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Digg it UP - Extending Consumer Credit Requires Compliance With Federal Laws
If you’ve dreamed of becoming a store owner and are thinking about making the transition from working for someone to working for yourself, there are a few things you need to consider before making the move.The allure of “being your own boss” is very powerful, but actually succeeding at doing so can be elusive. To increase your chances of being successful you need to do your homework and really think about what you’re about to undertake.
o Are there any pending tax suits?
o Does any local, state or federal taxing authority have any liens against the real property or business personal property you would be acquiring? If so penalties, interest and attorney’s fees could greatly increase the cost of satisfying the tax lien.
6. Identities of All Directors, Officers & Shareolders
o You ought to perform a background check on each of these people to see whether there is any pending litigation against them.
7. Owned Real Estate
o Need a list of owned real estate to help in valuing the business and determining
It’s true loans are wonderful things. Think about it, they wouldn’t be so popular if people didn’t think they were a good idea!The percentage of households that do not have a loan of some kind is dramatically small these days. The secret to making loans wonderful for you is to not spend more than you can afford, or want to be able to afford in the future. Plan ahead.It’s all very well having a ‘see it, want it, have to have it’ approach
NOTE: THIS IS ARTICLE IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO BE CONSTRUED AS LEGAL ADVICE.
1. Corporate and Organizational
o Certified copy of articles of incorporation and bylaws of company and subsidiaries as currently in effect;
o Partnership agreement and any amendments thereto;
o A copy of the most current organization chart available of the company;
o A list of states and foreign countries (if any) in which the Company is qualified to do business; and
o All names under which the company has done business in the past five years; this includes registered and unregistered trademarks, fictitious name statements (commonly referred to as “d/b/a filings”).
2. Financing Documents
o All loan agreements, debt instruments, and other financing instruments, and all related material documentation, to which the company is a party.
o A list of all mortgages, liens, pledges, security interests, charges, or other encumbrances to which any property (real or personal) of the company is subject and all related material documentation;
o Schedule of all short-term and long-term debt (including capitalized leases, guarantees, and other contingent obligations).
3. Financial Statements
o All audited and un-audited financial statements;
o Brief description of contingent liabilities involving the Company, such as pending lawsuits and threatened litigation;
o Name of accountants and length of relationship with accountants; indicate whether the accountants own any interest in or hold any position with the Company or its subsidiaries;
o Budgets, business plans or projections (for the Company and any of its subsidiaries) made on a quarterly, annual or other basis during the past 3 fiscal years.
4. Contracts & Leases
o Real estate leases. Consider the term of the lease and the quality and location of the space and decide whether your business needs would be satisfied;
o Equipment leases;
o Purchase and sale contracts for goods and services [uniforms; food suppliers]
5. Tax Matters
o Are back taxes owed?
o Are there any pending tax suits?
o Does any local, state or federal taxing authority have any liens against the real property or business personal property you would be acquiring? If so penalties, interest and attorney’s fees could greatly increase the cost of satisfying the tax lien.
6. Identities of All Directors, Officers & Shareolders
o You ought to perform a background check on each of these people to see whether there is any pending litigation against them.
7. Owned Real Estate
o Need a list of owned real estate to help in valuing the business and determining l
1. Do you REALLY know what you want?2. Do you know yourself well? What your interests, talents, and transferable skills are?3. Are you articulate? Can you explain what you want and do it clearly?4. Do you have supportive people interested in you and your welfare? If not, find some, NOW!5. Do you have a network of contacts? Start with your friends.6. Do you rely too much on the "want ads". Don't.7. Do you have
o A copy of the most current organization chart available of the company;
o A list of states and foreign countries (if any) in which the Company is qualified to do business; and
o All names under which the company has done business in the past five years; this includes registered and unregistered trademarks, fictitious name statements (commonly referred to as “d/b/a filings”).
2. Financing Documents
o All loan agreements, debt instruments, and other financing instruments, and all related material documentation, to which the company is a party.
o A list of all mortgages, liens, pledges, security interests, charges, or other encumbrances to which any property (real or personal) of the company is subject and all related material documentation;
o Schedule of all short-term and long-term debt (including capitalized leases, guarantees, and other contingent obligations).
3. Financial Statements
o All audited and un-audited financial statements;
o Brief description of contingent liabilities involving the Company, such as pending lawsuits and threatened litigation;
o Name of accountants and length of relationship with accountants; indicate whether the accountants own any interest in or hold any position with the Company or its subsidiaries;
o Budgets, business plans or projections (for the Company and any of its subsidiaries) made on a quarterly, annual or other basis during the past 3 fiscal years.
