Author Archives: Kame

3 Business Tips For People Over 60

As you start to get older, you may notice some shifts happening not just within your body, mind, and personal life, but in the ways you work as well. If you own or operate a business, you may have to make some adjustments in how you do things. This is to be expected! Over the course of 20, 30, or 40 years, you will age and change and so will your industry. Evolution is a part of running any business, and sometimes it can be a little uncomfortable. If you’re in need of some fresh advice, here are 3 business tips for people over the age of 60. 

Don’t Get Stuck In Your Ways

Just because you’ve been doing business a certain way for a long time doesn’t necessarily mean that that’s the best way to do things in this day and age. Evaluate yourself and your practices and compare them to similar businesses in your area. Assess whether you’ve seen any steady decreases in profit in recent years and if so, consider why that might be. 

Try not to be too elitist or get stuck in your ways and refuse to change. Every successful business owner knows that they need to change with the times in order to keep up and stay relevant! 

Have A Plan For Retirement

Whether you’ve already reached retirement age and are considering retiring soon or you’re just trying to plan ahead for the future, having a plan for retirement is important for anyone but even more so if you own or run a business. There are a lot of decisions to be made, such as whether or not you’re going to do a “soft retirement” where you gradually cut down on hours before leaving entirely. 

You’ll also need to choose who your successor will be – as in who will run the business after you retire. This may be one of your adult children, or a trusted colleague who you know will do a good job. Most people don’t suddenly stop caring about their business just because they’ve retired, so knowing it will be in good hands will help give you peace of mind so that you can really enjoy your golden years. 

Listen To Your Body

As people age, it’s very common for their minds to still feel young and sharp while their bodies begin to slow down and deteriorate. You may not be able to move as quickly or work as many hours as you used to, and that’s OK! Remember to listen to your body and if something is too much for you, ask for help or make proper accommodations. 

Aging is a part of life and reaching your 60s definitely doesn’t mean life is over in any way! Hopefully these tips can help you to adjust the way you do business in a way that works for you – now that you’re a little bit older. 

Tips for Hiring a Professional Freight Unloading Service for Your E-commerce Business

Freight unloading is the process of removing cargo or goods from a container, truck, or other modes of transportation, and if you’re an e-commerce business owner you know the importance of logistics in the supply chain process. There are several methods of freight unloading. As all of these methods require careful planning and coordination, you want to hire an experienced freight unloading service or risk your cargo being mishandled and delivered too late if at all. 

Here are some tips to help you choose the right service for your e-commerce business.

Research and Compare 

Rather than hiring the very first service provider that comes up, when it comes to hiring an unloading service you want to do research and compare. This is because different services have different strengths and weaknesses and by comparing you can find one whose strength matches your business’s specific needs. 

You can start with a simple internet search of online directories like Google Maps, or Yelp. Consider finding industry-specific directories as well. Alternatively, you can ask other e-commerce businesses or industry contacts for recommendations on reliable unloading services.

Once you have a list of potential hires, narrow down the list by reading reviews and testimonials from previous customers on the service provider’s website or other online review sites to gauge experience, quality of service, reliability, and professionalism. When reading reviews, try to find a balance and be cautious of reviews from biased sources or ones that are all from a single source.

Check for Licensing and Insurance 

Accidents happen and regulatory compliance is there to protect so it’s essential to check that licensing and insurance are not just existent but up to date when hiring a freight unloading service. 

Specific licensing requirements vary, but generally, a license indicates that the service provider has met certain criteria and is authorized to perform the services they offer and without insurance, you could be held liable for any accidents or damages that occur during the unloading process. You can check licensing and insurance by asking for a license number and insurance policy information and then verifying this information with the appropriate regulatory agencies or insurance companies. Or you can ask for proof of insurance and licensing to be provided to you directly.

