Money & Finance

Post image for Basic Training: Just How Exacting Are the Tax Authorities Anyway?

Today’s Basic Training question can be answered simply with a Sarah Palin-esque answer:  “You betcha!” Q: Are you required to add state taxes to online business? A: Even though online businesses don’t have the same physical “presence” as their bricks-and-mortar counterparts, they are still required to charge sales tax (and remit it to the local authorities) […]

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Entrepreneurs who want to raise capital from angel investors really need to consider the process from the angel’s point of view. Every audience you’re trying to sway needs to be able to see “what’s in it for them”.  I’ve heard people quip that the most popular radio station in the world is WIIFM–“What’s In It […]

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Post image for Basic Training: Verifying Your Credit Card Status: Personal or Corporate?

Q: Is there is a way for one to tell whether or not one is personally liable for a business credit card? A: If the card is in your name along with a company name and the credit card statements are addressed to the company, that c-o-u-l-d be an indication that the account is in the company […]

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Yet another handy Q&A from Forbes Small Business, and this one featuring my colleague, Marian Banker.  🙂  What do you do when your company has expansion plans, but one of the partners refuses to co-sign a loan for the necessary funds? Other than a long, hard discussion with your partner about being aligned on goals, […]

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Post image for Angels Are Still Interested

Inc. magazine swears that there’s still angel investment funding out there for the right businesses.  Well, OK, maybe “swear” is too strong a word.  Still, the articles “Angels Are Still Interested” and “Angel Investing 2009” paint the picture that, while perhaps not quite roaring like a mighty river, angel investor financing is more than just […]

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Post image for Why Small Businesses Fail

Does this sound like you: “I’ll just work harder and sell more stuff/get more clients. That’ll turn my financials around.” Well, as Jay Goltz says in his FSB article, “Why Small Businesses Fail,” working harder won’t fix a broken businesses model.  You’ll either face burnout, or worse, a bevy of legal headaches resulting from your […]

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So you’ve identified the exit events that can trigger a buyout. Yippee-ki-yay. Is that the end of the exercise? Of course not. (You knew it wouldn’t be, didn’t you?). Identifying when a buyout situation might arise is one thing. Having the funds for the payout is quite another. Chris Mercer sagely points outa number of […]

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“Neither a borrower nor a lender be,” said Shakespeare (see context below) … but what about being an investor? If you’re approached by friends and family to provide your hard-earned capital to the next best thing since the Pet Rock (or, maybe, Facebook), what should you ask them before getting involved? Tune into my Watching Your Wealth interview […]

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Post image for Basic Training: Y is for Yes, You’ll Pay Taxes on Your Home-Based Business Earnings

Here’s the lowdown on taxes when it comes to home-based businesses. If you earn money on it, no matter how little, plan on paying taxes. Doesn’t matter that it’s for a little “walking around” pocket change, for the baby’s diaper fund or to help Grandma get her heart medications. Q.: I was thinking about doing […]

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Post image for Basic Training: X is for X-acting Tax Rules for NFPs

Entrepreneurs occasionally ask me about the value of forming a nonprofit (“not-for-profit corporation” (NFP) in legalese). I suppose they say, “Hmmm . . . nonprofit . . . that means I don’t have to pay taxes!” And to a certain extent, they’re right. Nonprofits are exempt from paying federal and state income taxes, provided you […]

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