But did you know that many home and oﬃce furnishings contain chemicals linked to cancer, asthma and other ailments? These chemicals can create potentially toxic air that we breathe inside where we spend 90 percent of our time - every day. According to the EPA, concentrations of volatile organic compounds in the air are consistently higher - up to 10 times higher - indoors than outdoors.

What can consumers do to protect themselves? One step is to educate yourself about the issue. Learn about products you plan to bring into your home. Check with the HPDC or Living Future websites to see if the products you're buying or companies you're purchasing from are listed. Ask about products and furniture at your workplace, and help inform your employer about the issue of environmental health.

Materials transparency

To learn more about product safety in general, you can take four new online courses available to everyone at the Parsons School of Design. Alison Mears, head of the Healthy Materials Lab at Parsons, explains the importance of education for consumers, saying, "If you want to understand more about the paint for your baby's bedroom, you could actually start taking these courses and would be pretty well informed and know where to look for more."

Aiming to establish industry standards for reporting building product content and potential health impacts, the Health Product Declaration Collaborative (HPDC) created an "Open Standard" through which manufacturing companies can be more transparent about building materials used in furniture and other products for homes and workplaces. The HPDC standard is based on thorough scientiﬁc analysis, providing builders, architects, designers and consumers accurate information about the chemicals used in the manufacturing processes of the furniture we live with every day, and how it might aﬀect our health.

Environmental education

Becoming more educated about household products, furnishings and labels helps consumers concerned about everyday exposure to chemicals make smarter, healthier choices. Companies wanting to grow their business, particularly with the younger generation, also need to pay attention to these concerns. According to research from Nielsen, millennials and members of Generation Z are much With the increased awareness of this issue, many manufacturing more willing to patronize companies that demonstrate a companies are joining HPDC to demonstrate their commitment to commitment to making a positive social and environmental greater transparency about the materials they use. Included in impact. So what's HPDC are companies such as Armstrong Ceiling (l) Forrestmembership Griffin, Vice President Of Athlete Development and (r) Heather Linden Director Physical Therapy good for the consumer and the planet is also good for their bottom line. Solutions, GAF Roofing and Humanscale. Another nonprofit organization dedicated to materials transparency is the International Living Future Institute, which allows companies to "Declare" their products using an online platform, providing a resource for builders and consumers seeking healthier products. Humanscale makes ergonomic and environmentally sustainable office furniture. Jane Abernethy, its chief sustainability officer, describes the importance of materials transparency in achieving their mission of sustainability: “We're leading our industry in materials transparency with more Health Product Declarations (HPDs) and Declare ingredients than any other company. Inspired by what we're seeing brands such as sustainability pioneer Patagonia do in apparel, we're diving deep into our supply chain to create thorough and accurate disclosures. By understanding what goes into our products, we're creating a healthier environment not only where we live and work but also for the world." Cooperation with these transparency and sustainability standards is voluntary, so at the same time that a growing number of manufacturers are joining the effort, there are still many companies making furniture and other products without revealing information about their possible harmful effects on the interior environment. Abernethy confirms that it's an ongoing commitment her company is dedicated to making, explaining that with ingredient labels on nearly 70 percent of products, "It's not only a reflection of our commitment to avoid red-list materials and chemicals of concern;

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Nevada Businesses Required to Report and Remit Unclaimed Property Annually Danielle Anthony, Auditor III, Nevada Treasurer's Office The Treasurer's Office, Unclaimed Property Division, is privileged with the task of reuniting owners with their property. Individuals can search their name or business name on our website to see if there is unclaimed property that has been previously submitted to the state that belongs to them. This is made possible through businesses ("holders") reporting unclaimed property and remitting the property to the state. If the company meets any one of the following criteria, they are required to submit unclaimed property reports on an annual basis (April 30 for insurance companies and October 31 for all others). The reporting requirement for these holders is not limited to holders who have identified property to turn over. It is also a requirement to submit a report when no property has been identified to turn over (to acknowledge that a review was performed).

Reporting unclaimed property is required by Nevada Revised Statute (NRS) 120A and Nevada Administrative Code (NAC) 120A. Failure to report could result in penalties and interest. However, the Treasurer's Office, Unclaimed Property Division, is invested in helping companies become compliant. As such, we offer amnesty programs for reporting. For first time reporters, the Voluntary Disclosure Agreement is available, which waives penalties and interest. For reporters who have previously filed, amnesty programs are also available.

