Tag: choose

Choose a legal structure for your business #home #business #ideas


#business partnership

#

Choose a legal structure for your business

4. ‘Ordinary’ business partnership

In a business partnership, you and your business partner (or partners) personally share responsibility for your business.

You can share all your business’s profits between the partners. Each partner pays tax on their share of the profits.

Partnerships in Scotland (known as ‘firms’) are different, and have a ‘legal personality’ separate from the individual partners.

Legal responsibilities

You’re personally responsible for your share of:

  • any losses your business makes
  • bills for things you buy for your business, like stock or equipment

You can set up a limited partnership or limited liability partnership if you don’t want to be personally responsible for a business’ losses.

A partner doesn’t have to be an actual person. For example, a limited company counts as a ‘legal person’, and can also be a partner in a partnership.

Tax responsibilities

All the partners must:

The partnership will also have to register for VAT if you expect its takings to be more than £83,000 a year.


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How to Choose a Great Name for Your New Business #small #business #lenders


#new business names

#

How to Choose a Great Name for Your New Business

February 5, 2015

In their book Start Your Own Business , the staff of Entrepreneur Media Inc. guides you through the critical steps to starting your business, then supports you in surviving the first three years as a business owner. In this edited excerpt, the authors offer smart tips to help you choose a name that really works for your new business.

When choosing a name for your business, start by deciding what you want it to communicate. To be most effective, your company name should reinforce the key elements of your business. So the first and most important step in choosing a name is deciding what your business is knowing what makes your business unique will help you choose a name that communicates that.

Remember, the more your name communicates to consumers, the less effort you must exert to explain it. According to naming experts, you should give priority to real words or combinations of words over fabricated words because people prefer words they can relate to and understand.

Naming experts also caution about choosing a name that s too narrowly defined. Common pitfalls are geographic names or generic names. Take the hypothetical name San Pablo Disk Drives for example. What if the company expands beyond the city of San Pablo, California? Or what if it diversifies beyond disk drives into software or computer instruction manuals?

Specific names make sense if you intend to stay in a narrow niche forever. If you have any ambitions of growing or expanding, however, you should find a name that s broad enough to accommodate your growth.

Before you start thinking up names for your new business, try to define the qualities you want your business to be identified with. If you re starting a hearth-baked bread shop, you might want a name that conveys freshness, warmth and a homespun atmosphere. Immediately, you can see that names like Kathy s Bread Shop or Arlington Breads would communicate none of these qualities. But consider the name Open Hearth Breads. The bread sounds homemade, hot and just out of the oven. Moreover, if you diversified your product line, you could alter the name to Open Hearth Bakery. This change would enable you to hold on to your suggestive name without totally mystifying your established clientele.

Namestorming

Begin your brainstorming search for a business name by looking in dictionaries, books and magazines to generate ideas. Get friends and relatives to help if you like; the more minds, the merrier. Think of as many workable names as you can during this creative phase.

The trials you put your names through will vary depending on your concerns. Some considerations are fairly universal. For instance, your name should be easy to pronounce, especially if you plan to rely heavily on print ads or signs. If people can t pronounce your business name, they ll avoid saying it. And nothing could be more counterproductive to a young company than to strangle its potential for word-of-mouth advertising.

Other considerations depend on more individual factors. For instance, if you re thinking about marketing your business globally or if you re located in a multilingual area, you should make sure your new name has no negative connotations in other languages. On another note, if your primary means of advertising will be in the telephone directory, you might favor names that are closer to the beginning of the alphabet. Finally, make sure that your name is in no way embarrassing. Put on the mind of a child and tinker with the letters a little. If none of your doodling makes you snicker, it s probably OK.

Naming firm Interbrand advises name seekers to take a close look at their competition: The major function of a name is to distinguish your business from others. You have to weigh who s out there already, what type of branding approaches they have taken, and how you can use a name to separate yourself. If any of your potential names is too close to that of your competitors , you should probably eliminate it.