Discuss Pricing 

Of course, money is a priority for any business so it’s a good idea to ask for quotes to discuss pricing as soon as possible and before any agreements are signed

When discussing pricing with a freight unloading service, it’s important to understand the factors that can impact the costs. For example:

  • Type and size of goods that may require special equipment or handling techniques
  • The distance needed to be traveled to the unloading location 
  • The time frame, such as requiring the service provider to work outside of regular business hours
  • Additional services required such as sorting, labeling, or packaging 

By considering these factors, you can choose a professional freight unloading service that meets your e-commerce business’s needs and ensures the safe and efficient unloading of your goods.

Choosing Refinance Mortgage Companies: Things to Know

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Choosing the mortgage lender is one of the most important factors when searching for the best loan offer available on the market. It may make a difference between low and high rates, loan approval or denial, and whether you will undergo a smooth process instead of overwhelming paperwork requests. 

That is why you should learn how to find the best refinance lenders, which will provide you peace of mind. Getting a refinance loan or preapproval requires a comprehensive analysis of your financial situation and money-making decisions. 

Although numerous mortgage companies will follow similar rules, they may differ in the processes and products they are offering. This crucial consideration will help you find the perfect mortgage lender for your specific needs. 

  1.  Understand What Mortgage Lender Will Require from You

You should know that lending institutions will focus on four essential things when you apply, including your monthly debt, credit score, monthly income, and savings account. 

Therefore, the higher your credit score, the better terms, and rates you will get. We recommend reaching at least 740 points or higher, which will help you get the best and lowest interest rates and the fastest approval. Of course, you can also find bad-credit mortgages, but they depend on government backup.

The lower your debt-to-income ratio, the higher the chances that they will approve you. Generally, the lender will divide your monthly debt, including the future mortgage payment, and check out your gross monthly income. The difference will come in percentage, meaning you should not go over forty-three percent of overall debt compared with income.

Similarly, as mentioned above, the lower ratio you have, the chances are higher that you will receive the loan terms and rates you wanted in the first place 

A steady income is another factor, meaning you should ensure that you have worked with the same employer in the last few years. Two years is a gold standard because full-time income and salary for the last two years will help your approval process.

For self-employed people who receive variable income depending on a specific project, you should present the accountant’s analysis, tax returns, and other factors that will help you obtain the green light on the application. 

At the same time, a high down payment and additional savings will help you increase the overall process. The best course of action is to spare twenty percent of the principal as a down payment, which will prevent private mortgage insurance, reduce monthly expenses, and obtain the best rates possible. 

By checking here, you will learn everything about refinancing before making up your mind. 

  1.  Mortgage Options
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Another factor when choosing a lender is determining the best mortgage deal you can apply to. Therefore, some lenders will not offer you specific programs we mention in a further article, while others specialize in specific options, meaning you should search for the best candidate. 

  • Conventional – Conventional loans require at least three percent of the down payment. However, the best course of action is to pay twenty percent. If you cannot do it, you must pay private mortgage insurance until you reach the twenty percent equity. PMI is the protection lender will require you to pay based on the overall amount you get. 
  • FHA – The Federal Housing Administration loan is perfect for people with bad credit scores, mainly because conventional loans will reject them altogether. Therefore, you can go as low as five hundred points, which is essential to remember. However, you must pay FHA mortgage insurance throughout the loan’s life. Still, we recommend you refinance it to a conventional look the moment your score improves, which will prevent further expenses and reduce the interest rate.
  • VA – If you are military personnel, you can qualify for a no-down payment mortgage backed by the US Department of Veterans Affairs. Remember that the VA cash-out refinance is another option allowing you to tap up to ninety percent of your home’s equity, providing you peace of mind.

Visit this website: https://www.thebalancemoney.com/what-is-refinancing-315633 to learn everything about refinancing a mortgage. 

  • USDA – Suppose your goal is to move countryside, but you have low savings and earnings. In that case, you can take advantage of the US Department of Agriculture-backed loan that will provide you peace of mind. You do not have to make a down payment but must comply with location regulations and strict income rules. 

Importance of Hosting Conferences (Konferensrum) for Your Businesses

Creating a community is essential for ensuring you are a successful entrepreneur. Without the proper following, it is challenging to reach new clients and new sales goals and impact the world you wanted in the first place. 

