Talon and Christina are a power couple trudging through the details to make housing for seniors available.
As members and students of Residential Assisted Living Academy, Talon and Christina are learning how to navigate the sometimes murky waters of the assisted living industry.
There has never been a more crucial time in America’s history than the present. What makes this season so vital is the need for senior housing.
Baby Boomers are entering their senior years, and desirable housing for them is at a deficit. They do not long to go into traditional nursing homes or big box assisted living facilities. They want to live in a community with full access to everyday life.
Assisted living homes are more to the liking of Baby Boomers. What is an assisted living home?
Residential assisted living homes for seniors are rooted in a top-rated sitcom from the 1980s.
Golden Girls painted a picture of living life as a senior in your way and on your terms. Likewise, the present-day residential assisted living home offers a similar concept with more support.
Assisted homes have in-house medical support to ensure one’s senior years are enjoyable, healthy, and safe.
Do you long to provide seniors with a place to call home?
Do you desire to help seniors live their golden years in peace with complete independence?
Since Talon and Christina are new to the senior living industry, they do not navigate by themselves.
Instead, they rely on the experts who educate and train them at Residential Assisted Living Academy.
As a national organization, RALA is fully equipped to guide investors and owners through various state laws, policies and regulations.
Understanding the legal waters of the senior living industry is essential to success.
What happens when policies, regulations, and laws make building your first assisted living home too challenging?
A COUPLE YOU SHOULD KNOW, TALON AND CHRISTINA
There is no better way to unfold the multiple-layered training benefits of the Residential Assisted Living Academy than hearing from previous students.
Talon and Christina, natives of Southern California, have risen through the ranks as an industry power couple. The source of their power is not a sundance of financial wealth but rather in their joint aim to make a difference.
Talon works professionally as a Healthcare Administrator, and his wife, Christina, works as a Phlebotomist.
Having met on the job, they fell in love, married, and started building their family.
Together, they also desire to leave a legacy, which is what brought Talon and Christina to the Residential Assisted Living Academy.
They understand quite clearly why assisted living homes are essential.
HOW TALON AND CHRISTINA GOT STARTED IN THE ASSISTED LIVING INDUSTRY
When Talon was younger, his grandparents needed viable living accommodations, but none could be found.
He remembers the stress and heartache his family endured.
Despite being a youngster, Talon says he still knew something was wrong – they were in a difficult situation and quite vulnerable.
Christina also understands, working with patients directly as a Phlebotomist, she acquires first-hand experiences of many social and medical challenges faced by seniors.
She says she’s seen how aging alone often results in immense depression. Christina says seniors need support, care, and companionship; many have none.
Christina’s passion compelled her and Talon to get involved in the senior housing industry.
In the same way, they found each other; this couple found their “big why” for going into business.
Talon’s family experience, coupled with Christina’s first-hand knowledge, grew into a cause. Together, they use their knowledge, experience, and passion to make a difference by changing the trajectory for many seniors.
They said amongst themselves, “Why not provide housing for aging Americans?”
Initially, they desired the first assisted living home to be close to their residence. Talon and Christina started navigating the murky waters of finding, renovating, and establishing an assisted living home in their community.
They were forced to consider other options.
RESIDENTIAL ASSISTED LIVING 3-DAY PROVES TO BE PRICELESS
Learning how to maneuver obstacles is one of the enormous benefits of the Residential Assisted Living Academy.
If your business encounters challenges, the Academy can help you with the necessary advice that suits your specific situation.
The RAL Academy motto is “Do good and do well.”
Making a difference in your community is meritorious. The goal is to positively impact senior housing while also making profit.
As a result, the power couple learned various options to explore.
TRANSACTING BUSINESS OUT OF STATE
The ramifications of transacting business outside of the state in which you live require legal expertise.
Do you have legal expertise? Most do not – this is not a problem.
However, the Residential Assisted Living Academy has a team of lawyers versed in assisted living rules, regulations, and laws across America.
Entrepreneurs do not have to be legal experts. Yet, it helps to have experts on speed dial.
Talon and Christina became overwhelmed with navigating the murky waters of the California legal code about assisted living homes.
