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How to start a dog walking business: 4 simple steps: Starting a business advice

#dog walking business

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How to start a dog walking business: 4 simple steps

With recent figures showing that Brits spent more than £4bn on their beloved pets in 2015, you’d be barking mad to think the recession has impacted on the UK’s pet spend.

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Marking a 10% increase on pooch spending from 2010, it’s not only large retailers benefitting, with many entrepreneurs realising there’s opportunities to be had in the pet industry.

The average dog walker now earns 20% more than the average UK salary. so it’s clearly a viable and potentially profitable business opportunity.

Of course you’ll need to have a genuine interest in dogs as well as a good knowledge of the various rules and regulations surrounding the industry – and it’s a fairly business marketplace.

However, with plenty of doting pet owners out there, finding a good niche can still present great opportunities.

Sound interesting? Then read our four simple steps to help you become top dog in the industry.

1. Experience is essential

While it’s not imperative to have a career background with animals, you should at least be confident around dogs and at the very least have experience in walking a family or friend’s pet.

The Kennel Club’s guidelines for people working with dogs advises “strong interpersonal and communication skills”, as well as “a high level of fitness” and, naturally, “an affinity with, and understanding of dogs” for anyone wishing to pursue a career with man’s best friend.

If you’re in need of experience in handling dogs, you might want to consider volunteering at your local kennels or rescue centre. They’ll often house a good range of dogs of various sizes, age and temperament, so you’ll be fit to face whatever comes your way.

Consider attending courses in animal first aid, pet medication or even animal psychology as gaining a diploma or certificate in any of these would showcase your commitment to the dog’s welfare and impress clients.

2. Remember, it’s a business

While any animal lover might feel like they’ve died and gone to doggy heaven, remind yourself that your dog walking business is just that – a business. As such, you’ll need to possess all the regular entrepreneurial skills required for founding and running a successful company.

Having a basic understanding of bookkeeping is important as you’ll need to be able to balance your own books and fill in your self-assessment tax return. Remember that this is your livelihood and not a hobby, your income should reflect this.

Similarly, a good understanding of marketing and self-promotion will be needed to get your business off the ground.

Finally, an ability to network and negotiate with both your customers and local animal industry is key. Never underestimate the potential for clients to try and negotiate price or you could find yourself working for substantially less than you might have hoped.

3. Be aware of the rules and regulations

Although there are relatively few regulations specifically targeted at dog walkers, businesses providing a service must get public liability insurance.

If this is the start-up business idea for you, be aware you may have to deal with dogs injuring other dogs or people while in your charge.

It’s vital to have the right insurance cover to deal with legal claims, should they arise.

They can help provide you with support and advice on dog walkers insurance and training, plus your membership will give your clients confidence.

To ensure you abide by key regulations, Narps suggest you should:

  • Meet owners prior to the first booking
  • Restrict the number of dogs walked to no more than four at a time
  • Keep records of all work undertaken
  • Protect clients’ personal information

All dogs in public must wear a collar with the owners name and address on it and you could be fined up to £1,000 if you fail to clean up its faeces.

While not the most exciting element of running your own business, it’s crucial you keep abreast of the latest rules and regulations to ensure you’re not jeopardising the safety of others or the reputation of your business.

4. Find a niche in the market

Given the popularity of setting up a dog walking business, it’s very probable you’ll have to find a niche to distinguish yourself from the crowd.

Above all else, carry out market research and see if there’s actually room in your area for another dog walker.

A simple google search or contacting NarpsUK will help a lot in this regard.

Consider offering pet sitting as well as dog walking. Much like babysitting, you’ll mind your client’s pets at their home while they are away, as well as feeding them and attending to any medical needs such as medication or fulfilling dietary requirements.

Having a diploma in pet medication would be advantageous in this instance as it would allow you to cater to a specific group of dogs.

Provided you are properly trained, you could also offer grooming services such as hair cutting or washing.

Offering one-to-one intense sessions with larger dogs could also widen your appeal.

Some dogs simply won’t be satisfied by a trip around the block and will require a more strenuous workout.

For more information on starting a dog walking business, take a look atour in-depth guide to help you prepare for the launch of your start-up.

