Starting a business – basic things to consider
By | February 12, 2010
There are many things to think of when looking to start a business. From choosing a business structure and legal issues to tax obligations and financial management, there is a vast range of things to consider so as to ensure the smooth running of your business. Below are a few key areas that should not be forgotten when establishing a business.
Business Names, Structures and Registration
Before starting a business you should consider how you would like to structure your business to suit not only the type of business but your personal situation.
Functioning as a Sole Trader is the simplest and most inexpensive form of business structure to set up. Although, it is important to note that you will still be personally responsible for any actions of the business and personally liable for all business debts. You should seek professional advice to understand your options and what is the best structure for your business and your situation.
One of the most important things that you will do is to name your business, and it is crucial to remember to chose a name that is fitting to your business offering. You should ensure that your business name is registered with the department of fair trading in your state and be aware that in some cases this process should also include registering a trade mark, which is a separate action.
Generally speaking, most businesses will require some type of business license in order to trade, therefore it is essential that before you start operating you research and obtain the relevant license/s that are required.
Taxation Obligations
Perhaps one of the most over-whelming aspects for new business owners is the vast array of tax obligations and requirements that need to be adhered to. From Federal Taxes such as Goods and Services Tax (GST), Income Tax and Capital Gains Tax (CGT) to State Taxes such as Payroll Tax and Transfer Duty it is important to understand the obligations of your business so as to avoid any penalties. Taxation obligations do not just refer to payment of taxes either, it also concerns the processes that your business has in place for the recording and tracking of financial information.
Legal Issues
Sound legal advice is also key to setting up and maintaining a successful business. Gaining legal advice can help you to make informed decisions in relation to forming business relationships and dispute resolution, employment issues and solutions, insurance, intellectual property protection and occupational health and safety.
Financial Management
In starting a business one key issue that many people struggle with is building up the finance. There are two ways to do this: either borrow the funds (debt equity) or use any funds that you have available to you (owner’s equity). In choosing between the two it is important to consider things such as interest rates, fees etc.
Systems for the management of your cashflow don’t have to be too in depth, however even the most simple of systems are integral in making sure that you can keep track of where your cash comes from and is spent.
The team of accountants, lawyersand business advisors at The Quinn Group can assist you with a wide range of services required to establish and maintain a business. For individually tailored information and advice for your new or existing business situation contact us on 1300 QUINNS or click here to submit an online enquiry.
Topics: business taxes | No Comments »
Tips on Home Business
By | February 11, 2010
When alpha out on your aisle to banking ability & abandon from the rat chase that a Home Business can provide, there is some accepted pieces of acumen to accede to advice adviser you from those that accept gone on this adventure afore you. While you will apparently bonfire a aisle in a way that is alone in it is own way, there’s nonetheless some tips that can advice somebody that is alpha their own business. The aboriginal tip commendations your taxes: Be accurate that you do not over deduct. A nice aphorism of deride is that deducting costs which are according to about 60 percent of your income, or more, may be agreeable a tax audit. Another important affair to bethink in this attitude is that if you apply somebody, be abiding to pay all the applicative taxes. You accept to pay unemployment tax, Social Security & Medicare, & of plan abstain federal & accompaniment assets tax. Another tax tip is to be acquainted of offer-in-compromise. If you are abaft on your claimed assets taxes, you may be able to get bent up calmly with this program. If you are alpha your business & are not a Corporation, you are able-bodied brash to anatomy four, in my close opinion. There’s lots of tax advantages not to & conceivably added importantly, you cut down your claimed accountability to around zero. allocution to a competent able about which blazon of accumulated article is best for your needs. When allotment area to incorporate, The majority of Home Businesses are brash to absorb in a Accompaniment in which they do the greatest allotment of their business. Out-of-State assimilation usually after-effects in added taxes and/or fees. But not ambience up a association is conceivably four of the the bigger mistakes you can make. As ahead mentioned, a association is your absorber from claimed accountability & business debts.
Another important angle of success for your Home Business is to accept a Mission Statement. This is like your business philosophy, ultimate objective, & continued appellation plan formed in to four. It will be your allegorical ablaze & action in aphotic times. Four way to attending at a Mission Account is to accede it the airy ancillary of your business. All entities accept (or should have) spirits, including your Business. do it. A Mission Account for a absolute acreage development business could be “To accommodate affordable apartment to the best amount of people”, for example. Businesses that accept bright goals as able-bodied as a bright mission Account accept a bigger adventitious of success than businesses that do not, in my opinion. Bethink that one times you address out your mission statement, it is not set in stone. You can yield it out & adapt it from time to time. Accept a affair with the added associates of your business & baddest which Mission Account is appropriate for you.
