business
business questions and answers
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Q: Business??
What are some tips on starting a business type thing in which i do odd jobs, ect. Im a 15 year old and i may talk to my friend about starting one together. How much should i charge?? What could I write on the flyers? What types of jobs should i do?? ectt... Im doing this becuz i am trying to save up for a car *getting license in august. and turning 16 in april.*
A: First of all establish what you want to do. Then write down some ideas with your buddy, then brainstorm how youre gonna turn those ideas into reality.... YOU WILL NEED CASH TO START ANYTHING.. regardless....
good luck!
Q: Opening a business and wondering what types of expenses I can write off?
I am opening an online business for website design. (set up as a LLC, I'm the sole owner) Should I start keeping receipts of all business related expenses? Or would my business qualify as a hobby if I don't make a certain amount of money in the year that I'm filing.
What types of things can I write off onto my business? (dinners, gasoline, etc.) Do I need a seperate business credit card/bank account for the expenses?
Do I have to accept payments towards the business's services through a corporate account, or can they make the check/payment directly to me?
A: You need to keep accurate records when running a business. This will be your best defense if you ever get audited.
For IRS purposes, you need to make a profit every 3 out of 5 years to have the IRS prove that you are not running a business. Otherwise, it is up to you to prove that you are running a business and not doing a hobby. You can prove that you are running a business by keeping your business accounts and personal accounts separate.
You can write off any legitimate business expense including dinners with clients, car expenses, equipment, etc.
Having a separate checking account and credit card is a good idea. However, it isn't necessary. You can comingle your business and personal expenses using your personal accounts. But, if you do this, then it will be harder for you to prove that you are running a business.
For your revenues, you don't need a corporate account to make you deposits. You just need to make the deposits in your separate account that you use for business.
You can read Publication 334 for more information.
Q: How to write a business proposal for selling a at home business?
I have my own wedding and event planning business and I am interested in selling in it. I really want to know the format of a business proposal for selling a business and I would really like to see an example of a business proposal for selling a business (comes with existing advertising and a website). I want a sample so that I can get an idea. Please do not tell me tips. I really would like to see a sample of a proposal for selling a business.
A: You can't post a Proposal for Sale of Business here. It is a comprehensive document similar to a business plan with dozens to hundreds of pages. Contact a broker like VR Business Brokers and see if you can get help. Yours is a unique business driven by personal contacts and is not easily sold.
Q: What does a business analyst do? What course do you take to become a business analyst?
I came across a chart showing the avarage salaries of business analysts in IT/Computer software/Computer hardware. I do not know what a business analyst does exactly. What course should I take in college to become a business analyst.
Currently I'm planing on getting a degree in Business with IT in college, will that enable me to become a business analyst?
A: Yes, the courses you speak of will help you to become a Business Analyst.
A BA can be on the client side or the IT side. If on the client side, they are interfacing with work group domains that process the work and review what they need. They generate requirements and then work with the IT side to update or generate processes and applications to fullfil the business needs.
If you're a BA on the IT side of the house, then you're taking all the requirements and developing processes and application solutions. Your job is to work with the client to generate a business solutions document (there are many names for it) and get signoff. Then, you need to make sure that solution becomes reality by working with systems analysts, programmers, and testers. You're generally responsible for the delivery of the solution. Although, if the solution revolves around process changes with other work group domains, you normally work with a PM (Project Manager). Never the less, you have end to end responsibilities for the IT delivery to insure the client gets what they need (and paying for).
With the offshoring of work to cheap labor, to remain associated with software development, the BA role is a good profession.
Q: How do I start a successful retail business?
I need assistance to get my questions answered regarding starting a retail business:
1. Which retail business would be best to start and why: a) Specialty retail business or b) Mail order business?
2. Which type of business is more predictable and does not change often: Specialty retail or mail order?
3. Many people say that PASSION is important when it comes to starting a business because the owner will have to work long hour to make his or her business a success. I agree with that but can you explain to me why there are many people out there who started their successful businesses outside their PASSION?