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Young Entrepreneurs: 14 Small Business Ideas for Teens and Kids #mobile #business #ideas

#business ideas for kids

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14 Fun Business Ideas for Kids and Teens to Encourage Entrepreneurship

Should you encourage your children to start a business? Are there good business ideas for teens and kids? With police routinely shutting down kids lemonade stands for being unlicensed businesses, you might wonder if they should just put their entrepreneurial urges on hold until they get older.

But there are good reasons to let young people make some money on their own, and to let them start early. Billionaire CEO of Berkshire Hathaway Warren Buffett says :

There was a study many years ago questioning how to predict business success later in life. The answer to the study wasthe age you started your first business impacted how successful you were later in life.Teaching kids sound financial habits at an early age gives all kids the opportunity to be successful when they are an adult. [emphasis added]

Buffett s own childhood was full of investments and businesses. At age 11, he bought his first stock. By the age of 14, he used $1,200 he earned from paper routes to purchase 40 acres of land, which he then leased out to farmers. In high school, he and a friend bought a used pinball machine for $25 and set it up in a barber shop. They later put machines in other locations and eventually sold the business.

Of course, your child doesn t have to be the next Warren Buffett to benefit from a small venture or two. Here are some of the best business ideas for kids.

1. Dog Walking

Busy people need help keeping their dogs fit, and this is a job most kids can handle and enjoy. Dog walkers charge either for a set fee or an hourly rate, and the kids can even expand their business to include dog washing and pet sitting .

Kids can approach neighbors to offer their services (you may want to tag along if they’re young) or advertise their business online. Care.comsays their dog walkers average almost $10 per hour, and it s free to open a basic account. Care.com’s policy for teens requires adult-supervised accounts (parents receive email notifications of all activity), and the kids have to be at least 14 to sign up.

2. Websites

Many kids are more Internet savvy than their parents, so it makes sense to consider online businesses, including various types of websites. It costs very little to register a domain name and buy web hosting, and by relying on easy advertising revenue (like Google AdSense), kids don t even have to sell anything.

For example, Forbes reports that Ashley Qualls started Whateverlife.com at age 14 as a personal portfolio with pictures and graphics she created. Later, she added tutorials on creating graphics and other content for teens. Before long she needed a dedicated server, and she added Google AdSense to the site to monetize the traffic.

Now, her website brings in as much as $70,000 a month, according to Fast Company. Qualls bought a $250,000 home with her profits while still a teenager, and turned down a $1.5 million offer for her business.

3. Paper Routes

Paper routes helped Warren Buffett get his start in business, and although most newspapers now rely on adults with cars for delivery, there are still a few places where kids deliver papers on foot or by bicycle. In Carroll, Iowa, for example, The Daily Times Herald still has 80% of its papers delivered by kids aged 9 to 17, according to NPR .

One of the best things about modern paper delivery is that the kids no longer have to knock on doors to collect for subscriptions that s all done by credit card billing.

4. Crafts and Jewelry

If your kids are creatively inclined, they can make crafts and jewelry to sell online. There s no need to set up a website for this. Platforms like Etsy provide a great way to keep it simple. Vendors pay 20 cents to list a product and then a commission of 3.5% on each sale. The policy for kids is that the Etsy Shop must be managed by a parent or legal guardian.

How much could your child earn on Etsy? By the time he was 11 years old, Mo Bridges had brought in more than $30,000 selling bow ties through his Etsy shop.

Other Businesses for Kids

Don t underestimate the potential for big success from small starts. Fraser Doherty started making and selling jam from home at age 14 and before long had over $1 million in annual sales. At age 10, Juliette Brindak drew pictures of Cool Girls, and, at age 16, used those characters to launch a social networking site called Miss O and Friends . The site is valued at $15 million today.

The types of businesses started by some kids might surprise you too. Who would have thought that BizChair.com. started by Sean Belnicks at age 14, would be selling $24 million in office chairs by the time its founder was 20? Or that 17-year-old Nick D’Aloisio would sell his news-aggregator app, called Summly, for $30 million?

Any kind of business activity teaches kids valuable lessons. As a child, Tyler Dikman had lemonade stands, mowed lawns and did magic shows. He parlayed that business experience into launching CoolTronics. a comprehensive computer sales and service solution, when he was just 15. The company went on to make millions of dollars.