Who is required to report: 1. Holders incorporated in Nevada. 2. Holders located in Nevada. 3. Holders conducting business in Nevada. Otherwise, reporting in Nevada is only required when unclaimed property is due to someone whose last known address is in the state of Nevada. Unclaimed property includes properties in a company's books related to unpaid payroll, uncashed checks, expired gift cards, rebates, dividends, safety deposit box contents, refunds due, life insurance proceeds, worker's compensation insurance proceeds and more. It does not apply to gaming proceeds, real estate, vehicles or lost and found items. Step-by-step guides are available on the unclaimed property website - www.nevadatreasurer.gov/Unclaimed_Property/ Holder_Reporting. These guides are the "Nevada's Holder Manual" and the "Holder Module User Manual," respectively. Our website also offers "Useful Information for Holders" for reference. Getting Started: Reporting requires due diligence to be performed between 60 and 120 days prior to report submissions. This means that reviews of the books should begin in July, to ensure you have plenty of time.

For Holder support, our contact information is listed below. Our office is always happy to help! Grant Sawyer Building 555 E. Washington Ave, Suite 4200 Las Vegas, Nevada 89101 Walk-In Office Hours: 8am - 5pm Pacific Phone: (702) 486-4140 Toll Free-Nevada only (800) 521-0019 Phone Hours: 9am - 4pm Pacific Email: nvholder@nevadatreasurer.gov

NEVADA SMALL BUSINESS RESOURCE DIRECTORY ACCESS TO CAPITAL Accion-Las Vegas Phone: (702) 250-3372 Web: www.accionnv.org

USDA Rural Development Las Vegas Phone: (702) 407-1400 ext. 103 Web: www.rd.usda.gov/nv

Bank of Nevada Multiple Locations Web: www.bankofanevada.com

The Valley Center Opportunity Zone (VCOZ)-Las Vegas (702) 384-8269 Web: www.vcoz.org

Prestamos/CPLC Las Vegas Phone: (702) 207-1614 Web: prestamosloans.org Nevada State Bank Multiple Locations Web: www.nsbank.com

Wells Fargo Multiple Locations Web: www.wellsfargo.com BUSINESS COUNSELING Nevada Small Business Development Center-Multiple Locations Web: nsbdc.org

Nevada State Development CorporationLas Vegas Phone: (702) 877-9111 Web: www.nsdc.com

SCORE Multiple Locations Web: www.score.org

Nevada State Development CorporationReno Phone: (775) 770-1240 Web: www.nsdc.com

CHAMBERS OF COMMERCE Carson City Chamber of Commerce Phone: (775) 882-1565 Web: www.carsoncitychamber.com

Nevada Business Opportunity Fund Las Vegas Phone: (702) 734-3555 Web: www.vedc.org/nevada

Henderson Chamber of Commerce Phone: (702) 565-8951 Web: www.hendersonchamber.com

Prestamos/ CPLC Las Vegas Phone: (702) 207-1614 Web: prestamosloans.org Rural Nevada Development CorporationEly Phone: (775) 289-8519 Web: www.rndcnv.org Small Business Administration (SBA) Multiple Locations Web: www.sba.gov The Interface Financial Group Las Vegas Phone: (702) 636-8644 Web: www.interfaceﬁnancial.com/Schultz

Urban Chamber of Commerce 1951 Stella Lake St. Suite 26 Las Vegas, NV. 89106 Phone: (702) 648-6222 Web: www.urbanchamber.org Women’s Chamber of Commerce of Nevada-Las Vegas Phone: (702) 733-3955 Web: womenschamberofnevada.com *There are many Chambers of Commerce in Nevada. For more visit: http://business.nv.gov/Resource_Center/N etworking/ EXPORTING Governor’s Oﬃce of Economic Development– International Trade Web: www.diversifynevada.com Oﬃce of the U.S. Trade Representative Web: ustr.gov Nevada Industry Excellence Multiple Locations Web: www.nevadaie.com National District Export Council Web: www.districtexportcouncil.org/nevada 10

Las Vegas Asian Chamber of Commerce Phone: (702) 737-4300 Web: www.lvacc.org

U.S. Department of CommerceU.S. Export Assistance Las Vegas Phone: (702) 388-6469 Web: 2016.export.gov/nevada