After you ve narrowed the field to, say, four or five names that are memorable, expressive, and can be read by the average grade-schooler, you re ready to do a trademark search. Must every name be trademarked? No. Many small businesses don t register their business names. As long as your state government gives you the go-ahead, you may operate under an unregistered business name for as long as you like assuming, of course, that you aren t infringing on anyone else s trade name.

But what if you are? Imagine either of these two scenarios: You are a brand-new manufacturing business just about to ship your first orders. An obscure little company in Ogunquit, Maine, considers the name of your business an infringement on their trademark and engages you in a legal battle that bankrupts your company. Or envision your business in five years. It s a thriving, growing concern, and you are contemplating expansion. But just as you are about to launch your franchise program, you learn that a small competitor in Modesto, California, has the same name, rendering your name unusable.

Enlisting the help of a trademark attorney or at least a trademark search firm before you decide on a name for your business is highly advisable. After all, the extra money you spend now could save you countless hassles and expenses further down the road.

Final analysis

If you re lucky, you ll end up with three to five names that pass all your tests. How do you make your final decision? First, recall all your initial criteria. Which name best fits your objectives? Which name most accurately describes the company you have in mind? Which name do you like the best?

You could just go with your gut. Or you could do consumer research or testing with focus groups to see how the names are perceived. You could ask other people s opinions. Or you could doodle an idea of what each name will look like on a sign or on business stationery. Read each name aloud, paying attention to the way it sounds if you foresee radio advertising or telemarketing in your future.

Once your decision is made, start building your enthusiasm for the new name immediately. Your name is your first step toward building a strong company identity, one that should last as long as you re in business.


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Choose Your Business Structure #financial #news #today


#running a small business

#

The business structure you choose will have legal and tax implications. Learn about the different types of business structures and find the one best suited for your business.

A sole proprietorship is the most basic type of business to establish. You alone own the company and are responsible for its assets and liabilities. Learn more about the sole proprietor structure.

An LLC is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. Learn more about how LLCs are structured.

People form cooperatives to meet a collective need or to provide a service that benefits all member-owners. Learn more about how cooperatives are structured.

A corporation is more complex and generally suggested for larger, established companies with multiple employees. Learn more about how Corporations are structured.

There are several different types of partnerships, which depend on the nature of the arrangement and partner responsibility for the business. Learn more about how these are structured.

An S corporation is similar to a C corporation but you are taxed only on the personal level. Learn more about how S corporations are structured.


Tags : , , ,

Choose a legal structure for your business #business #proposals


#business partnership

#

Choose a legal structure for your business

4. ‘Ordinary’ business partnership

In a business partnership, you and your business partner (or partners) personally share responsibility for your business.

You can share all your business’s profits between the partners. Each partner pays tax on their share of the profits.

Partnerships in Scotland (known as ‘firms’) are different, and have a ‘legal personality’ separate from the individual partners.

Legal responsibilities

You’re personally responsible for your share of:

  • any losses your business makes
  • bills for things you buy for your business, like stock or equipment

You can set up a limited partnership or limited liability partnership if you don’t want to be personally responsible for a business’ losses.

A partner doesn’t have to be an actual person. For example, a limited company counts as a ‘legal person’, and can also be a partner in a partnership.

Tax responsibilities

All the partners must:

The partnership will also have to register for VAT if you expect its takings to be more than £83,000 a year.


Tags : , , , , , ,

How to choose the best accounting software #business #development


#business accounting software

#

How to choose the best accounting software

On this page

  • Choose a bookkeeping system
  • Set it up properly using a chart of accounts

One of the main reasons businesses fail is because there isn’t a good bookkeeping system in place that would provide warning signs the business could run out of cash.

You can choose to set up a bookkeeping system manually (using accounting books), electronically (spreadsheets) or use accounting software. Unless you want to get familiar with bookkeeping practices, accounting software is the most efficient choice.

What to consider

Every business will have different requirements from an accounting software. When choosing an accounting software consider the following:

  • does the system calculate all payroll requirements (PAYE, annual leave, long service leave etc.)
  • does the system track stock, work in progress, orders, jobs and other task management requirements
  • will the system be able to handle multiple bank accounts
  • does the system need to handle foreign currency
  • does the system track separate financial records for each business or department within the business
  • does the system allow for interface with other computer systems such as online payments
  • does the system keep detailed records on customers including what they buy, how often they buy, when they buy etc (often referred to as a Customer Relationship Manager system).