What else can kids or teens do to make money? Here are a few more possibilities:

  1. Help companies with social media marketing
  2. Babysit
  3. Help seniors set up and use computers
  4. Wash cars
  5. Do garden maintenance
  6. Have garage sales
  7. Make greeting cards
  8. Recycle soda cans
  9. Tutor younger kids
  10. Shovel snow

Your Turn: Do you encourage your children s entrepreneurial plans? What good business ideas could you add to the list?

by Steve Gillman
Contributor for The Penny Hoarder

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Program Details – Business Administration – Leadership and Management #business #blogs

#business administration

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Business Administration – Leadership and Management

The focus of Centennial College s Business Administration Leadership and Management program is to help students identify and develop their leadership potential. In ways that no other undertaking or institution can achieve, this School of Business offering will allow students to become confident in decision-making, analysis, management practices and leadership. In the Leadership and Management program, students will enhance their ability to manage projects, find efficiencies, identify the best hires, and leverage their financial know-how into smart, strategic business decisions.

Through practical assignments that simulate real business situations, students will not only focus on their growth as leaders and decision-makers but they will also gain knowledge in essential business basics such as:

  • Marketing
  • Human resources
  • Accounting
  • Supply chain and operations
  • International business
  • Applied business software and management

Additionally, as a hands-on component, students will work with a team on the next business trend or innovative service offerings.

Well-rounded graduates from this School of Business program will have the option of immediately entering the workforce or continuing their studies at a wide range of degree-granting institutions. (See Career Opportunities below.)

Certified in Management (CIM) Designation

Graduates of the Business Administration Leadership and Management program will have met all academic requirements for the Certified in Management (CIM) designation from the Canadian Institute of Management. For additional details, please visit the Canadian Institute of Management website .

Canadian Professional Sales Association (CPSA)

Graduates will have completed all educational requirements and can submit an online application to the Canadian Professional Sales Association to receive a Professional Sales Certificate (PSC). After completing two years of professional sales employment, graduates will be eligible for the CPSA s professional designation Certified Sales Professional (CSP). For additional details, please visit the Canaidan Professional Sales Association website .

Program Highlights

  • Through their Leadership and Management courses, students will gain comprehensive, value-added knowledge of all areas of business and management.
  • The use of extensive case analyses, directed research and experiential learning will prepare students for a smooth transition to the workplace.
  • Students will expand their interactive and online skills with technology-supported learning.
  • Small class environments will give students ample opportunities to work on team projects that will stimulate their innovative thinking.
  • This Business Administration program will develop students skills portfolio as they become familiar with the management practices of leading global companies and organizations.
  • Students will learn from a team of professors with strong academic backgrounds, deep subject matter expertise, and extensive business and management experience.

Global Citizenship and Equity Portfolio

Students will develop a portfolio documenting their engagement with the College s signature global citizenship and equity competencies. For more information on Global Citizenship and Equity, the GC E Portfolio, opportunities for international travel available supports, please visit www.centennialcollege.ca/citizenshipandequity

Articulation Agreements

Start with a diploma, end with a degree! Successful graduates of this Leadership and Management program will have the opportunity to apply their credits towards further study at the degree level. Listed below are the degrees from partnering universities that are available for this program. Students should note that each partnership has a specific minimum grade requirement in order to qualify for transferring credits, details for which are searchable here .





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What business to start in 2015: Starting a business advice and business ideas #business

#businesses to start

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What business to start in 2015

The desire to become your own boss and work for yourself is growing and in election year the economy will inevitably be a key policy battleground, meaning small business-friendly pledges will be made.

With signs of revival and chancellor George Osborne’s recent promises of renewed business support and an extra £1bn funding for regional growth some might argue the climate for starting a business has never been better, making 2015 a great time to take the plunge.

Action point: Need a loan to start a business of your own? See how we can help here and here

This appetite for starting a business isn’t just hype; StartUp Britain reported a record 581,173 new businesses for 2014. markedly higher than 2013 and 2012, and the UK’s eco-system appears to be in good health with ONS figures showing a 6% drop in the number of British firms leaving the Companies House register.

Britain is expected to be the fastest growing G7 economy in 2015 – the IMF has predicted a 3.2% overall rise – and while London remains the start-up capital. regional start-up hubs are beginning to flourish with Manchester, Birmingham and Glasgow fast gaining reputations as top cities to start a business in .

It’s on the back of these positive indicators that we look to the coming months and the hot sectors and businesses opportunities that could prove fruitful for those looking to start a new venture. We’ve studied and assessed businesses which are gaining market traction, sought insight from leading research bodies such as Mintel, and analysed consumer trends to bring you our predictions of 14 top businesses to start in 2015.

