I’ve been extremely lucky. I was raised by parents who took the time to pass on their wisdom. My mother, an accountant, has incredible business talent. She used that talent to help my father keep his own books in shape. While working outside the home and working to help my father succeed in his own business, she also managed to find time to recognize and gracefully utilize natural “teaching moments” at home while raising my brother and me.
My father, like my mother, is an inspiration to me. He was a plumber and shared his business wisdom freely and put me to work at a very young age in his entrepreneurial business. By the time I was in high school, he allowed me to take on more responsibility and learn more of his business. He made sure I would have the experience and work ethic that most of my peers didn’t.
I had the opportunity to repay him when his health began to fail. Together, we were able to keep his business open longer than he would have been able to manage alone. But, as his health worsened, he had a choice to make: he could sign up for disability or he could change his career path to a business model he could manage with health issues. My father went back to school in his late 40s and got his degree in Social Work. He became a Family Therapist and retired from that career in his late 60s. Continue reading →
Brian Bailey of McClure, McClure, & Bailey is helping entrepreneur Douglas Thornburg II, owner of Southern Safety Innovation Corporation find a location for a new manufacturing facility in the Rockcastle County Industrial Park. Brian Bailey is dedicated to helping business grow. The proposal was outlined in this article from The Mount Vernon Signal, seen below:
A C corporation is a separate legal business entity, the income of which is taxed through the corporation rather than through individual share holders, unlike S Corporations, which pass profits to shareholders who are then responsible for the tax burden of those profits on their personal tax returns. C corporations are named for Subchapter C of the Internal Revenue Code and C corporations are the default corporate type under that code. This means if another type of corporation is not specified, the entity will be a C corporation automatically when it incorporates. This is why C corporations are also called “regular” corporations.
A C corporation’s shareholders must elect a board of directors responsible for making decisions and overseeing policies for the entity. In most cases, a C corporation is required to report to the Kentucky State Attorney General on financial operations. The C corporation is viewed as an individual tax payer by the IRS. As such, C Corporations are subject to “double taxation” — being taxed once at the corporate level and again on the personal level when dividends are distributed to shareholders.
A major advantage of a C corporation is that its owners have limited liability and are not personally liable for any debts incurred by the entity and they cannot be sued individually for corporate wrongdoing. This “corporate veil” means shareholder liability is limited to their investments in the corporation. Additionally, since the corporation is an independent entity, it does not cease to exist when the owners/shareholders change or die. Continue reading →
Brian Bailey meets with the Rockcastle Fiscal Court to help a would-be Rockcastle County Business owned by Douglas N. Thornburg II, establish itself and grow. For more information, read this article in the Mount Vernon Signal from July 16, 2015:
The McClure Family has been active in the Danville and Boyle County area for generations. Case in point: This video from 1940 showcasing Patrick McClure‘s great-grandfather (and George M. McClure, III‘s grandfather), George M. McClure, Sr, who lived to be 105, and was a graduate of the Kentucky School for the Deaf and Centre College.
George M. McClure, Sr. was also a teacher and an administrator at the Kentucky School for the Deaf beginning in 1880 and continuing for 67 years. Below is a video of Mr. McClure from 1940.
Gallaudet University’s Video Catalog includes this video, called, Reminiscences by Dr. George M. McClure of Kentucky in which Dr. McClure shares the history of how the Kentucky School for the Deaf in Danville, Kentucky (Boyle County) became one of the first state-supported deaf schools in the country.