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ROLE OF SECRETARIES IN DYNAMIC CORPORATE ENVIRONMENT
By | February 10, 2010
Introduction:
The Company Secretary occupies the critical place in the company’s organizational pecking order stimulating with arduous responsibilities for the proper observance of numerous legislation’s. He is the Chief Administrative Officer of the company who has to advise and guide the Board of Directors so as to ensure that the multifarious statutory requirements are duly adhered to. This places the secretary in an unenvious position of constantly updating his knowledge and skills in the understanding and application of a plethora of corporate laws which are complex and inter-linked. An attempt has been made in this paper to present the changing role of company secretaries in the liberalized economic scenario.
Company secretaries have been playing a three-fold role as a statutory officer, as a Coordinator and as an administrative officer. According to sec.2 (30) of the Companies Act, 1956 the term “officer” includes any director, manager or secretary. Though in the eyes of law, the secretary is a mere officer of the company, in actual practice he commands considerable influence with the directors. The status of the secretary has changed remarkably over a period of time. In Panorama Developments Ltd., vs. Fidelis Furnishing Fabrics Ltd., (1971), it was observed by Lord Denning that, “A company secretary is a much important person nowadays than he was in 1887. He is an officer of the company with extensive duties and responsibilities. From the position of clerk, he has now been elevated to that of managerial cadre. Many of the company secretaries have reached the top position like Chairman, Managing Director, and Executive Director, in their own groups. As a member of the top corporate management, the secretary has come to be accepted as an indispensable professional to ensure corporate governance. He plays a key role in coordinating with the various statutory bodies like SEBI, BIFR, Stock Exchanges, RBI, Department of Company Affairs, Company Law Board in connection with the approvals, sanctions and consents under the various corporate laws.
There has been a growing awareness and appreciation in the Government and the corporate sector of the great support from the Corporate Professions whereby they have ushered in an area of self-regulation. Company Secretaries have become necessary adjuncts in the corporate management hierarchy as they are looked upon for sound counsel and advice on all matters of importance.
The Corporate sector has recognized the role of company secretaries Corporate managements are constituted by corporate executives of multi discipline professionals having dynamism and vision for the effective role of moulding and shaping the corporate sector under any demanding situation. Company secretaries who are also multi – disciplined professionals, have occupied the key and pivotal statuses in the corporate sector have established a good track record of having performed the responsibilities and functions as envisaged in various corporate laws.
With the increased professionalisation of corporate management in the context of modern corporate culture, company secretaries play a key role in guiding and shaping the distinct corporate entity, engaging him. He is often looked upon as a Senior Management Professional who is expected to discharge a wide range of responsibilities. Company Secretary who wields considerable authority in the corporate hierarchy is undoubtedly a professional manager. The most significant managerial skill and professional competence that differentiate him from other managers is the coordinating skill which he has to exercise constantly to bring the different functional specializations within the organization to realize its objectives. In view of the new corporate environment on account of liberalization and globalization, corporate management has witnessed a pronounced shift in favour of management by professionals, among whom the role of company secretary is all the more important.
In a decentralized and liberalised economic and legal environment, the role of a company secretary assumes greater significance and arduous responsibility. A company secretary is no more now a company law secretary. Though compliance of corporate laws is an important function of a company secretary, his role does not commence and end with mere compliance of laws.
Besides a company law specialist and management expert, today a company secretary is required to be a computer secretary. In the changed technological environment, company secretaries have to be expert user of modern information techniques there by enhancing their utility quality of service to the organization and of the clients.
Topics: corporate law | No Comments »
Austin Foreclosures – Why to Buy a Foreclosed Home in Austin and How to Proceed
By | February 9, 2010
Buying a foreclosed home through Austin Foreclosures will be a great idea due to the several advantages of this scenic city. Austin is capital of US state of Texas. Apart from getting a huge discount by buying foreclosed home you will be living in a world class city of your dreams.
Why to Buy a Foreclosed Home in Texas
There are several advantages of buying a home in Texas which include
1. Great Job opportunities – Several fortune 500 companies like Dell, Whole Foods Market and FreeScale Semiconductor is located here making it a hub of job opportunities.