Software options

There are many software packages on the market that allow business managers to successfully control records without an accounting degree. Some of them, such as Free Accounting Software. have no cost. Some commonly used accounting systems used by small businesses are:

Getting advice

If you’re unsure which to choose talk to your accountant or business adviser. It’s worth checking to make sure the package has Standard Business Reporting forms needed to report to the ATO such as BAS statements.

It’s also a good idea to ask other business owners what they use. If you don’t know any, the Business Victoria Facebook group is always happy to answer your questions.

Setting up a bookkeeping system

When you set up your financial records you need to make sure they meet any compliance requirements such as GST or other tax compliance.

This is done through setting up classifications, also known as a chart of accounts. A chart of accounts is a listing of all the accounts needed to cover the financial transactions of the business. Classifications are used to separate profit and loss calculations to show where a business is making or losing money. It is also used to determine the overall financial position of a business in a balance sheet.

How to set up a chart of accounts

When setting up a chart of accounts you will need to:

  1. define the various accounts to be used in the business, such as different classes of assets, liabilities, expenses and sales revenue
  2. make a list of all of these under the financial classifications as noted above – that is each different type of account for assets, liabilities, sales revenue and expenses
  3. it can be useful to allocate a numbering system for each account within the chart of accounts, such as all asset accounts will have been classified under the 1000 number and all liability accounts will be classified under the 2000 number etc.
  4. allocate various sub accounts under these main accounts
  5. depending on the level of information you need, determine if each sub account needs sub accounts.

The chart of accounts is very important to the overall effectiveness and accuracy of your bookkeeping, so if you don’t feel you understand it enough, then you should discuss with your bookkeeper or accountant before you set up your bookkeeping records.

Your bookkeeper or accountant can help you set up a meaningful chart of accounts if you don’t think you can do this yourself.

Accounting packages have predefined chart of accounts which you can allocate to your own financial transactions.

Case Study: Finding the right accounting software for your business

‘Having really good information means your business can react the way you want it to, rather than how you hoped it would.’ Carolyn Creswell, Carman’s Fine Foods

What’s next?


Tags : , , , , , ,

How to choose the right business laptop #business #loan


#best business laptop

#

Best laptops for business 2016: Best laptops for UK business, choosing from Windows laptops vs Macbooks vs Chromebooks vs tablets

What is the best laptop for business? We find the best laptops for business 2016. Best laptops from Windows laptops vs Macbooks vs Chromebooks vs tablets. Advice on buying laptops for your business. (See also: 8 best powerful laptops for business .)

1. Best laptops for business: Budget Windows laptop

Almost every business will plump for a budget Windows lappy. and almost every business is right to do so. For a little over 200 you can pick up a perfectly serviceable, no frills notebook that will run all Windows software and connect to the web. Basically, it will do what you need it to do, without looking sexy. Potential down sides include weight and heft, life away from the mains. Cheap laptops don’t tend to have great battery life. Also you will need security software, and beware a cheap display that reflects the strip lights of your local Starbucks.

2. Best laptop for business: Ultrabook

Like a budget laptop, only better. And more expensive. Ultrabook is an Intel term for a thin-and-light Windows laptop that offers powerful performance and true portability. Other features might include a touchscreen, or tablet functionality. Ultrabooks offer all of the advantages of any Windows laptops, and more. But they are not cheap. In fact, at this price you may as well plump for a Macbook.

3. Best laptops for business: Macbook

Macbooks are what Ultrabooks are templated on. Sleek, portable, powerful. expensive. But generally great. There is no nicer laptop to use than a Macbook Pro. No more portable laptop than a Macbook Air. And running OS X means you have less to worry about on the security front. Down sides? Well price is one. Lack of Windows compatibility the other. But if you must have a Windows laptop, and price is not a major consideration, you can always run Windows on your Macbook.

