Business Objective | Company Formation, Marketing Tactics & Tax Deduction Expenses » company

Company Formations: LLC Operating Agreement

L & R Promotions — Tue, 02 Nov 2010 23:44:08 +0000

If you’re a registered LLC you’re probably wondering what an LLC Operating Agreement is and how to create one. First, it is a document/contract between all members of your Limited Liability Company. How to write an LLC Operating Agreement is started by naming the company and address. Next is specifying the type of business that is going to be conducted. Manufacturer, distributor, service, etc… You must next specify all the names of the members and what their positions will be. CEO, President, Vice President, Treasure and so on.

LLC Operating Agreement

Creating an LLC Operating Agreement must also outline the contributions, and distribution of profits and losses. You must also outline how addtional members would be added, let go and what would happen if a member would pass on or leave your company. It is very important that when creating this agreement to specify as much as possible to avoid any situations or legal problems.

How to Create an Operating Agreement

You can do so many things to tailor your agreement to suit you and the other person(s) the way you want to conduct your business. This is one of the better aspects of owning and operating a Limited Liability Company versus a corporation where laws are dictated on the operation of your company. You can look online for a sample LLC Operating Agreement to have a better idea of how some LLCs set up their agreements. If you feel that you need professional help, seek the advice of an experienced attorney that specializes in these agreements.

2 Clauses Every LLC Must Contain to Protect Your Assets

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Company Formations: Business Plan Outline

L & R Promotions — Wed, 01 Sep 2010 00:01:16 +0000

Have you ever considered starting your own business, start with a business plan and outline how to start and where you want to go with it. This should be your first step to success. Even companies seeking to change direction may be looking for an investor or additional credit to achieve this will need a business plan outline.

Outlining a business plan gives you details of your goals and how achieve them. You want to outline where your starting point is or if it is an existing business where it is currently. Where do you want the business to be, what time frame and how to get there. This is extremely important for any investor or creditor to make a decision whether or not to make the investment. Your business plan outline will assist you in managing your business. You want to outline financial projections, sales forecast and budget. Normally books are closed monthly where you would be able to compare your budget and be able to make any changes when needed.

How To Write A Business Plan

List general information on the business. You should include if this is a startup, expanding or acquiring an existing business; legal form of organization: is it a proprietorship, partnership, corporation, or a limited liability company; the type of business or service and the product or service to be provided; a description of the current operations and, if appropriate, discuss future plans.

Outline how future sales will be reached. What type of marketing strategy you will use an why. Which type of market is suitable for your product or service. List as much information as necessary including description of your customers, special markets like seasons and demographics, pricing your product or serivce and how much and who is your competition.

Business Plan Pro Advanced Training – Financial Forecasting

Your business plan outline must also explain the production of your product or how your service is acquired by customers. List your location and type of building, inventories and delivery. Outline any personnel currently employeed or tend to hire and how they will be trained.

Finally, completing your business plan outline is how much will this cost? Do you have the funds for start-up or must you acquire it. If so, define how the funding will be used, how long will it take to re-pay, how much at a given time.

There is alot to consider when starting or expanding a business. Having a business plan outline can help guide you.

How to Write an Executive Summary for a Business Plan

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Trade Show Exhibits: Trade Show Truss

L & R Promotions — Tue, 24 Aug 2010 17:51:05 +0000

Trade Show Display Truss Exhibits and Displays

Several businesses partake in a variety of marketing like attending trade shows and exhibitions to present their service or product to potential customers. While displaying at one of these functions does not guarantee additional customers or increase a business if your booth or display is done poorly. Making a first impression in a few moments as customers walk by will decide whether or not they stop or just keep walking. Preparing a trade show truss that is attractive and well organized will likely grab the attention of customers to see what your company has to offer.

Consider having your trade show truss custom made, there are several companies that can do this. You can have your truss branded with your company colors, logo and even your products or services that you offer. Depending on where you set up your trade show truss there may be specific requirements or dimensions that you need. You can have your truss constructed to any capacity that will enhance your presentation.

When purchasing a trade show truss there are things to consider, like shape, display and function. If you want to have your products displayed, whether on shelves or hang them from a fixture, you then must make sure that the truss is fitted and included with accessories.

