A small business can adopt a number of business structures for tax and legal purposes. Each has its own advantages and disadvantages. Sole proprietorships, partnerships, and limited liability companies (LLCs) are fairly basic forms of ownership, whereas corporations are significantly more complex.
I recently had a fender bender and needed someone to tow my vehicle and tell me the extent of the damage. I remembered having been introduced to Father & Son Towing at a networking event and was fortunate to still have their card in my purse. With little time to waste, I called the number and Robert L. Hale Sr. was on the line. Shortly thereafter, my car was transported to his shop. When I say the finished product on the bodywork was incredible, I am not stretching the truth. My car looks better than before the accident.
Many people who inherit a tax-deferred IRA are confronted with a complex array of rules, restrictions and deadlines that may make it difficult for them to determine how to proceed. Unfortunately, beneficiaries must often make binding decisions about inherited retirement assets before they may be prepared to do so.
Each year families across the nation start businesses. With the American Dream in mind, they eagerly pool resources and efforts to launch businesses that will hopefully provide them with wealth, independence and a sense of pride. These enterprises tend to work well because of the loyalty and dedication that is intrinsically woven in familial relationships.
While family businesses have their benefits, there are challenges aplenty.
The market for selling small businesses improved slightly last year, but buyers typically still had the upper hand. The median selling price rose 3.3 cent to $155,000, while the median revenue for firms sold in 2011 rose by 6.7 percent.
Lenders generally require a professional valuation before extending credit to owners and buyers. But even if a loan or a sale is not in your immediate future, a precise valuation could be useful for effective business, tax, and retirement planning.
Tactical urbanism – described by some as one of the top planning trends of 2011-12 – will get a Memphis focus on Sept. 22 during the Tactical Urbanism Salon.
The Memphis Mayor's Innovation Delivery Team is partnering with The Street Plans Collaborative to the salon event, which will be held at 363 South Main (Leadership Memphis Gallery) from 1 p.m. to p.m. It is being supported by the Memphis Regional Design Center and Livable Memphis.
"Christian & Daddy Go Shopping" by Stanley Steppes is the first book in a series entitled "Money Smart Kids," which is designed to teach children about topics such as earning, spending, saving and giving. The book provides age-appropriate lessons for understanding money and designing spending plans. It's a much-needed tool for parents seeking ways to groom an entrepreneur.
Carlee McCullough: Tell us about yourself.
Stanley Steppes: I am a wealth advisor and a native of Kalamazoo, Mich., where I still reside with my beautiful wife, Abra, and our two boys, Christian (the featured character in the book) and Carter.