From foods and fitness to technology, cycling, and even cafes with a twist, there’s a host of start-up prospects to suit a range of skills and backgrounds and this extends to part-time businesses that can offer supplementary income such as starting a niche social network .

With the freelance workforce now over four million strong and more firms than ever before looking to hire freelance talent, we’ve also identified opportunities for freelancers and “solopreneurs”. This includes starting up as a growth hacker ; a combination of smart marketing and tech development which is becoming increasingly sought after in the start-up world.

While several of the business opportunities listed aren’t new, the potential to innovate and target an established market with a disruptive new solution – take protein products for instance – are plentiful.

Follow the buttons above and below to find out what business you should start in 2015…

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Business Required to be Registered and Application for Business Registration #small #business #insurance

#business registration

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“Business” Required to be Registered and Application for Business Registration

“Business” Required to be Registered

  • any form of trade, commerce, craftsmanship, profession, calling or other activity carried on for the purpose of gain;
  • any club which provides facilities, services and exclusive club premises to its members for social intercourse or recreation; and
  • every company incorporated in Hong Kong under the Companies Ordinance or non-Hong Kong company that has established a place of business in Hong Kong, regardless of whether it is actually carrying on any business in Hong Kong.
  • every non-Hong Kong company that has a representative or liaison office in Hong Kong, or has let out its property situated in Hong Kong, regardless of whether it has established a place of business in Hong Kong.

However, a person who is only holding an office or employment is not regarded as carrying on any business and is not required to apply for business registration.

  • Business carried on by Sole-proprietorship, Partnership and Unincorporated body of persons, Non-Hong Kong company, and Branch business
    • Within one month from its date of commencement of business.
  • A company incorporated/registered under the Companies Ordinance
    • Please refer to One-stop Company and Business Registration .

Applications for Registration of Business which has not commenced business will not be accepted

Business Registration Ordinance (Cap. 310) provides that any person carrying on sole proprietorship or partnership business shall apply for business registration within one month of the commencement of such business. The Inland Revenue Department (IRD) will not accept any applications for registration of businesses which have never existed or have yet to commence operation.

Recently, IRD has received a large number of new applications for registration of businesses of which non-residents are sole proprietors or partners. However, many of them fail to prove that they did commence their businesses in Hong Kong. Such applications are not accepted.

Given that persons who land in Hong Kong as visitors are normally not allowed to establish or join in any business during their stay in Hong Kong, IRD will require businesses with non-resident sole proprietor or partners to provide further information (see Sample Questions ) with a view to ensuring that the particulars, including the date of commencement, stated in the relevant application form are correct. Please note that any person who submits false information shall be guilty of an offence and liable to a fine of $5,000 and to imprisonment for 1 year under the Business Registration Ordinance.

As a related measure, upon receipt of Notification of Change of Partners (Form IRBR64) for admission of non-resident(s) as partner(s), IRD will ask the business concerned to provide further information (see questions (1) and (2) of Sample Questions) in support of the admission.

  • To register a business, you have to:
    • complete a prescribed application form ;
    • pay the business registration fee levy ; and
    • produce your proof of identity.
  • Levy is collected for the Protection of Wages on Insolvency Fund. For details, please visit the website of Labour Department .
  • Please refer to the following table for the application form to be completed and the proof of identity required:

Business carried on by

Proof of Identity

If the owner/all partners/the principal officer is/are not residing in Hong Kong, he/she has/they have to appoint a resident individual as his/her/their agent for the purposes of business registration. In that case, please complete and submit the form IRBR177 or submit an appointment letter stating the full particulars of the agent including his/her name, Hong Kong identity card number and residential address. A copy of his/her Hong Kong identity card must also be attached to the application.

This application form is applicable to all non-Hong Kong companies irrespective of whether they are required to be registered under Part 16 of the Companies Ordinance, and body corporates formed under other legislations in Hong Kong.

  • For specimen of the application forms, please click here .
  • When you register your business, you may register a business name. You should take one of the following three choices:

(a) register a Chinese name only;

(b) register an English name only; or

(c) register both a Chinese name and an English name.