Truss Displays For Trade Shows That Are Truly Portable!

You want your trade show truss to be portable and easy to assemble and take down. You’ll need this if you have to assemble the truss daily and move to a different location. A truss should not take that much time to put up or take down. Safety is another thing to take into consideration. Once assembled the truss must be a safe structure that is not hazardous to the people walking by or the trade show area.

Orbital Truss Set Up

Overall, your trade show truss should present your companies image in the best way possible. The first impression is a lasting one.

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Business Tax Deductions: Federal Tax Deductions

L & R Promotions — Thu, 12 Aug 2010 19:56:32 +0000

Many people don’t realize taking federal tax deductions like a standard deduction can save time and money. Legally you can take a standard deduction that is more than your receipts total. Taxpayers spend so much time searching for and organizing their receipts for legitimate federal tax deductions like donations or medical expenses that sometimes it may be a waste of time because those itemized deductions don’t show on their tax returns. They can qualify for a larger refund by claiming a standard deduction. Your professional accountant can advise the new tax laws to know before you file your tax return.

How to Calculate Federal Income Tax to Pay to the IRS

How to Calculate Federal Income Tax to Pay to the IRS

How much you can take for a standard deduction depends on your filing status. For a single filer the amount is $5,700, married couple filing jointly $11,400, head of household which could be a single parent with children can claim $8,350. Over the age of 65 the amounts are different. The IRS added extraordinary tax deductions in 2009 for the taxpayers that used the standard deduction may include federal tax deductions for real estates taxes that were paid, $500 single, $1,000 married. They also included a sales tax deduction on a new vehicle as long as it was purchased after 2/16/2009 but before 12/31/09.

Online Federal Tax Tips

Online Federal Tax Tips

Looking to deduct medical expenses, not so easy. You may only use this deduction if they exceed 7.5% of your income. Also, some people pay toward their health insurance through their employers checks, these are not deductible since it is deducted out of untaxed money. There is a list of allowable medical deductions which is long but good record keeping is a must. Some may include expenses such as co-pays, glasses, dental work, nursing home care costs and even mileage getting to and from medical appointments.

State Legislators Can Take Special Federal Tax Deduction

Mortgage interest may be used in federal tax deductions but will reduce as you pay down your mortgage. Even when people refinance for a lower interest rate, the mortgage deduction will also go down. Closing costs are not federal tax deductions for a personal residence but points are if you pay on new mortgages in full the first year you pay them. If you pay to refinance a mortgage these must be deducted over the life of the loan.

When filing your tax returns you can review the 2010 Federal Income Tax Brackets (IRS Tax Rates). When in doubt always seek professional tax help.

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Tax Deduction Expenses: Car Tax Deduction

L & R Promotions — Fri, 09 Jul 2010 19:55:22 +0000

Many people that operate their own business or think of starting a business ask the question, can I take a car tax deduction on my tax returns. The answer would be yes even for sales tax on car purchases, if you use your vehicle in your company or business, but only for that purpose. You may be allowed to use the car tax deduction for the entire operating cost, but if you use your vehicle for personal use and business, you may only deduct a percentage of the governments standard mileage rate or actual expenses incurred on your vehicle. Some may qualify to use both methods of a car tax deduction. Calculate both ways to see which may give you the larger of the two. You may refer to the IRS Publication 463 (2009), Travel, Entertainment, Gift, and Car Expenses for current standard mileage rates. If using the standard mileage rate, you may still deduct tolls and parking fees.

Current Allowable Automobile Mileage Tax Deduction 2010

The IRS states: if you use standard mileage rate, you must own or lease the car; the car must not be used to transport persons or property for compensation or hire, for example as a taxi; you must not operate five or more cars at the same time, as in a fleet operation; you must not have claimed a depreciation deduction using the Modified Accelerated Cost Recovery System (MACRS) on the car in an earlier year (including any additional first-year depreciation or “bonus depreciation” or any method other than straight-line for its estimated useful life; you must not have claimed a Section 179 deduction or the special depreciation allowance on the car; and you must not have claimed actual expenses after 1997 for a car you leased. You cannot use the standard mileage rate if you are a rural mail carrier who received a “qualified reimbursement”. Further, to use the standard mileage rate for a car you own, you must choose to use it in the first year the car is available for use in your business. Then, in later years, you can choose to use the standard mileage rate or actual expenses.
However, for a car you lease, you must use the standard mileage rate method for the entire lease period (including renewals).