4. Contracts & Leases
o Real estate leases. Consider the term of the lease and the quality and location of the space and decide whether your business needs would be satisfied;
o Equipment leases;
o Purchase and sale contracts for goods and services [uniforms; food suppliers]
5. Tax Matters
o Are back taxes owed?
o Are there any pending tax suits?
o Does any local, state or federal taxing authority have any liens against the real property or business personal property you would be acquiring? If so penalties, interest and attorney’s fees could greatly increase the cost of satisfying the tax lien.
6. Identities of All Directors, Officers & Shareolders
o You ought to perform a background check on each of these people to see whether there is any pending litigation against them.
7. Owned Real Estate
o Need a list of owned real estate to help in valuing the business and determining
We've all heard it that in order to stay in business online you need to build a Targeted 'Opt-In' list.Well... I truly have to agree with that simply because this is where you'll always have a consistent source of FREE Targeted traffic(also referred to as 'Sticky Traffic') to promote your offers or related information to for years to come.It just makes sense, wouldn't you say?And, we all know that 'Email' is where the $MONEY$ is
o Schedule of all short-term and long-term debt (including capitalized leases, guarantees, and other contingent obligations).
3. Financial Statements
o All audited and un-audited financial statements;
o Brief description of contingent liabilities involving the Company, such as pending lawsuits and threatened litigation;
o Name of accountants and length of relationship with accountants; indicate whether the accountants own any interest in or hold any position with the Company or its subsidiaries;
o Budgets, business plans or projections (for the Company and any of its subsidiaries) made on a quarterly, annual or other basis during the past 3 fiscal years.
4. Contracts & Leases
o Real estate leases. Consider the term of the lease and the quality and location of the space and decide whether your business needs would be satisfied;
o Equipment leases;
o Purchase and sale contracts for goods and services [uniforms; food suppliers]
5. Tax Matters
o Are back taxes owed?
o Are there any pending tax suits?
o Does any local, state or federal taxing authority have any liens against the real property or business personal property you would be acquiring? If so penalties, interest and attorney’s fees could greatly increase the cost of satisfying the tax lien.
6. Identities of All Directors, Officers & Shareolders
o You ought to perform a background check on each of these people to see whether there is any pending litigation against them.
7. Owned Real Estate
o Need a list of owned real estate to help in valuing the business and determining
Outsourcing is the latest buzz word to hit internet marketing circles and niche websites. Internet has given rise to a new dimension to many of the popular techniques. Because of this, there are number of issues to keep in mind when looking at outsourcing as a viable alternative to doing it yourself.For customers, Outsourcing brings innovative and streamlined products and services like billing, CRM and data warehousing. For employees, it bring
o Budgets, business plans or projections (for the Company and any of its subsidiaries) made on a quarterly, annual or other basis during the past 3 fiscal years.
4. Contracts & Leases
o Real estate leases. Consider the term of the lease and the quality and location of the space and decide whether your business needs would be satisfied;
o Equipment leases;
o Purchase and sale contracts for goods and services [uniforms; food suppliers]
5. Tax Matters
o Are back taxes owed?
o Are there any pending tax suits?
o Does any local, state or federal taxing authority have any liens against the real property or business personal property you would be acquiring? If so penalties, interest and attorney’s fees could greatly increase the cost of satisfying the tax lien.
6. Identities of All Directors, Officers & Shareolders
o You ought to perform a background check on each of these people to see whether there is any pending litigation against them.
7. Owned Real Estate
o Need a list of owned real estate to help in valuing the business and determining
If it were back in the day when people still used adding machines with paper, your office would be filled to the ceiling with literally miles of that little paper ribbon, you've run the numbers so many times. No matter how many times you've run them, though, there just isn't enough money for a new trade show booth.Before you give up and allocate what budget you do have into another round of direct mail - that won't get results -, consider ren
o Are there any pending tax suits?
o Does any local, state or federal taxing authority have any liens against the real property or business personal property you would be acquiring? If so penalties, interest and attorney’s fees could greatly increase the cost of satisfying the tax lien.
6. Identities of All Directors, Officers & Shareolders
o You ought to perform a background check on each of these people to see whether there is any pending litigation against them.
7. Owned Real Estate
o Need a list of owned real estate to help in valuing the business and determining liabilities.
8. Insurance
o You would want to have copies of the insurance policies, as well as the name and contact information for the insurance agent, going back four years from the time of purchasing the business. Check to see whether the insurance policies would cover you, as the new company, for any damages alleged to have occurred before you acquired the business.
Finally, many other factors related to financial and other matters must be considered before taking the plunge.
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