New MacBooks in 2016: Podcast discussion

4. Best laptops for business: Chromebook

The joker in the pack. Chromebooks are laptops that run Google’s Chrome OS. In essence, they use Google Docs, Gmail and other Google tools instead of Windows or Mac software. You can use them when offline, but really they need a regular connection to the web to work. But Chromebooks are super cheap, as well as stylish and powerful. And there are no real security worries. Just don’t use a Chromebook if you need to use Windows, Office or any other Microsoft software. (Or games.) (For more, see: Review: Dell Chromebook 13 .)

5. Best laptops for business: Linux laptop

Another option if you can escape the world of Windows or OS X is Linux. A quick Google Shopping search throws up multiple laptops from the likes of Lenovo, HP and Acer that run on a Linux OS. Linux OSes vary, but in general the open source software is similar to Windows in look, feel and functionality. And being open source it can be tweaked to suit your business’ needs. There is no software licence fee, so the same hardware is often cheaper running Linux that it is Windows or OS X. And you don’t have the same security needs as you do in Windows. But compatiblity is an issue, with both software and other devices. Choice is limited. And you will get funny looks off your colleagues.

6. Best laptops for business: tablet

Microsoft would have you believe that the Surface Pro is the tablet that can replace your laptop. Apple makes similar claims about the iPad Pro. And there are myriad Windows tablets trying to squeeze in to the space. The truth is that if your major concern is portability, the Surface Pro in particular is a stunning device. Just expect to get what you pay for, and understand that the best laptop for using on your lap will always be. a laptop. (See also: iPad Pro vs Surface Pro for business .)

Related Articles


Tags : , , , , , ,

How to choose the best accounting software #example #business #plan


#business accounting software

#

How to choose the best accounting software

On this page

  • Choose a bookkeeping system
  • Set it up properly using a chart of accounts

One of the main reasons businesses fail is because there isn’t a good bookkeeping system in place that would provide warning signs the business could run out of cash.

You can choose to set up a bookkeeping system manually (using accounting books), electronically (spreadsheets) or use accounting software. Unless you want to get familiar with bookkeeping practices, accounting software is the most efficient choice.

What to consider

Every business will have different requirements from an accounting software. When choosing an accounting software consider the following:

  • does the system calculate all payroll requirements (PAYE, annual leave, long service leave etc.)
  • does the system track stock, work in progress, orders, jobs and other task management requirements
  • will the system be able to handle multiple bank accounts
  • does the system need to handle foreign currency
  • does the system track separate financial records for each business or department within the business
  • does the system allow for interface with other computer systems such as online payments
  • does the system keep detailed records on customers including what they buy, how often they buy, when they buy etc (often referred to as a Customer Relationship Manager system).

Software options

There are many software packages on the market that allow business managers to successfully control records without an accounting degree. Some of them, such as Free Accounting Software. have no cost. Some commonly used accounting systems used by small businesses are:

Getting advice

If you’re unsure which to choose talk to your accountant or business adviser. It’s worth checking to make sure the package has Standard Business Reporting forms needed to report to the ATO such as BAS statements.

It’s also a good idea to ask other business owners what they use. If you don’t know any, the Business Victoria Facebook group is always happy to answer your questions.

Setting up a bookkeeping system

When you set up your financial records you need to make sure they meet any compliance requirements such as GST or other tax compliance.

This is done through setting up classifications, also known as a chart of accounts. A chart of accounts is a listing of all the accounts needed to cover the financial transactions of the business. Classifications are used to separate profit and loss calculations to show where a business is making or losing money. It is also used to determine the overall financial position of a business in a balance sheet.

How to set up a chart of accounts

When setting up a chart of accounts you will need to:

  1. define the various accounts to be used in the business, such as different classes of assets, liabilities, expenses and sales revenue
  2. make a list of all of these under the financial classifications as noted above – that is each different type of account for assets, liabilities, sales revenue and expenses
  3. it can be useful to allocate a numbering system for each account within the chart of accounts, such as all asset accounts will have been classified under the 1000 number and all liability accounts will be classified under the 2000 number etc.
  4. allocate various sub accounts under these main accounts
  5. depending on the level of information you need, determine if each sub account needs sub accounts.