Vehicle Tax Deduction-Claim It January 2010

If using the actual expenses, determine the costs to operate the car for the part of the business use. This will include gas, oil, insurance, licenses, registrations fees, repairs and tires. Depreciation or lease payments that are attributed to the portion of total miles driven for business miles. The IRS requires that you must keep adequate records to support your statement if you elect to take a car tax deduction. Purchasing a mileage log book at your local office store can be very helpful in recording your mileage.

Recovery: Vehicle Tax Deduction

Whenever a tax deduction is in question, research the IRS website or seek professional advise from a certified public accountant.

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Marketing Tactics: Advertising Billboards

L & R Promotions — Tue, 22 Jun 2010 17:11:16 +0000

Have you ever considered advertising billboards for your business? Many have over the years and have found this to be a very successful way in advertising their business, products or website. Some people refer to this as hoarding boards or advertising hoardings. Whether your business is located in one city or nationwide advertising billboards is one way to get exposure. Many billboards are located on major interstates and large cities. The billboard companies strategically place the billboards in high traffic areas where thousands of people pass by them everyday.

Creative Advertising on Billboards – Attract, Engage, Reach

Advertise your brand through outdoor advertising billboards is one way to reach potential customers. Some billboard companies may offer a long term or rotating space depending on the location of the billboards. Rotating space is a temporary ad that changes with other companies that have signed agreements for the ads to constantly change on the billboard. This can be less expensive for a business and keeps the billboard from being blank.

When considering advertising billboards for your business, remember one thing, you only have the attention of the drivers for a few seconds. The billboards must be targeted with your message. Always include your company name, number, location, website address and image/picture. Keep it simple and direct. People going back and forth to work or just passing through will see your billboard along the highway and most times may only recall a portion of your ad.

Advertising Billboard

You may want to research an outdoor advertising market report before signing a contract with a billboard company. There are different fees depending on the type and size of billboards. The rotating spaces and long term advertising will be priced differently and depending on which location and size of the billboard you want your message displayed. Sometimes you can negotiate pricing if your budget allows for numerous locations. There’s another option some companies use, mobile billboards. These may not be suited for every type of business. The ads are placed on the side of a truck and driven in high traffic areas, especially in high tourists areas. Another cost is the design of your billboard, if you do not have the capabilities of designing your own sign the billboard company or another sign company can assist you with this.

Truck Advertising – Mobile Billboard

Advertising billboards have been a traditional way of advertising for local businesses, nationwide companies and tourist attractions. It is a known fact that when people see your billboard day after day the name or product will stick in the back of their mind, so when they’re ready to purchase your product or services the odds are your business will be remembered.

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Company Formations: Shelf Company

L & R Promotions — Thu, 17 Jun 2010 20:14:07 +0000

What is a shelf company? Just that “shelf”, a company that has been created and placed on a shelf to age. A shelf company can be a shelf corporation or company that had no activity since it was created. These companies are usually sold to people that want to start a company without having all the hassles of the startup procedures. There’s no tax advantage to acquiring a shelf company.

Aged Shelf Corporation

Why would someone want to purchase a shelf company?
   •To save time in the setup of a new company or corporation
   •To bid on contracts, certain locales require a company to be in business for a length of time
   •To obtain access to business credit
   •The ability to gain investors capital
   •Easier access to corporate credit

Accessing credit and capital may not be so easy though, most creditors will dig into a company’s history before allowing a loan or investment.

There are associations that start and sell shelf companys where the new owner can show a history to creditors or investors. This does not mean every assocation or business that creates or sells a shelf company is on the up and up. There has been many complaints and abuses of this. Check out the seller or creator of the shelf company before buying. Know that the shelf company before you purchase is free of liens or judgments.

BEFORE YOU BUY A SHELF CORPORATIONS

There are a few ways to protect yourself by obtaining certified articles of incorportion, pre-printed stock certificates, corporate seal, certificates of good standing and any minutes from meetings. Each of these items should be obtainable through the state where the shelf company was created.

Nevada Aged Shelf Corporations

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