Money & Finance

“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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Post image for Why Business Formation is a Key to Your Success

I was recently contacted by an entrepreneur (“Marie”) for a “rush job”: She had formed an S-Corporation about a year ago, and now a couple of investors were waiting in the wings to take an equity piece of her company. She needed the deal signed, sealed and delivered within two weeks. Now I won’t say that’s […]

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Are you having trouble getting paid? Afraid to push too hard to collect on this debt?  It’s a common scenario for small business owners.  And as I’ve said in my program, “How to Train Your Clients to Pay You,” the only thing worse than having no clients is working like a dog and not getting paid. […]

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Q.: Can a partnership use a partner’s family term life insurance policy as a business expense, with the intention of using the policy as a way to buy out the spouse’s interest in the business?   Read on to find out . . . .

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Post image for How to Choose an Advisor–Top 5 Questions You Want to Ask

I was sitting with a colleague, Matt Clifford of The Island Financial Group last week, chatting about a range of things: the economy, is the administration’s Stimulus Package truly stimulating (or is it a handout), and how small business owners can protect themselves. Our conversation then moved to “whom can you trust?” With the seemingly […]

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Post image for What to Do When Your Financing Freezes

This climate is exceptionally frustrating for entrepreneurs–a lot of the taxpayer stimulus money that was supposed to be sent to the banks to make loans to small businesses is being held up either in legislative approvals or by the banks themselves, which are tightening access to credit like a noose. I know many small-business owners […]

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Post image for Basic Training: G is for Get Your House in Order

When you start a business and it doesn’t do well, there can be consequences. Financial ones, especially. If you want to stick it to your creditors and walk away from the whole depressing, unprofitable endeavor, you can–that is, you have the ability to, provided that you’ve formed a limited liability entity, and “fraud” is not […]

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Christian Fea’s article, “First Steps to Forming a Strategic Alliance,” contains some solid advice:  select someone who isn’t a direct competitor, determine your target market, find providers of compatible products and services. But he seems to gloss over an important question:  “what is their income range?” Especially in tight times, income is an extremely important […]

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