Still, we can differentiate numerous ways to boost your online tribe, while you can choose new and old ways.The most powerful option to do it is through in-person events (Konferensrum), which will provide you peace of mind. 

If you are a new entrepreneur, you mustthink about each step along the way. That way, you can differentiate the numerous benefits of creating relevant events, boosting revenue, and taking your business to the next level. 

  1. Ensure People Experience Your Brand In-Person

Although it may seem obvious, since we live in a digital age, most of us forget the power of experiencing someone in real life by bringing them together. Whether you are hosting a large conference or a retreat for members does not matter; the main idea is to ensure your followers and past customers see the real you. 

They will take you as a different and complete person, from your voice to your mannerisms to your natural reactions during improvisations and conversations. Suddenly, they are becoming more than those who createInstagram Stories and Facebook Live videos. Now, you are becoming a person they can compare with, an actual, flashed-out individual. 

  1. Let Them Connect

Having a Facebook group is effective to a certain point, but you should know that nothing can replace the in-person interaction of liveevents. Therefore, when attendees share the same challenge, activity, or meal, it creates a sense of friendship and coworking. It’s a good way to check here to learn more about creating a conference. 

The best thing about it is the ability to connect through everything. Since they create memories around your brand, you can take that to your advantage. At the same time, they will talk about things they experienced in real life, which will broaden their relationship, which is something you cannot do online through the Internet.

Remember that memories are powerful vehicles when building relationships with your current and potential customers. 

  1. Organic Conversations

When it comes to conversations, influential events will create a perfect backdrop that will allow you to start an organic conversation. Although they can happen online, it is vital to remember that social media is a closed-minded and pick-up/put-down communication platform. It is not the same as talking with someone at a particular time.

Although you can find people with whom you cannot talk the way you want, some conversations flow, and before you know it, you will discover that you share a personal quirk, common struggle, and love for certain things with someone else. 

These profound, trivial, or minor discoveries come from organic conversations. They are highly potent for relationship building and human connection.

  1. Take Your Offerings to a New Level

Since you are a business owner and entrepreneur, you can create the most value possible for clients to make way for the best course of action. Creating an event can take your goals to a new level and help you throughout the process.

We can lay out differences in numerous ways you can boost value, including building in-person components to your specific course, which will bring you more people than before. At the same time, you can offer exclusive materials or one-on-one time with others, which may seem perfect for others. 

Besides implementing special promotions and offers, boosting your personal brand experience and uniqueness by creating an alive event theme will bring your guest closer to you. And do not forget merchandise you can giveaway, which is also perfect for promotion and conversion. 

  1. Obtain a Deeper Understanding of Your Customer’s Requirements

Generally, you are in business to make money by serving your customers their needs and requirements. You do not have to use a formal information gatherer such as a newsletter. The best way to know more about them is through direct communication. Watch this video: https://www.youtube.com/watch?v=LBStHJczitc to learn more about the importance of events. 

Besides, you can ensure the attendees organically raise questions and offer you honest feedback during and after a conference. The best way to go is to subtly ask a specific question during a conversation, which is a perfect chance to learn how to tailor your service better and boost marketing efforts, among other things.

Things to Know About Gold IRA

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We can all agree that investing in gold comes with numerous benefits. Still, it is vital to understand everything you can get after using retirement funds to purchase physical gold on a self-directed individual retirement account. 

Of course, you should remember that a regular IRA does not allow investing in gold, but you can choose other options. It means you can invest in a gold IRA, which is a perfect way to diversify your portfolio and protect other investments. You can find a wide array of the best gold IRA companies to help determine the course of action. 

Remember that a gold individual retirement account is self-directed, meaning you can take advantage of precious metals. However, it comes with more significant fees than Roth or traditional IRA, where you can take advantage of mutual funds, bonds, and stocks. Finally, a gold IRA is a perfect solution to protect your investments against inflation. 