2. Best City to Live – Austin has been chosen as one of the best cities to live and is the Greenest City in America.
3. Safest City to Live – The Crime ratio in Austin is the lowest making it one of the safest city to live.
4. Education – It has been voted number one college town due to the best education facilities available here. The main campus of University of Texas is located in Austin.
5. Live Musical Capital of the World – Due to being home for various world famous musicians and music venues, Austin city is termed as Live Musical Capital of the world.
6. City has some famous recreational spots like Lady Bird Lake and several museums and restaurants.
How to Proceed to Buy a Foreclosed Home in Texas
There are several steps to be followed to buy a foreclosure home in Texas which includes
1. Understanding Foreclosure Laws – You must thoroughly understand the foreclosure laws of Texas and Austin City to buy the foreclosure homes in this city.
2. Subscribe to Foreclosure Listings – Once you understand the foreclosure laws, subscribe a genuine online foreclosure listings service and keep the watch on latest properties added in Austin section of the website.
3. Make a list of Properties which suit your need and dreams. Shortlist about 5 properties.
4. Visit – Personally visit all the short listed properties and note the pros and cons of each property. Zero in on a single property after consulting your family members.
5. Inquiry – Once you focus on a single property, do a full inquiry regarding its neighborhood, facilities in the area like schools, colleges, hospitals etc.
6. Checking Documents – Check the documents well for the title owner of the property
7. Hire a lawyer to help you sail through the transaction in a smooth and legal way.
With the knowledge of many benefits of Austin City and guidelines to buy foreclosed homes, you are now fully prepared to buy your dream home through Austin Foreclosures.
Topics: texas venture capital | No Comments »
How to Form a Corporation – Step by Step Expert Guide on How to Incorporate Your Business!
By | February 3, 2010
Choosing a right structure of new company is a vital decision that needs detailed analysis of pros and cons of each available option in terms of your current and future business needs. Before we start working on forming a new corporation, let us have a quick glance on pros and cons of Corporation.
Pros: The owner has limited legal liability. Corporate structure attracts more investors and that offers effective capital management options. Under the corporate structure, each group has clearly defined role and responsibility. With income splitting, you can reduce the overall income tax by taking advantage of lower corporate tax rates. On the first $75,000 of the corporate income, the corporate tax rates are typically lower than the owner’s personal income tax rates.
Cons: Compared to other options, forming a corporation is expensive and time consuming process. All corporate formalities need to be observed in totality that means you have to be very organized at all times. Under the traditional corporations you have the disadvantage of double taxation – meaning the corporation pays taxes on its profits and stock holders also pay taxes on dividends. You can of course eliminate double taxation with S Corp option.
Now if you have decided that Corporation is the right choice for you, let us talk about how to form a corporation. You can form a traditional Corporation or Sub Chapter S Corporation. Pros and cons of these options need careful review and consideration. In many States, people who are in the occupation of doctors, lawyers, or accountants can incorporate their practice only through a Professional Corporation.
Here are the steps to form a Corporation:
* Choose your business name according to State rules. Some States need you to include word like Incorporated or Corporation at the end of your business name. Please try to choose a name that has some kind of relevance with the nature of your business. This helps marketing later on.
* Check with the State that your proposed business name is available.
* Register your business name and fictitious name for DBA purpose.
* Register your business as Foreign Corporation in all other States where you plan to operate.
* Decide corporate structure for your Corporation. Generally this structure has three main categories: Board of Directors, Corporate Officers, and Shareholders. Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and Secretary are the best examples of Corporate Officers. The roles and responsibilities of these groups also need to be clearly defined through various legal documents.
* Prepare, sign, and file your Corporation’s Articles of Incorporation. Generally this contains some basic information of your Corporation like name and address, corporate purpose (business activity), name and address of Registered Agent, Stock information like number of authorized shares, type & class of shares, and value of each share etc. You need to pay filing fees to the State when you file your Articles of Incorporation.
* Prepare Corporate By-Laws for your record. You don’t have to file this with State.
* Prepare Shareholders Agreement to manage future issues related to buy-out or buy-sell situation.
* Elect “S” Corp tax status if necessary.
* Hold first meeting of Board of Directors and start maintaining minute book.
* Issue Stock Certificates to stock holders.
* Obtain business license and permits for your Corporation from Federal, State, and Local agencies.
* Make sure to follow all legal requirements to run your Corporation.
Topics: corporate taxes | No Comments »