4. How can I choose products and services to sell that fit my personality and are part of my values?
5. I took a Myers-Briggs personality test and the result of the test shows that my personality type is an ISFJ (Introverted, Sensing, Feeling, Judging). Would someone like me who possess this personality type can become successful in operating his or her retail business?
A: How about a book store, if you are looking retail?
I cant say if it would work in your town, you need to do marketing research to see what would succeed in your town.
Also in business .. Location, Location, Location is VERY important to success .. not only do you need the right business, you need the right location ..
Passion, YES .. you do have to work long hours but passion because you believe in what you are doing.
I work from home and have the utmost compassion and belief for what I do, I believe that is what brings me success ..
If you don't like books, don't like to read .. then a book store probably wont make sense. Did deep .. Only you know what you really want to do.
GL!
Q: How does a business collect from a customer that has filed bankruptcy?
Have a small business and have a customer that has run up a debt and their company is now filing bankruptcy. How does a business go about collecting from the business. We are a small business also there has to be laws to help protect us also. Need some advice on how to legally go about being paid as a creditor. Also if a business says they are filing bankruptcy is it public record and what sites show this record.
A: Are you asking the same question or was my answer deleted? YOU CANT COLLECT ONCE BANKRUPTCY IS FILED.
Q: How important does the business plan to lenders?
I want to get $20,000 business loan to extend my small business. I have never taken serious to write a business plan for my business, and I don't like play the words or numbers, but my business do have some profit. Would I get a loan if I have no a qualified business plan? Please help.
A: Business plans are VERY important. You definitely have to put a lot of thought and time in constructing one. Put yourself in the lender's situation - if some random guy came up to you with no clear plan, why on earth would you give him $20k?
If you are sure that you'll make a or are already making a profit, spell it out for them. Show them how you've flourished and how you expect to grow in the future with this money. Obviously you don't have to know every specific detail going into the distant future, since no one can predict what will happen with your business, but at least develop likely scenarios so you'll be prepared for anything.
Good luck!
Q: Do you think a business acquaintance service can be a profitable industry?
Everyone has some business acquiantance that can help others to do successful business.
How to let all of them know each other.
Business acquitantance service may do it.
Big business service ? Profitbale business service ?
Let me know.
Great thanks.
A: Networking. In your instance, pooling together all business acquaintances for mutual exchange of ideas and support. Sounds great, go for it. Good luck and success, my friend.
Q: Can I deduct a business mortage payment or only the interest and why?
I need to know if I can deduct the mortage payment on a business. Our business mortage is a commercial loan and only the business is on it. Or, is only the interest on the business deductable. If so, would it be in our best interest for the business to rent from us this year?
A: The business can only deduct interest expense. If you own the property personally, and the loan is in your personal name (OK if business is a co-borrower), then the business could deduct the entire payment as rent expense. However, you'd then have a separate schedule on your tax return for this commercial real estate. You'd show the rent payment as income, and then deduct the interest expense there. If the business is an S-Corp then shouldn't be much of a difference either way. . .
If you're a business owner with commercial real estate, you really should have a CPA (or experienced tax accountant) prepare your taxes. . . .
Oh, you can't deduct the entire loan payment, as principal paid is a repayment of money lent to you!
Q: Is a Business Statistics course the same as a Regular Statistics course?
Hi.
Is a business statistics course considered equivalent as a
regular statistics course in college?
In other words, if a student wants to earn a bachelor's degree
in business and the school that he is enrolled in requires him
to take a business statistics course, would he meet that requirement
if he took a regular math statistics course and not a business
statistics course? Have a nice day.
A: Depending on the course, statistics (as offered by the math or statistics department) will be purely procedural. They will go into great detail about WHY you perform a procedure a certain way and, generally, will discuss theorums and formulas in detail, sometimes even proving them. There will be little or no practical application and no discussion of experimental methodolgy.
On the other hand, in a business stats course the time not wasted on in-depth detail about statistical procedures will be spent on methodology and application.
