Archive for the ‘small business’ Category
How to legally sell a small business to family member?
March 18th, 2010 | 
Author: We have a small retail business that my father runs. The business is currently under my name but now I’m buying a house and because of the mortgage, I would now like to transfer it to my father’s name.
So question is how can I legally transfer the business to his name? I don’t want to go through a broker and take it through escrow, etc. Please help…
About the business: its a clothing store, location is in a mall, rented. All store information is under my name.
Thanks in advance.
You can have your bank draw up the paperwork for you at little or no cost.
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How does my small business repay myself and my partner if we used our savings for start up?
Let’s say a friend and I each used $10,000 each from our personal savings to start up a small business. We pay ourselves our salary each month but how does the business repay the start up money? Is it a seperate payment from the salary? We don’t claim it as income, correct?
Pretty simple really. Decide on an interest rate, about how much you would like to receive a month, and have your accountant amortize the "loan." Then just pay yourself that amount, in a separate check each month. The interest is expensable. You do not have to claim the principle as income come tax time, but you will need to claim the interest. Your accountant should draw up a 1099-MISC for you.
How do I become an official small business owner?
I have a small store in Yahoo, but would like to become an official small business owner. This way, I can register to receive credit card payments online and have the company officially registered. For this, I need to have business owner information and a business social security number. I have no idea where to start all of this!
Also, which state should I try to register my business in since it is online?? Any advice?
Register your store name as an assumed business name in the state/county of your residence. Then apply to the IRS for a federal tax ID number.
How would I start a small business in Embroidery?
I am wanting to start a small business out of my house . A embroidery business. I figure i need about 10k to start but where would i get the money ? A small business loan ?
Before borrowing the money, make a business plan so you can calculate your breakeven point and make pro-forma balance sheet and Profit and Loss Statements (FINANCIAL PLAN), know where your customers are going to come from and how you will advertise to them (MARKETING PLAN), if you will incorporate or take on a partner and who owns what (BUSINESS PLAN PROPER), and then submit to a banker or someone who will loan you the money.
I suggest going to http://www.sba.gov/financing or a similar site for comprehensive free advice. Since more women start Embroidery businesses, you may have an edge in getting a loan. If you’re a minority, it may even be better. Good luck.
What small business would be good in a rural community?
What type of small business would be good to start up in a rural community? I would appreciate any answer’s.
Thanks for your help!
I have quite a bit of experience in rural community business. The sad truth is its getting harder and harder to survive there in traditional business. If its traditional you want then this question is unanswerable without a lot more detail.
My suggestion start an internet business which you can run from anywhere with broadband and a phone.
What small business would be good in a rural community?
What type of small business would be good to start up in a rural community? I would appreciate any answer’s.
Thanks for your help!
I have quite a bit of experience in rural community business. The sad truth is its getting harder and harder to survive there in traditional business. If its traditional you want then this question is unanswerable without a lot more detail.
My suggestion start an internet business which you can run from anywhere with broadband and a phone.
Starting a small business. How do I get financing? Does anyone know of a good resource for good information?
I’m looking into starting a small business but apparently banks don’t loan to startups and there aren’t gov’t grants available for startups either. How do i go about getting the financing together? Are there any good resources? I am writing the business plan now.
The posts above are a scam.
Banks Do lend money to start ups, but it is harder now than normal and you are likely to have to shop banks to get a loan and get decent terms. Try to find on with a designated Small Business Banker. They will likely be able to help you better and have more experience than most branch managers.
It would really help to get a little more information.
(1) What kind of business are you starting?
(2) Do you have anything for collateral
(3) Is there a secondary source of income (are you still going to work is your souse or partner going to still work)?
(4) What area of the country do you live in?
(5) How much are you looking to borrow?
If you can not get bank financing there are a couple of options.
(1) Find outside investors
(2) Home equity loan
(3) Find a partner
(4) start small and work your way up.
How many small businesses will go out of business if republican succeed in increasing health insurance rates?
Health insurance is one of the biggest costs for small business that choose to support their employees. We have seen 200% grown in premium costs over the last 6 years. It looks likely that republicans will succeed in squashing any significant reform in the health care bill. How many small businesses will go out of business as a result?
Or will they simply drop employee matching leaving the entire cost up to individuals?
The more the better from their point of view as then that will mean that Obama’s reforms are damaging America, or so they will argue. And that means that they can go back to the wonderful healthcare system that no other western nation has!
It surprises me that so many Americans seem not to be aware about Obama’s healthcare plans [a]. During the election, he campaigned for these changes stating that he felt it was unfair to have a system where insurance companies try to escape paying claims and was elected to bring in changes [b].
First of all, too many people do not know that Obama wants to make insurance more available to all. His system is similar to that which works in Holland, Taiwan [c] and Switzerland. It works there and private healthcare companies provide most the insurance to the people there.
FACT – the USA spends more on healthcare PER PERSON than any other nation on the planet [d].
FACT – insurance companies admit that they push up costs, buy politicians and do not pay out for many claims when they should [e].
FACT – the US has higher death rates for kids aged under five than western European countries with universal health coverage [f].
That means that a dead American four year old would have had a better chance of life if they were born in Canada, France, the Netherlands, Cuba, Switzerland, Germany, Japan etc, all of which have universal health coverage. And no western European nation with universal healthcare has moved away from it. And the sad thing is, that the insurance companies have spent loads of money to fight these reforms [g] and loads of politicians are taking the thirty pieces of silver from them to fight the reforms, rather than fight for the health of the American people.
Remember, I back my facts up with evidence. Those who say they are wrong tend not to. If they are wrong, e-mail me with proof and let me know.
What does a small business need to do to ship paper products to international destinations? Are there fees?
I am starting a small business and want to know what steps I need to do to ship to international destinations like Japan, Korea, or Mexico. My product is simple, similar to business cards, but I am trying to learn what steps I need to take to legally offer my goods in those countries. Do I simply fill out a customs form at the Post Office and I’m all set? Or are there "export agreements" or more complicated decisions I have to make? Legally, if I send my product to a client in Japan, for example, am I subject then to Japanese laws and possibly liable _in_ Japan for breaches of some license that I may be totally unaware of? Any help or suggestions would be greatly appreciated. Again, this is not a product like tobacco or alcohol, but simple pre-printed cards (very similar to business cards) that have a clients’ info on them. Any and all help will be greatly appreciated.
You can ship USPS Global Priority.
It’s easy and inexpensive. It’s the only way to not make your customers deal with custom fees.
What kind of small business licence do I need to run my business from home and sell from my website?
I have a home based craft business and I will be selling through my website and at craft fairs. I need to know if there is a general small business licence that covers internet sales or if a local city licence covers it. Thanks!
contact you state equalization board. Additionally you may need a federal tax id