  • For a Chinese name, you may include English alphabets, but not English words. If you wish to include symbols in either a Chinese name or an English name, only the following symbols can be used:
    1. For Chinese Name
  • Please note that you may not use the following names as your business name:

    (a) a name which suggests that the business is incorporated with limited liability when it is not,

    (b) where the business is incorporated with limited liability, a name which suggests that the business is incorporated under a different name, e.g. a corporation “ABC Ltd.” cannot use a business name “XYZ Ltd.” or

    (c) a name which suggests a connection with the Government or any public body when no such connection exists or has existed.

  • Sometimes, for the same business, you may wish to register more than one business name. This is permissible. However, each registered additional business name will be treated as a branch of the business. The additional business name must also follow the rules mentioned above.
  • If you carry on more than one business, you should register each business separately. Each business may have its own business name.

How to Submit Your Application

  • Submit in person to the Business Registration Office at 4/F Revenue Tower, 5 Gloucester Road, Wan Chai, Hong Kong.
  • By post to P.O. Box 29015, Gloucester Road Post Office, Hong Kong. Underpaid mail will be rejected. Please pay sufficient postage.
  • Submit online via eTAX (for sole-proprietorship, partnership and branch registration only). Please refer to How to Authenticate Electronic Application For Business Registration and the Freqently Asked Questions .
    If you wish to know more about the “Online Application for Business or Branch Registration” service, please click here to view Online Demo.

How to Authenticate Electronic Application for Business Registration

  • With effect from 21 February 2011, apart from digital certificate, an applicant may use his eTAX Password or MyGovHK Password (already linked up with eTAX account) to sign the prescribed application form (Form 1(a), 1(c) or 1(d)) in making an application for business registration. Please refer to Apply for eTAX Password and the Frequently Asked Questions .
  • A person who makes the application for business registration by using his/her password or digital signature will be treated as having signed the application form and is accountable for the accuracy of the information submitted.

How to Obtain Business Registration Application Forms

Specimen of Application Forms

  • You may download a specimen of the following application forms for reference. The specimen forms are saved in pdf format which can be viewed and printed by using the Adobe Acrobat Reader 5.0 or above and Adobe Asian Fonts Packs which are available free at the Adobe Systems Incorporated website .
  • Download copy MUST NOT be used for submission of application. Only forms that are printed by and according to the specifications of the Department are acceptable for application purposes.
  • Application forms are available for collection at the Business Registration Office. You may also complete the form IRBR194 or write to us to obtain the application forms. Please state your name, your correspondence address and the type of application form you required in the letter. and return it either by post or fax (2824 1482). The application forms will be sent to you afterwards.

(1) Form 1(a) (PDF:1,069KB) – Application by an individual for registration of business carried on by him in Hong Kong.
(2) Form 1(b) (PDF:1,268KB) – Application by a body corporate for registration.
(3) Form 1(c) (PDF:1,290KB) – Application by partnership or by other body unincorporate for registration of business carried on by such body in Hong Kong.
(4) Form 1(d) (PDF:890KB) – Application for registration of branch business carried on in Hong Kong.

When to Collect Business Registration Certificate





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SBA Loan Rates – 504 and 7a Loan Rates #business #stationery

#sba loan rates

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SBA 504 Loan Rate – 4.08% Effective Rate*

SBA 504 Rates for the August 2016

The 504 loan rate (effective rate) for 20 year commercial real estate loans is 4.08% * The effective rate is inclusive of all servicing fees. (Some lenders do not advertise the all inclusive rate, so you may see the rate advertised slightly lower in some areas of the country).

The 504 program consists of 2 loans:

  1. first mortgage for approx 50% of the project cost
  • 504 second mortgage guaranteed by the SBA (this is the rate referenced above).
  • SBA 7a Loan Rates

    SBA 7a rates can be either fixed or variable.

    The 25 year fixed rate is very competitive and never adjusts. These loans are available if the majority of the loan proceeds are used for commercial real estate. The underwriting can be a little tougher than for a variable rate, but this is a phenomenal opportunity to lock in great low rates for the long term if you qualify.

    Variable rates are typicallyPrime + a margin not to exceed 2.75% , The margin is set by the lender based on their cost of funds and the quality of the loan. Most lenders will offer something between Prime + 1.25% and Prime + 2.75%. 7a loans can also be based on the one month LIBOR rate.

    Please contact us at 1-800-414-5285 for more information about the possibility of a fixed rate

    10 Year Loans for Business Acquisitions

    The SBA 7a is also a great solution for business acquisitions as well as refinancing of business debt or partner buyouts and the rates can be fixed or variable for up to 10 years.