You should know that gold value per ounce has changed significantly over the last thirty years. It went from two hundred dollars in ninety-nine to two thousand dollars in 2020. It goes up and down in opposition to economies and potential turmoil.

Besides, a self-directed IRA is an aspect of an IRA or individual retirement account that will allow you to invest in precious metals, including palladium, platinum, silver, and gold, instead of other, more prominent, and usual assets. 

In the ’97, Congress allowed precious metals in an IRA, while the US mint started producing silver and gold bullion that became highly popular among citizens.

Gold IRA

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Individual retirement accounts appeal to investors who want to diversify portfolios for retirement purposes. Since the value moves in the opposite direction of regular options dependable on paper assets, you can take advantage as the insurance against inflation and turmoil. 

Creating a balance in your portfolio will reduce risks, especially since retirement investing is a long-term option. That is why you should implement intelligent choices regarding different options, which is vital to remember. You should click here to learn everything about precious metals as investments. 

The process requires finding a custodian or trustee, which will feature an approved depository by the IRS. Since the Great Recession happened in 2008, people started using options that allowed them to keep money and ensure overall stability. That is why the market features record gold sales, especially for retirement purposes. 

Of course, we should mention the impact of the world and economic news because the Federal Reserve’s stimulus programs affected the chances of geopolitical risk. 

Rules You Should Follow

You can choose either Roth or a traditional option. It does not matter which version you get because you can invest only in physical commodities, meaning bullion and coins. 

The first thing you should consider is whether you wish to get a physical investment in a portfolio instead of precious metal companies’ mutual funds, stocks, or exchange-traded funds, which will allow you to invest without changing the type of retirement account. 

However, if you choose to get a physical metal, you should follow relevant rules for holding it. For instance, it should be refined and meet IRS standards, while you must choose the trustee, meaning you cannot hold it safely in your home. 

The precious metals must be in an IRS-approved depository, meaning you should research before making up your mind. Stashing bullion in the closet, safety deposit boxes and safes is not possible. Instead, you should follow IRS rules, while understanding the regular taxes, disbursements, and contributions. 

Find Custodian or Broker

Suppose you wish to purchase precious metals. You should first open a self-directed individual retirement account, meaning you can manage it directly and take advantage of a wide array of financial products. 

However, for precious metals, you should find a broker to purchase the amount you want and a custodian who can create the account. The company will hold any weight you decide to get, which is vital to understand. 

In most cases, custodians are trust companies, banks, credit unions, savings and loan associations, brokerage firms, and other agencies or companies who have approval from state or federal agencies to offer custody services to financial advisors and individual investors. 

Check out this guide: https://www.wikihow.com/Invest-in-Gold to understand each step along the way. 

They will not choose dealers for you, meaning you should find the best person for the job. Still, the expert will share the list of best options, meaning you can avoid losing time vetting each one.

Take Control Over Your Financial Future With Gold Safe Exchange

Take Control Over Your Financial Future With Gold Safe Exchange

Buying precious metals can undoubtedly be a lucrative endeavor if approached from the right angle, but it can also be difficult, especially if you’re conducting your affairs online. It’s always important to proceed with caution when making any financial transaction on the Internet. Still, it’s especially so, given the value of the items under discussion.

Thankfully, a solution has presented itself – Gold Safe Exchange. As the name suggests, this is a fast, efficient, and, most importantly, simple way to trade precious metals right from your web browser. Now, you are no longer limited by factors like geography or expertise when it comes to buying gold. People from all backgrounds can take advantage of it, going a long way towards diversifying their wealth.

All told, using a service like Gold Safe Exchange brings a wide range of benefits, all at the same time.

Fend Off Inflation

If you’ve been paying attention to the news recently, you’re undoubtedly aware that there has been a lot of talk about the harmful impact of inflation on the economy. Increasing prices in sectors like energy, labor, and housing are driving up inflation at a rate that, for many, is exceeding what they’re earning on many forms of investment. This is not an issue that is unique to the United States; for the record – it’s happening all over the world.