Although it will greatly depend on your college and department, some departments will waive a requirement if you have fulfilled a similar one. Usually, they will only make this exception with transferred credits (if, say, you transferred from a small college that didn't offer a business stats course but did offer a stats course). I doubt you'll have much luck getting them to waive your business stats course.
Q: What business classes do you generally take the 3rd and 4th year of your BA?
Im currently going to a 2 year school, getting my Business associates degree with a transfer option, and plan on going to a 4 year school to get my BA, and eventually my MBA. Im taking basic economics, accounting, and business managment classes right now, along with other core english and math classes, but what should i expect on my 3rd and 4th year? What types of classes? I know business classes obviously, but what specifically?
A: Business programs will have you take classes in all functional areas, including marketing, finance, HR, IT, etc. Additionally most school's will have you take some sort of strategic management course as your capstone class. Those are just the general business requirements. You will then take in-depth coursework within your concentration area. For example, if you are an accounting emphasis business major, you will take anywhere from 6-8 upper division accounting classes. Finally, there may be elective business coursework you are also required to do such as in international business, entrepreneurship, or such. You're also strongly advised to do an internship (credit awarded) in your area so you can build real experience.
Q: Does my small business need to file a tax return?
I am a small business owner and have been developing my company for the past year. Because I left my previous job to start this business I do not have a current income and because my company only recently officially "opened for business" we do not have a profit line. Do I need to file? What about the business expenses that I incur?
A: Definitely keep track of your expenses. Most start-up expenses should be capitalized until operations begin. This means that you cannot deduct certain expenses until the date the business started, even if you paid them last year. Some expenses should be amortized over a period of time.
Business start-up costs are the expenses you incur before you actually begin business operations. Your business start-up costs will depend on the type of business you are starting. They may include costs for advertising, travel, surveys, and training. These costs are generally capital expenses.
You usually recover costs for a particular asset (such as machinery or office equipment) through depreciation (discussed next). You can elect to deduct up to $5,000 of business start-up costs and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Any remaining cost must be amortized.
For more information about amortizing start-up and organizational costs, see chapter 9 in Publication 535.
Q: What kind of business should I start in Bangladesh?
I have US $ 10000. I would like to invest it in my country (Bangladesh). I want to invest in a production business or any other suitable business. I am ready to do this with partnership also. Is this money enough to start any business ? if yes then what kind of business. Pls help me.
A: open up a internet cafe... good luck!
Q: What is a business that can not be enhanced by the internet called?
I am doing a research paper in which I am going to discuss E-commerce and internet businesses versus anti-internet businesses only that is not a real word. So please DON'T give me an obvious and idiotic answer like "business." I am looking for businesses that do/can not use the internet to greatly benefit themselves. THANK YOU!!
THANK YOU, AFTER DOING SOME WORK I REMEMBERED BRICK-AND-MORTAR BUSINESSES.
A: You may need to separate "Internet" and "E-Commerce" into distinctly different roles.
Every business on the planet would benefit from an "Internet" presence, because of the potential mass exposure. The internet allows a business a space to educate its ideal consumer about the companies product and service.
The whole point of being in business is to make and keep customers...so being exposed to as many potential customers as possible, is a massive advantage upgrade.
E-Commerce....I think this is where you are trying to identify a company which would not benefit from "Purchase" transactions over the internet....and again...as I sit here I am having difficulty thinking how this would not benefit any company. If something comes to mind I will edit this.
Q: I work for a 501C business,which is closing and liquidating. Can I start my own separate taxable business?
I have worked for the 501C business for 10 yrs total, 3 in this specific business area. They no longer wish to carry this branch of their association. When they close, I will be fired. Can I start up my own for profit business, with the same business description?
A: You may have some problems if you use similar names or other things that may be the intellectual or business property of the 501C (3). You should get a written agreement with the Association approving your enterprise. If you plan on using the same facilities as the non-profit there could be some zoning issues that would require a new approval by the local planning department. After that you may organize in the same manner as any business.