    504 Loan Rates


    First Mortgage Rates:
    Currently range from high 3% range to as much as 6.5% depending on loan size, term, property type and strength of transaction and are typically amortized for 20 to 25 years and in some cases as long as 30 years.

    First mortgage rates and terms will vary depending on the type and size of the loan with the 5 year fixed rate/25 year amortization being the most common. After the initial 5 years the loan could adjust as frequently as monthly or as infrequently as every 5 years depending on the lender.


    August 2016 504 Mortgage Rate: 4.08%*
    – fixed for 20 years.


    The combination of the 2 loans and the fact that the second mortgage is always permanently fixed make for very attractive 504 loan terms.

    SBA 504 Equipment Loans are typically 10 years and can be anywhere from .25 to 1.5% lower than commercial real estate transactions .

    SBA 504 Refinance Rates may be slightly higher and multi-purpose property rates are typically lower than single or special use properties like hotels or self storage properties.

    New Fixed Rate Option for 504 First Mortgage

    There is also a low rate SBA fixed rate option available for multi-use properties and some special use/single purpose properties for the first mortgage portion of the 504 program. The loan is fixed for the entire term of the 25 year first mortgage.


    The rates for this program are very competitive and when combined with the low rate second mortgage it makes for very attractive fully fixed long term rates.
    (The rate for the first mortgage will vary depending on loan size, prepayment penalty, etc).

    Again, this program is a true fixed rate that will never adjust . so while the rate may be higher than the 5 year fixed and other options, this loan is the better choice if you intend to own your property for the long haul.


    Please contact us for more information about this program: 1-800-414-5285

    504 Loan Payment Example

    Here is an example of loan amounts and payments for a $1.5 million transaction with 10% down and a 1st mortgage rate of 4.8%:

    Down Payment/Equity Injection. $150,000

    First Mortgage: $750,000

    Second Mortgage: $600,000

    The payments would be as follows:

    First Mortgage: $4384.43

    Second Mortgage: $3661.22

    Total of Payments. $8045.65

    The 504 offers a low monthly payment with the least cash out of pocket and it compares very favorably with most any other commercial loan program. It is available for purchase, refinance, construction or renovation of owner occupied (owner-user) commercial property.


    Please contact us at 1-800-414-5285 to find out how the SBA 504 or 7a could help your business.

    Please note: the SBA does not make loans directly and interest rates are set by the lenders who make the loans.

    * Rate includes fees to SBA, CDC and central servicing agent. (Rates change monthly).





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    Business Today: Business News, Latest Stock Market and Economy News India from #business #plan

    #business news today

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    Prime Minister Narendra Modi, who held wide-ranging talks with his Vietnamese counterpart Nguyen Xuan Phuc, said the two countries have decided to elevate their strategic ties to a Comprehensive Strategic Partnership to provide it a new momentum.

    In his last public speech before demitting office, Reserve Bank Governor Raghuram Rajan made a vigorous case for a strong and independent central bank that can say ‘no’ to highest echelons of the government to ensure macroeconomic stability.

    At present, around three-fourths of the revenues of telcos operating in India are generated from voice calls. With its unlimited free calling offer, Jio is hitting the telcos where it hurts most. The biggest threat, therefore, is the possibility of customers migrating to Jio.

    DLF had in May entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.

    Playing spoilsport for the RJIO ultra cheap 4G offer are the existing market players. Telcos including Bharti Airtel, Idea and Vodafone India are locking horns with RIL.





    Stock Market: London Stock Exchange, FTSE Index and Market News #stock #market

    #stock market news

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    Types of Businesses and Forms of Business Organizations #printing #business #cards

    #types of business

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    A business is an organization that uses economic resources or inputs to provide goods or services to customers in exchange for money or other goods and services.

    Business organizations come in different types and forms.

    3 Types of Business

    There are three major types of businesses:

    1. Service Business

    A service type of business provides intangible products (products with no physical form). Service type firms offer professional skills, expertise, advice, and other similar products.

    Examples of service businesses are: schools, repair shops, hair salons, banks, accounting firms, and law firms.

    2. Merchandising Business

    This type of business buys products at wholesale price and sells the same at retail price. They are known as buy and sell businesses. They make profit by selling the products at prices higher than their purchase costs.