When inflation rises, it devalues our currency. When it rises too fast, it can play havoc with the markets. Physical precious metals like gold are very resistant to quick changes in the market by their very nature. The same is not true of the value of a paper currency like the dollar, which can fluctuate wildly even over the span of a day.

The value of the dollar is also heavily dependent on a lot of outside factors, with the activities of the Federal Reserve being one of them. If the Federal Reserve decides to raise or lower interest rates as they often do, it will immediately impact the value of our currency in the United States. The same is true of actions pertaining to Central Banks and even the global economy.

However, the value of a precious metal like gold is far less likely to have these types of swings because it is less dependent on these external elements. In fact, banks generally prefer holding gold because it’s far easier and more stable in the long run.

Gold Safe Exchange Couldn’t Be More Straightforward

Another one of the major benefits that come with using Gold Safe Exchange comes by way of just how easy it is to use. For many, getting started with gold and other precious metals can be a time-consuming, confusing, and ultimately frustrating experience. Thankfully, that is no longer the case, as Gold Safe Exchange makes things effortless from start to finish.

Finally, everyone has the opportunity to diversify their wealth, protecting that which they worked so hard to earn. They don’t have to worry about global economic instability and don’t even have to partner with a financial advisor if they don’t want to. Everything can be accomplished quickly and easily, putting you in control of your financial future the way it should be.

If you’d like to find out more about Gold Safe Exchange and its benefits, or if you’d just like to get started with gold and other precious metals right away, please don’t hesitate to visit Gold Safe Exchange today.

Dedicated Master Tobacconist

Cory Carnley is a native of Gainesville, Florida, where he has lived his entire life. It is through this dedication to his home state that he developed a passion for the things around him. Perhaps while his peers were out partying, drinking, and smoking, Carnley knew he was destined for something better. He loved quality drinks and cigars and decided that he would pursue a career in the related fields. His greatest accolade is that he is one of Gainesville’s youngest tobacconists, receiving his certificate as soon as he was able to on his 18th birthday. Of course, quality cigars were enjoyed in celebration of this significant milestone.

One to partake in the premium things life has to offer; Cory Carnley is well-trained in the esoteric subject of mixology. He has his certificate in responsible vending and bartending in some of the hottest establishments throughout his area.

Carnley Explains the Importance of Cigar Humidification

Many cigar enthusiasts have heard a familiar “crunch” sound when reaching for one of their favorite pieces. While it is seen as the epitome of luxury and comfort, most don’t understand that cigars need to be kept under certain environmental circumstances to keep fresh and maximize enjoyment. This is why, whenever a store is entered, the cigars are kept in a separate room, usually regulated by temperature, material, and humidity. 

The maintenance of your humidor and the collection of your cigars cannot be ignored, especially if you find yourself collecting and saving quality pieces for future occasions. Cigars function quite like wine, in the fact that certain types can get better with age. A hygrometer is a simple solution that helps you identify the humidity inside the room. This, coupled with the proper temperature, can preserve or even enhance the flavor of your cigars. In general, aficionados aim for 70% humidity and 70 degrees Fahrenheit, but it is best to consult a professional such as Carnley for proper care instructions.

Pure Dedication to his Craft

Cory Carnley continued to immerse himself in research about all things tobacco and drink-related. He often experiments with different products, mixes, and preservation methods. He is a self-made man, meaning that the education he has garnered for his love of tobacco products have all been self-taught through the use of multiple methods, including life experience, trial and error, and, of course, virtual and offline mentorship.

Some of the products that Carnley familiarized himself with are luxury cigars, cigarillos, cigarettes, pipes and pipe tobacco, hookahs, and chews. There are many other things he knows about, but this list is not exhaustive. He primarily concerns himself with luxury cigars, as frequent consumers will usually understand that the rare occasion that you enjoy a cigar needs to be of the finest grade. Because of this, Carnley must constantly stay ahead of the curve to offer the best customer and product experience on the market.

Cigars have significantly opened up the world to Cory Carnley. He loves to travel and connect with other cigar lovers to trade tips and learn more about the global state of tobacco through the eyes of tobacconists. He is a zealous activist who advocates for cigar rights domestically and abroad.