The apparent restrictions and legal jargon started to discourage and intimidate them.
Talon and Christina, determined to make an assisted living home a reality, began to contemplate building or renovating one in another state.
Anxiety gripped the couple as they considered what it might be like to own a home many miles away.
They became disappointed – for the first time, they thought their goal was unachievable. However, just as discouragement began to creep in, they found help which revived their hope.
As members of Residential Assisted Living Academy, Talon and Christina have a group of legal experts and industry professionals who provide ongoing support.
They are not alone.
As a result, their dream did not die.
Presently, Talon and Christina are learning and growing, networking through the assisted living private Facebook group and connecting with other homeowners and trainers.
The decision to open their first home out of state is not nearly as overwhelming as they first thought it might be.
They received the expert support needed to succeed.
5 PROFESSIONAL TIPS FOR DOING BUSINESS OUT-OF-STATE
There are many things entrepreneurs must consider when conducting business outside of the state.
While everything can not be extrapolated here, the top 3 considerations are below.
- Getting Started: Qualifying for Doing Business Out of State
A company that engages in intrastate business, meaning the company is headquartered in one state but conducts business in another, must ensure qualification in the non-resident state. Every state is different, but capability usually requires a company to complete the paperwork, publish some notice in the public domain, pay fees for the entity required, and designate a registered agent – either an individual or a company residing in that state – this is necessary for the acceptance of government documents related to legal actions or lawsuits against the company. Typically, registration fees fall between $100 and $300. Talon and Christina are currently examining this. They are determining what makes sense. Should the state border their home state of California? Can it be further away? What type of entity is required in various forms for an assisted living home?
After a company registers in a state, it must pay state income taxes on the profits earned in that state. A corporation must pay a state’s corporate income tax, while LLC members can typically avoid double taxation by paying income tax on the profits earned in the state and receiving a tax credit from the resident state. A company must fulfill a state’s employment tax requirements – this is a significant consideration. In essence, Talon and Christina must determine how they want to be taxed? They must evaluate their current financial portfolio, understand with the help of Residential Assisted Living Academy professionals a variety of options, weigh their “why” against this, and make a decision. However, this is par for the course as an entrepreneur. Talon and Christina are growing and going in the right direction with their Residential Assisted Living Academy mentors and support system.
- Registration: A business that fails to undergo qualification with a state may be subject to:
Late penalties: A state may charge a set fee amount plus a daily amount or a flat fee that will typically range from a few hundred dollars to a few thousand dollars.
No legal recourse: Most states have “closed-door statutes” that will allow a court to delay or dismiss a legal action filed by an unqualified company. If a court delays an action, it may require the company to qualify and pay a late penalty before proceeding. If dismissed, a company may refile after qualifying and paying the applicable late fee as long as the statute of limitation does not prohibit the lawsuit.
While listed here, Talon and Christina need not worry about missing qualifications.
The Residential Assisted Living Academy system guides them through all of these necessary steps.
They only needed one important component, to be connected to the industry experts – it’s not about what you know, but who you know.
Talon and Christina have complete access to the well-qualified support team at the RAL Academy for ongoing assistance.
A WORTHWHILE INVESTMENT
The power couple, Talon and Christina, are facing the challenges of starting a business. It’s not always easy.
If it were easy, everyone would do it – this is why they secured the support needed to accelerate their process while saving time and money.
“It’s an investment well made,” Talon said.
The investment is well made because it is socially conscious while being financially sound and prosperous.
Talon and Christina want to make a difference in the lives of others. “We want to give back,” Christina said.
The two are deeply concerned about the plight of America’s seniors and building a legacy for their families.
This power couple is well on their way to success, and it begins with education and training.
Residential Assisted Living Academy has many couples like Talon and Christina.
Visit Residential Assisted Living Academy to start your journey of investing, owning, or operating your assisted living home today.
Philanthropy has its place and entrepreneurs fuels America’s economy, residential assisted living allows business owners to do both.
Do you long to make a difference in your community? Do you want to support seniors and help them age with dignity? Contact the experts at the Residential Assisted Living Academy today.