26. September 2007 by Tim Collier.

Over on my company website, I have recently posted the links to 140 venture capitalist sites, for people to look at.  A very broad range of sites and some interesting reading.  If you have any sites that are not on there and would like to share, email me at info@cascadebusinesssolutions.com and i’ll get them posted right away.

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26. September 2007 by Tim Collier.

During my MBA courses one of my classmates (an engineer) declared during finance class “This ain’t engineering!”  What he meant by that was that there is no exact answer in building a business as there is in building a bridge.  One of the biggest mistakes that a person deciding to make the jump into the business world makes is insisting on an exact answer.  There isn’t one.  The sheer amount of variables allows, sales projections, expense projections, ability to get a SBA loan, that if any one of your estimates is off by the slightest amount  you will have a different answer then when you originally started with (to the good or bad).  You can be close, and what you want to do is limit the amount of variables to get the best answer, not necessarily the perfect answer.    Focus on what you know, look to see if you truly believe you have a good idea, run some base numbers, put together a business plan and go for it. 

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22. September 2007 by Tim Collier.

Ever felt that you have so many things on your plate that you feel overwhelmed, but when you write it down you say “that’s not so bad.”  Your business is the same way.  When you are first starting that new enterprise you can easily get lost in the details and as such never find a way to accomplish what you need too.  Using a time management system such as FranklinCovey, Outlook, or even a Microsoft time management template in Excel, is all you need.  Take 15 minutes and just start writing the list of things that you need to do for your new business.  Start prioritizing them.  Pick off a few of the easy ones to start just to get a sense of accomplishment and momentum.  Just start writing it down, your business will appreciate it in the long run. 

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16. September 2007 by Tim Collier.

Husband and wife LLC’s have always been a great idea from a liability stand point, but they  have added another layer of tax complication because they require the completion of a partnership (Form 1065)return in addition to the couples individual tax return.  The SMALL BUSINESS AND WORK OPPORTUNITY TAX ACT OF 2007 has changed that.

The new law allows LLC’s that are owned by husband and wives not to be treated as partnerships for federal tax purposes.  They must meet three criteria:

1)    The only members of the LLC are husband and wife.

2)    Both spouses materially participate in the business and

3)    Both spouses elect to have provision apply.

This change is effective for all tax years after 12/31/06. Under the provision a joint venture conducted by a husband and wife is not treated as a partnership and should be reported on the appropriate form on their 1040 (Sch C).  Each spouse must still report the income on their own schedule C and have their own schedule SE. The income will still have to be split by ownership percentage, however this should still reduce the preparation fees, by staying away from the form 1065 partnership return.  This is a great benefit for husband and wife owned LLC’s and should help lower the overall bookkeeping charges to the business.

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16. September 2007 by Tim Collier.

Glad you could visit.  This blog is geared towards business topics and how to make your venture successful.  Please feel free to post and ask about any topics that you are interested in and we will try to get them on the blog as soon as possible.

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