Wellman Shew: 5 Questions About Short-term Disability Insurance You Should Answer Truthfully

Short-term disability insurance is designed to help bridge the gap in your finances if you can’t work for a short period. It provides benefits when a person is unable to work, says Wellman Shew. 

Before buying, ask yourself these 5 questions to make sure you’re making the right decision.

What is Short-term Disability Insurance? Wellman Shew Explains.

Short-term disability insurance provides an income if you’re unable to work for a short time due to injury or illness. It provides coverage for six to 12 months, after which your long-term disability coverage kicks in if you still can’t work.

Wellman Shew says it’s different from long-term disability insurance, which replaces a portion of your income if you become disabled and can’t work for a year or more. You can get short-term disability insurance through your employer as a voluntary benefit or purchase it as supplemental coverage.

Short-term disability insurance is also different from health insurance, which pays for medical bills related to an illness or injury.

Why Is Short-term Disability Insurance Important?

If you’re injured or fall ill, short-term disability insurance offers financial security by paying part of your lost income. It gives you time to recover and return to work.

It can also help cover the cost if you have a disability-related expense. And the policy can help ease the financial burden if you can’t work for a short time due to injury, illness, or a family member’s medical needs. Wellman Shew adds that if you don’t have savings or can’t cover the costs, you could face financial difficulty and stress.

Who Is Eligible for Short-term Disability?

Short-term disability insurance provides a benefit if you become unable to work for a short period due to injury or illness. The length of time you can receive short-term disability benefits varies and is based on the type of policy you have and the reason for your disability.

The insurance plan typically provides coverage for six to 12 months and then transitions to long-term disability coverage. In some cases, short-term disability benefits may be available even if you’re not disabled.

Short-term disability policies may require you to be absent from work due to an injury or illness that is verified by a doctor. Policies vary, so check with your employer to understand the specific requirements for your coverage.

How to Choose the Right Short-term Disability Plan? 

Wellman Shew says you need to read the fine print to understand the details of the plan if your employer provides short-term disability coverage. You can also purchase the policy on your own if your employer doesn’t offer short-term disability coverage.

When choosing a short-term disability policy, consider the following:

  • Does the policy require a waiting period?
  • How long is the waiting period?
  • What is the benefit amount?
  • How is the benefit amount calculated?
  • Is there a maximum benefit amount?
  • Does the policy cover ongoing medical expenses?
  • Is there a coverage amount per month?
  • Is there a maximum coverage amount per month?
  • What is the insurance company’s rating?
  • Are there any discounts or other benefits associated with the policy?

Short-term disability insurance can help ease your financial burden of a disability by replacing some of your income while you recover. To decide if the coverage is right for you, consider your current financial situation and plan for unexpected events.

Wellman Shew holds a business administration degree and has been in the insurance industry since 1982. As the founder and owner of Shew & Company Inc. since 2005, he is a specialist in employee benefits, Section 125 plans, health savings accounts, long-term care, 401k plans, life insurance, and disability insurance. Wellman Shew is currently the agency manager of employee benefits brokerage at his company. 

Building a Better World Through BioPharma

Travere Therapeutics is a biopharmaceutical company that is focused on the delivery of advanced and innovative therapies to people dealing with rare diseases. Founded by Kevin Mulleady and others, this company is located in San Diego, California, where it serves a global community of patients who often have very few options for treatment and specialized care.

Travere Therapeutics provides the following services for rare disease patients:

  • Delivery of innovative treatments
  • Access to commercial therapies
  • Patient advocacy and formation of rare disease initiatives
  • Diagnostic testing

Travere Therapeutics stands as a leader and a resource for helping to create a better world for those dealing with rare diseases and conditions.

Moving Forward

Recently Travere Therapeutics announced announced that their new drug application for sparsentan, a treatment for rare kidney diseases, was accepted and granted a priority review by the US Food and Drug Administration. With no advisory committee meetings scheduled to discuss the application, the FDA has designated the review process to be complete by the middle of November 2022.