The chart of accounts is very important to the overall effectiveness and accuracy of your bookkeeping, so if you don’t feel you understand it enough, then you should discuss with your bookkeeper or accountant before you set up your bookkeeping records.

Your bookkeeper or accountant can help you set up a meaningful chart of accounts if you don’t think you can do this yourself.

Accounting packages have predefined chart of accounts which you can allocate to your own financial transactions.

Case Study: Finding the right accounting software for your business

‘Having really good information means your business can react the way you want it to, rather than how you hoped it would.’ Carolyn Creswell, Carman’s Fine Foods

What’s next?


Tags : , , , , , ,

How to choose the right business laptop #hot #shot #business


#best business laptop

#

Best laptops for business 2016: Best laptops for UK business, choosing from Windows laptops vs Macbooks vs Chromebooks vs tablets

What is the best laptop for business? We find the best laptops for business 2016. Best laptops from Windows laptops vs Macbooks vs Chromebooks vs tablets. Advice on buying laptops for your business. (See also: 8 best powerful laptops for business .)

1. Best laptops for business: Budget Windows laptop

Almost every business will plump for a budget Windows lappy. and almost every business is right to do so. For a little over 200 you can pick up a perfectly serviceable, no frills notebook that will run all Windows software and connect to the web. Basically, it will do what you need it to do, without looking sexy. Potential down sides include weight and heft, life away from the mains. Cheap laptops don’t tend to have great battery life. Also you will need security software, and beware a cheap display that reflects the strip lights of your local Starbucks.

2. Best laptop for business: Ultrabook

Like a budget laptop, only better. And more expensive. Ultrabook is an Intel term for a thin-and-light Windows laptop that offers powerful performance and true portability. Other features might include a touchscreen, or tablet functionality. Ultrabooks offer all of the advantages of any Windows laptops, and more. But they are not cheap. In fact, at this price you may as well plump for a Macbook.

3. Best laptops for business: Macbook

Macbooks are what Ultrabooks are templated on. Sleek, portable, powerful. expensive. But generally great. There is no nicer laptop to use than a Macbook Pro. No more portable laptop than a Macbook Air. And running OS X means you have less to worry about on the security front. Down sides? Well price is one. Lack of Windows compatibility the other. But if you must have a Windows laptop, and price is not a major consideration, you can always run Windows on your Macbook.

New MacBooks in 2016: Podcast discussion

4. Best laptops for business: Chromebook

The joker in the pack. Chromebooks are laptops that run Google’s Chrome OS. In essence, they use Google Docs, Gmail and other Google tools instead of Windows or Mac software. You can use them when offline, but really they need a regular connection to the web to work. But Chromebooks are super cheap, as well as stylish and powerful. And there are no real security worries. Just don’t use a Chromebook if you need to use Windows, Office or any other Microsoft software. (Or games.) (For more, see: Review: Dell Chromebook 13 .)

5. Best laptops for business: Linux laptop

Another option if you can escape the world of Windows or OS X is Linux. A quick Google Shopping search throws up multiple laptops from the likes of Lenovo, HP and Acer that run on a Linux OS. Linux OSes vary, but in general the open source software is similar to Windows in look, feel and functionality. And being open source it can be tweaked to suit your business’ needs. There is no software licence fee, so the same hardware is often cheaper running Linux that it is Windows or OS X. And you don’t have the same security needs as you do in Windows. But compatiblity is an issue, with both software and other devices. Choice is limited. And you will get funny looks off your colleagues.

6. Best laptops for business: tablet

Microsoft would have you believe that the Surface Pro is the tablet that can replace your laptop. Apple makes similar claims about the iPad Pro. And there are myriad Windows tablets trying to squeeze in to the space. The truth is that if your major concern is portability, the Surface Pro in particular is a stunning device. Just expect to get what you pay for, and understand that the best laptop for using on your lap will always be. a laptop. (See also: iPad Pro vs Surface Pro for business .)

Related Articles


Tags : , , , , , ,

Choose Your Business Structure #harvard #business #school


#running a small business

#

The business structure you choose will have legal and tax implications. Learn about the different types of business structures and find the one best suited for your business.

