A partnership is ideal when two or more parties want to go into business together. Using the online business model as an example, you may have the knowledge about running a business and managing its finances, but not a clue about web design, marketing, or advertising. If you happened to know someone with strong design and marketing skills, you may choose to start a company together. It is great to enter into this kind of relationship with someone you trust and can bounce ideas off of. There are a few things to look out for when forming a partnership. Each member pays taxes based on the percentage of the company that they own. This should be clearly explained and identified before starting up. A Partnership Agreement should be drawn up and signed by all parties. This should lay the foundation for the dividing of all assets and liabilities. If no agreement is in place, then all members will be considered equally liable and/or entitled to all assets and liabilities regardless of how much more or less one person works than another.
The simplest and easiest legal formation of a company would be the Sole Proprietorship. Usually an accountant is not required, and all that one needs to do is file a simple form. The sole proprietor is the boss, the owner, and the company all in one. While this is a simple and straightforward way of doing things, you will not have the benefit of having your personal assets protected separately from those of the business. For example, if someone were to sue the business, for all intents and purposes they would be suing you.
Why would you want to go through the hassle of incorporation when a sole proprietorship is so much simpler to form and manage? It is certainly a loftier task to incorporate, and there are plenty of additional laws and regulations set by the government that you would have to adhere to. Then there is the issue of having to pay both personal and corporate taxes. At first glance, it may not sound like the preferred method of doing things – until you consider some of the advantages:
Health insurance premiums can be considered a business expense, and thusly are a deduction.
The assets of the company are owned by the company rather than an individual. This provides substantial personal protection, as the business should only lose its assets in the event of bankruptcy. Your personal assets remain intact. This is especially relevant if you plan to offer services which may be susceptible to lawsuits.
Capital can be raised by selling shares of the company.
If you believe that incorporation is the way to go for your business then you have two options. You can form a C corporation, or a subchapter S corporation. Most small businesses which choose to incorporate will go with subchapter S route.
When deciding to start a business of any type, it is key to determine how you plan on legally choosing the type of infrastructure you plan to go with. A business needs to be legally forms in one of a few ways in order to be recognized by local, state, and federal entities. Today we are going to take a closer look at the options that are available to you, and what they all mean. From becoming a sole proprietor, a limited liability company, or a full on corporation, each one has its own benefits and drawbacks.
One of the many challenges of any small business owner is that, without help, they need to perform as a jack of all trades. The problem there is that while you may have a deep topical knowledge of your business, the actual running of all business aspects behind the scenes is something you may not understand. The fact that you can be successful at doing business on eBay doesn’t make you a tax expert. Hiring an accountant to ensure that the back end of your business is (and stays) legitimate is a wise move. My first recommendation is that you get advice from friends, associates, and business contacts regarding accountants who they have done business with. These first hand recommendations are worth their weight in gold. I believe that it is important to go with a Certified Public Accountant (CPA) rather than a standard public accountant. As a small business owner, shop around for the smaller accounting firms that have experience working with businesses of your size – and be sure to ask the right questions. Find out about their experience in working not only with small businesses, but also with business whose business model is closely, or exclusively, tied to the internet.
Microsoft gave out these limited edition E3 2005 branded Xbox 360 faceplates at their press conference earlier today. We got our hands on one, and thought you might want to take a looksy. I am personally not going to be into the whole customization thing, as I would rather spend that cash on games - but this is pretty cool. There were only 5000 of these manufactured - and Playfeed is giving one away.
Read More | PlayFeed Xbox 360 Faceplate Giveaway
You want a piece of the action - admit it. As always, we have your hook up. At Microsoft’s press conference, they gave out these Limited Edition Xbox 360 customized faceplates - only 5000 have been manufactured. Here is your chance to own one. Just reply to this post letting us know which Xbox 360 game you are most interested in and why. Answers that just name a game along with an explanation like “Because it looks cool!” or “I love that series” need not apply. We want some well thought out answers here. Those that comply will be put into a random drawing, and will win this rare collector’s item in a matter of two weeks. It is 1871 out of 5000. This, as always, is open to US residents only. We have a close-up image of the customized area after the jump.
For all you Linux gurus, SUSE Linux Professional 9.3 is now available for download via FTP. Just head on over to the SUSE mirror list and download from a nearby server. I recommend you download the mini install instead of the whole DVD. Usually you will only install a handful of applications rather than need a full DVD of applications.
Read More | SUSE FTP List
If you are not among the lucky auto owners with 110v outlets in your means of transportation, then you too can be like those people that are able to make their own coffee in their car or never have to buy car adapters for their cell phones. Just follow the instructions by Liski to install some power jacks in your car. Just remember to exercise the proper safety precautions when doing this mod.
Read More | Wheeloftime.net
Sony plans to launch their next generation console in the spring of 2006 – be it in the US, Japan or Europe is unknown at this point. However, details on what powers the Playstation 3 are now available courtesy of Kotaku. Check out the full details after the jump.
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