This is a big step forward for Travere and the people they serve. Sparsentan is on track to be the first FDA-approved non-immunosuppressive treatment for IgA nephropathy. Also known as Berger’s disease or synpharyngitic glomerulonephritis, IgA nephropathy affects the kidney and the immune system. In its most aggressive forms, it includes the following symptoms:

  • Nephrotic syndrome (inflammation in the kidneys)
  • Acute kidney failure
  • Chronic kidney failure

Several serious diseases are commonly associated with aggressive IgA nephropathy, including cancer, celiac disease, heart failure, HIV, liver failure, and various types of arthritis. Complete remission of Berger’s disease is rare. The survival rate of aggressive IgA nephropathy is about 25%.

Supporting the Science

When Kevin Mulleady and others began Travere Therapeutics, they envisioned a company built on partnering with other entities to fund the science and research needed for new, innovative therapies. The FDA application for sparsentan was based on results from the Phase 3 PROTECT study, which involved the treatment of over 400 patients who experienced persistent proteinuria, often a condition associated with IgAN. For nine months, patients who had received sparsentan showed a reduction of proteinuria of almost 50%, compared to the 15% reduction using irbesartan, a treatment for protecting kidneys from damage. The study suggested that sparsentan was well-tolerated. 

Sparsentan will be subject to a priority review by the FDA. This type of review is usually reserved for applications for drugs that, if approved, represent a significant advancement in the safety and efficacy of treatment, diagnosis, or prevention of disease and conditions. Travere Therapeutics is proud to be a major supporter and advocate for new therapies that can achieve better outcomes for patients with few options for dealing with rare diseases.

Dr. Gregory Finkelson on Launching a U.S. Business From Outside the Country

In 2020, foreign individuals or entities spent $1.9 billion to establish new businesses in the United States. Though the country is open to non-native business ownership, the federal government requires several steps before you can operate within the country. Dr. Gregory Finkelson offers guidance on how to proceed if you cannot travel to the U.S. to set up in person.

Dr. Gregory Finkelson’s Recommendations for Establishing a Business in the U.S.

Before you can open your business within the United States, you need to go through the legal process of registering your company, obtaining a tax ID number and opening a bank account with a U.S. financial institution, with intervening steps in the process. Fortunately, you can take care of them without setting foot inside the country. Follow this procedure to take advantage of the U.S. business environment.

1. Identify a Home State for Your Company

Your first step is to identify a state to register your company in. Consider the state’s foreign business regulations, filing fees and tax structure. Dr. Gregory Finkelson recommends registering with a state that does not have corporate or capital gains taxes, leaving you only to deal with federal taxes. However, if you are opening a business that requires you to operate in a particular state, you should choose that state as your home base.

2. Hire a Registered Agent and Submit State Registration Documentation

A registered agent is an individual or entity responsible for handling legal documentation for your business. The agent can be anyone over 18 with a physical address in the state you are registering your business in, though Dr. Gregory Finkelson suggests you hire a registered agent service.

3. Obtain Your Employer Identification Number

As a foreign business operating in the U.S., you need a federal tax ID number. Your EIN serves this purpose. To obtain one without a social security number or individual tax ID number, you need to FAX or mail a completed and signed Internal Revenue Service Form SS-4, the EIN application.

4. Establish a Physical Mailing Address

Before opening a bank account, you need to set up a physical mailing address. If you intend to have a physical office or business location, you can use that address. Otherwise, you will need to use a mail service that provides a physical address rather than just a box number.

5. Open an Account at a U.S. Financial Institution

Dr. Gregory Finkelson cautions that some U.S. banks require you to visit the bank in person to open a business banking account. However, many banks now allow you to complete the process online, as long as you have the required documentation. Furthermore, the number of digital banks legally operating in the U.S. is increasing, with many offering business banking services.

Finally, be sure you understand your tax-filing responsibilities in your business’s home state and with the federal government. Once you complete all steps in the process, you can begin operating your business within the U.S.