Las Vegas Metro Chamber of Commerce Phone: (702) 641-5822 Web: www.lvchamber.com

GOVERNMENT CONTRACTS

Latin Chamber of Commerce (Las Vegas) Phone: (702) 385-7367 Web: www.lvlcc.com

Clark County Small Business Opportunity Program Las Vegas Phone: (702) 455-0000 Web: www.clarkcountynv.gov

The Chamber of Commerce Reno + Sparks-Reno Phone: (775) 636-9550 Web: www.thechambernv.org The Gay & Lesbian Chamber of Commerce Nevada Las Vegas Phone: (702) 625-3882 Web: www.glccnv.org

Governor's Oﬃce of Economic Development—Emerging Small Business Program and Procurement Technical Assistance Center (PTAC) Carson City and Las Vegas Web: www.diversifynevada.com

INCUBATORS/SHARED WORK SPACE Adam's Hub -Carson City Phone: (775) 222-0001 Web: www.adamshub.com Bridgewire -Sparks Web: bridgewire.org Co-Operate On Las Vegas Web: www.co-operateon.com

City of Sparks Phone: (775) 353-5555 Web: http://cityofsparks.us/

Work in Progress -Las Vegas Phone: (702) 906-2323 Web: www.workinprogress.lv

Clark County Phone: (702) 455-2000 Web: www.clarkcountynv.gov

Urban Chamber of Commerce Las Vegas Phone: (702) 648-6222 Web: www.urbanchamber.org/pages/About Facility/

Washoe County Phone: (775) 328-2000 Web: http://cityofsparks.us/

CUBE at Midtown -Reno Phone: (775) 622-9900 Web: www.cubeatmidtown.com

INSURANCE

Henderson Business Resource Center Henderson Phone: (702) 565-8951 Web: www.hendersonchamber.com

State of Nevada, Division of Insurance Carson City and Las Vegas Web: www.doi.nv.gov

Innevation Center -Las Vegas Phone: (702) 444-1111 Web: www.innevation.com

LABOR LAWS State of Nevada, Office of the Labor Commissioner Carson City and Las Vegas Web: www.labor.nv.gov

Pacific Workplaces -Reno Phone: (775) 360-2000 Web: pacificworkplaces.com/locations/reno -office-space RedFlint Vegas -Las Vegas Phone: (702) 408-3200 Web: www.phoenix.edu/redflint.html Reno Collective -Reno Phone: (775) 391-0195 Web: renocollective.com StartUpNV Reno and Las Vegas Web: startupnv.org The Coop-Las Vegas Phone: (702) 636-9101 Web: www.thecoopcowork.com/en The Innevation Center (UNR) Reno Phone: (775) 682-8612 Web: www.unr.edu/innevation

The Mill Downtown Las Vegas Web: http://themill.vc

LICENSING Nevada Secretary of State Multiple Locations Web: www.nvsos.gov Carson City Phone: (775) 887-2000 Web: www.carson.org City of Henderson Phone: (702) 267-2323 Web: www.cityofhenderson.com/economicdevelopment/home City of Las Vegas Phone: (702) 229-6011 Web: www.lasvegasnevada.gov City of North Las Vegas Phone: (800) 326-6868 Web: www.cityofnorthlasvegas.com City of Reno Phone: (775) 334-2090 Web: http://www.reno.gov/home

*There are several business licensing offices in Nevada. For more click here:http://business.nv.gov/Resource_ Center/Licensing/Permits/ TAXATION State of Nevada, Department of Taxation Multiple Locations Web: www.tax.nv.gov Internal Revenue Service Las Vegas Phone: (702) 868-5005 Web: www.irs.gov TRAINING OPPORTUNITIES Nevada Business Opportunity Fund Las Vegas Phone: (702) 734-3555 Web: www.vedc.org/nevada Nevada Small Business Development Center -Multiple Locations Web: www.nsbdc.org Vegas PBS- Global Online Advanced Learning (GOAL) Las Vegas Phone: (702) 799-1010 Web: www.vegaspbs.org/workforce SBA Multiple Locations Web: www.sba.gov SCORE Multiple Locations Web: www.score.org

702.586.3817.

702.586.3817

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