A sole proprietorship is the most basic type of business to establish. You alone own the company and are responsible for its assets and liabilities. Learn more about the sole proprietor structure.

An LLC is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. Learn more about how LLCs are structured.

People form cooperatives to meet a collective need or to provide a service that benefits all member-owners. Learn more about how cooperatives are structured.

A corporation is more complex and generally suggested for larger, established companies with multiple employees. Learn more about how Corporations are structured.

There are several different types of partnerships, which depend on the nature of the arrangement and partner responsibility for the business. Learn more about how these are structured.

An S corporation is similar to a C corporation but you are taxed only on the personal level. Learn more about how S corporations are structured.


Tags : , , ,

How to choose the right business laptop #good #business #names


#best business laptop

#

Best laptops for business 2016: Best laptops for UK business, choosing from Windows laptops vs Macbooks vs Chromebooks vs tablets

What is the best laptop for business? We find the best laptops for business 2016. Best laptops from Windows laptops vs Macbooks vs Chromebooks vs tablets. Advice on buying laptops for your business. (See also: 8 best powerful laptops for business .)

1. Best laptops for business: Budget Windows laptop

Almost every business will plump for a budget Windows lappy. and almost every business is right to do so. For a little over 200 you can pick up a perfectly serviceable, no frills notebook that will run all Windows software and connect to the web. Basically, it will do what you need it to do, without looking sexy. Potential down sides include weight and heft, life away from the mains. Cheap laptops don’t tend to have great battery life. Also you will need security software, and beware a cheap display that reflects the strip lights of your local Starbucks.

2. Best laptop for business: Ultrabook

Like a budget laptop, only better. And more expensive. Ultrabook is an Intel term for a thin-and-light Windows laptop that offers powerful performance and true portability. Other features might include a touchscreen, or tablet functionality. Ultrabooks offer all of the advantages of any Windows laptops, and more. But they are not cheap. In fact, at this price you may as well plump for a Macbook.

3. Best laptops for business: Macbook

Macbooks are what Ultrabooks are templated on. Sleek, portable, powerful. expensive. But generally great. There is no nicer laptop to use than a Macbook Pro. No more portable laptop than a Macbook Air. And running OS X means you have less to worry about on the security front. Down sides? Well price is one. Lack of Windows compatibility the other. But if you must have a Windows laptop, and price is not a major consideration, you can always run Windows on your Macbook.

New MacBooks in 2016: Podcast discussion

4. Best laptops for business: Chromebook

The joker in the pack. Chromebooks are laptops that run Google’s Chrome OS. In essence, they use Google Docs, Gmail and other Google tools instead of Windows or Mac software. You can use them when offline, but really they need a regular connection to the web to work. But Chromebooks are super cheap, as well as stylish and powerful. And there are no real security worries. Just don’t use a Chromebook if you need to use Windows, Office or any other Microsoft software. (Or games.) (For more, see: Review: Dell Chromebook 13 .)

5. Best laptops for business: Linux laptop

Another option if you can escape the world of Windows or OS X is Linux. A quick Google Shopping search throws up multiple laptops from the likes of Lenovo, HP and Acer that run on a Linux OS. Linux OSes vary, but in general the open source software is similar to Windows in look, feel and functionality. And being open source it can be tweaked to suit your business’ needs. There is no software licence fee, so the same hardware is often cheaper running Linux that it is Windows or OS X. And you don’t have the same security needs as you do in Windows. But compatiblity is an issue, with both software and other devices. Choice is limited. And you will get funny looks off your colleagues.

6. Best laptops for business: tablet

Microsoft would have you believe that the Surface Pro is the tablet that can replace your laptop. Apple makes similar claims about the iPad Pro. And there are myriad Windows tablets trying to squeeze in to the space. The truth is that if your major concern is portability, the Surface Pro in particular is a stunning device. Just expect to get what you pay for, and understand that the best laptop for using on your lap will always be. a laptop. (See also: iPad Pro vs Surface Pro for business .)

Related Articles


Tags : , , , , , ,