    A merchandising business sells a product without changing its form. Examples are: grocery stores, convenience stores, distributors, and other resellers.

    3. Manufacturing Business

    Unlike a merchandising business, a manufacturing business buys products with the intention of using them as materials in making a new product. Thus, there is a transformation of the products purchased.

    A manufacturing business combines raw materials, labor, and factory overhead in its production process. The manufactured goods will then be sold to customers.

    Hybrid Business

    Hybrid businesses are companies that may be classified in more than one type of business. A restaurant, for example, combines ingredients in making a fine meal (manufacturing), sells a cold bottle of wine (merchandising), and fills customer orders (service).

    Nonetheless, these companies may be classified according to their major business interest. In that case, restaurants are more of the service type they provide dining services .

    Forms of Business Organization

    These are the basic forms of business ownership:

    1. Sole Proprietorship

    A sole proprietorship is a business owned by only one person. It is easy to set-up and is the least costly among all forms of ownership.

    The owner faces unlimited liability ; meaning, the creditors of the business may go after the personal assets of the owner if the business cannot pay them.

    The sole proprietorship form is usually adopted by small business entities.

    2. Partnership

    A partnership is a business owned by two or more persons who contribute resources into the entity. The partners divide the profits of the business among themselves.

    In general partnerships, all partners have unlimited liability. In limited partnerships, creditors cannot go after the personal assets of the limited partners.

    3. Corporation

    A corporation is a business organization that has a separate legal personality from its owners. Ownership in a stock corporation is represented by shares of stock .

    The owners (stockholders) enjoy limited liability but have limited involvement in the company’s operations. The board of directors. an elected group from the stockholders, controls the activities of the corporation.

    In addition to those basic forms of business ownership, these are some other types of organizations that are common today:

    Limited Liability Company

    Limited liability companies (LLCs) in the USA, are hybrid forms of business that have characteristics of both a corporation and a partnership. An LLC is not incorporated; hence, it is not considered a corporation.

    Nonetheless, the owners enjoy limited liability like in a corporation. An LLC may elect to be taxed as a sole proprietorship, a partnership, or a corporation.

    Cooperative

    A cooperative is a business organization owned by a group of individuals and is operated for their mutual benefit. The persons making up the group are called members. Cooperatives may be incorporated or unincorporated.

    Some examples of cooperatives are: water and electricity (utility) cooperatives, cooperative banking, credit unions, and housing cooperatives.





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    Forms and Types of Business Entities – Choosing a Business Entity #business #management #jobs

    #types of business

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    Business Entity Types

    To get the most out of your small business, choose the right structure. Selecting the right type of company or corporation for your new business helps maximize your chances of financial and operational success.

    Common types of business structures and corporations include C corporations, limited liability companies (LLC), partnerships, S corporations, and sole proprietorships. Learn more about each type of business or corporation:

    Limited Liability Companies (LLCs)

    • Independent legal structures separate from their owners.
    • Help separate your personal assets from your business debts.
    • Taxed similarly to a sole proprietorship (if one owner) or a partnership (if multiple owners).
    • No limit to the number of owners.
    • Not required to hold annual meetings or record minutes.
    • Governed by operating agreements.

    C Corporations

    • Independent legal and tax structures separate from their owners.
    • Help separate your personal assets from your business debts.
    • No limit to the number of shareholders.
    • Taxed on corporate profits and shareholder dividends.
    • Must hold annual meetings and record meeting minutes.

    S Corporations

    • Independent legal and tax structures separate from their owners.
    • Help separate your personal assets from your business debts.
    • Owners report their share of profit and loss in the company on their personal tax returns.
    • Limits on number of shareholders, who must be U.S. citizens or residents.
    • Must hold annual meetings and record meeting minutes.

    Partnerships

    • Partners remain personally liable for lawsuits filed against the business.
    • Usually no state filing required to form a partnership.
    • Easy to form and operate.
    • Owners report their share of profit and loss in the company on their personal tax returns.

    Sole Proprietorships

    • Owner remains personally liable for lawsuits filed against the business.
    • No state filing required to form a sole proprietorship.
    • Easy to form and operate.
    • Owner reports business profit and loss on their personal tax return.

    Review our Business Comparison Chart for more details. Regardless of business structure you choose, incorporate.com can help you incorporate or form an LLC online or by phone for less than the cost of using an attorney.

    Ready to Form a Business? Get Started





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