A recent iLogos Research study revealed 94% of Fortune 500 companies now hire employees online, a stark contrast from 1998, when only 29% of them were doing the same. If you own or manage a small business, that means the vast majority of your fiercest competitors are now spending less time and less effort on recruitment. And that leaves them with more time to, simply put, get a leg up on you.Sure, it sounds like a threat. But isn't lack of...more
Debt Management Plans (DMP) is placed one step beyond credit counseling and a stone's throw short of bankruptcy. If you are too deep into debt and unable to pay them, a credit counseling agency may recommend Debt Management Plans. This is a serious step that should be considered carefully along with better money management skills and budgeting disciplines.Similar to prescription medication that you would only take after consulting a licensed...more
What state Incorporates more than a half-million business entities, including more than half of the Fortune 500 companies? New York? California? Illinois? No. No. No. That state is Delaware. With a population smaller than 88% of all states, this business-friendly state attracts more corporations than any of the major cities. Businesses choose Delaware simply because of their flexible corporate laws, highly respected Court of Chancery, a business-friendly State Government, and a customer service oriented Staff of the Delaware Division of Corporations. Among the many business-friendly laws, Delaware does not require corporations to operate in the state, only to maintain a registered agent, who may be an individual resident, or an existing domestic corporation. Additionally, incorporations typically take 24 hours to process, however there are services that allow same day, and 2 hour filing. There is no corporate income tax for corporations incorporated in Delaware, but not transacting business in the state. Further, the cost to incorporate is one of the lowest in the country, and one person can hold all officer positions of the corporation. Officer names are not required to be listed...more
Just a decade ago the concept of bank liquidity was for all intents and purposes only one for the Bank Regulator to really concern himself with. Certainly, a bank had to remain liquid - a critical factor if it were to continue to enjoy the confidence of its depositors - but this criticality was more an "after the event" issue than a live drama that...more
Many multi-million dollar deals begin with the exchange of business cards. The establishment of a trusted business relationship go through the stage of introduction, customer acquisition, and customer retention. At each stage of customer relationship management, the little card is the bridge between you and your clients. When you first meet a...more
Taking loans has become a way of life because of the convenience it offers. Within manageable limits loan repayment does not create any problems. However there is no harm in looking for better options. A debt consolidation solution is any method of taking all debts incurred by an individual from various lenders and consolidating them into a single debt. Such a consolidation solution is best for those who have to repay various loans taken from different sources. It is really a bad time for a person who has to take loans to repay earlier loans.For those who have taken multiple loans from different sources for whatever reasons, debt consolidation could help them. They can get choice of a fixed tenure, flexible loan, or revolving credit plan at a reasonable interest rate - all from a single agency. Otherwise the options for debt consolidation are limited to steps such as renegotiating with primary lenders, availing the services of a non-profit credit-counseling agency, transferring funds amongst credit cards, borrowing from your retirement fund, or taking an advance from your existing mortgage lender or transferring the mortgage to another lender.It is important to take services of a...more
"S Corporation or LLC?" is a common question for new business owners. I have several people call me each week asking this.I always tell them the question is impossible to answer. And here's why. An LLC is chameleon for income tax purposes. Therefore,...more
You've decided you need an LLC for your real estate investing or small business. But the attorney wants several hundred dollars or more to fill out the paperwork. Isn't there a cheaper way to set up an LLC? You bet. You can do it yourself.An LLC...more
Accountants and attorneys love limited liability companies. But do limited liability companies—LLCs for short—really make sense for small business owners. Probably. And for two almost unknown reasons.The Big Legal Benefit of an LLC: Limited...more
Early mortgage repayment looks on paper at least like a wonderful deal. If you have a typical mortgage and you are near the beginning of the mortgage term and make an extra $25 a month in principal payments, you could potentially save $25,000 in...more
You might think that deciding to refinance a mortgage requires only a quick comparison of loan interest rates. Unfortunately, that's not really true. Refinancing is trickier than that! Fortunately, three useful rules of thumb can often help you make...more
A small business accounting program should accomplish three tasks: track income and expenses, generate business forms, and keep detailed records for other assets and liabilities. Tracking Income and ExpensesThe task of tracking a business's income...more