My Friend Encouraged Me To Look Into 831b, And I Am Definitely Pleased That I Did

I had never had much motivation to learn about taxes and insurance concepts, but when I became a business owner, I knew I would need to focus on learning the particulars of tax code, especially 831b. When I got started, I had never even heard of captive insurance or had a clue what it would mean for me and the bottom line of my business. A friend of mine is an expert in the field, and he spent a lot of time telling me all about the amazing benefits of this concept and convincing me to give it a try.

I first started thinking about the whole idea when my small started earning a comfortable profit, and I took a well deserved break one day by meeting up with an old friend who was a very successful executive, for a round of golf. Obviously, our conversation turned to business and my friend asked me the very pertinent question of how I was taking advantage of 831b.

Sadly, I had no clue what he was talking about and I knew he could tell from the blank look on my face. But I was relieved when he laughed and told me he didn't expect that I would know about it, and he told me that he would be happy to teach me all about captive insurance and help me to set up a plan that would be a great benefit to my company. I told him he would need to start at the very beginning and pretend I knew nothing about it, and he laughed and did just that.

Before we both had to get back to work, we were able to talk for quite a while about what I would need to know about it and he wrote down a website for me to look at that he told me was extremely informative and told me to look up "Delaware captive." I went back to the office and followed his advice, supplementing his advice with more information that I found online on a very informative website for a company that specialized in captive insurance.

Once I had done a little more digging, I called the company and we discussed the insurance needs of my company, and they were very personable as they helped me set up an insurance structure that was perfect for my company. It seems like often times in life, the most important things for you to learn, also take the most effort to learn. I am very grateful to my friend who initially got me to look into this, since it has really helped me improve my business and has also given me the potential to really expand my business.

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