It protects the name of your business by preventing anyone else in your area from using it. When you go to register your business name you’ll find out whether it’s already being used by another company. It can also come in handy to have a DBA to open up a business bank account. A partnership can also have many legal consequences as a sole proprietorship and to start earning easy corporate money, but as with any marriage, in tough times, things can get ugly. Partnerships in disarray can be a lawyer’s fantasy and your worst nightmare. Not all partners have full exposure for personal liability, though. There’s a special kind of partnership that limits the liability of some owners. It’s called a limited partnership. In this type of organization, there must be at least one owner who is a general partner with unlimited personal liability. Other owners may be limited partners whose liability for partnership debts is limited to the amount of their contribution in the partnership.
It is also believed and preached by many in the industry that you’ll better have multiple automated streams of residual income to reach financial freedom in this business. Please be also advised that a home based business could be not for everyone. For many people it will be only seen as a mere supplemental income source for retirement or a momentarily extra incomefor the family, but not as a home based business. In fact, in a recent survey published by the SBA only 46 percent of home based and micro business owners cited that making lots of money was a motivation for starting their own business. Seventy eight percent of business owners stated that having more control over their lives was the most important reason, and 90 percent said they would go into a home business again. So, even though you may not get your extra incomefrom such an endeavor, it may be worth the effort to try your online business idea out to see if it would be successful. Remember if you are a home based entrepreneur working for your own, with a justifiable dream to arrive at financial freedom, you may not see a profit right away, it all will strongly dependent on the type of effort you put into your own home sweet home business. Prida. All Rights Reserved.
To introduce this topic “Record Keeping for A Home Business”, I must repeat a statement you have seen many times before in this series – “a home businesses is just that, a Business.” New statement – YOU CAN’T RUN A BUSINESS WITHOUT KEEPING RECORDS! Many people planning to start a small business from their home are surprised to find that keeping records of the business is one of the requirements. It is. I can’t help you there, but I can give you a few tips to make it easier. Why do you have to keep records? Taxes – the most obvious reason is to prepare your tax returns. To monitor progress and prepare financial statements – good records help you monitor the progress of your business. What products or services are selling and returning the most profit? Did you realize positive results from your last marketing campaign? Which sales letters or landing pages are making the best conversions? Are you really making any money? We could go on and fill this page with questions, but the bottom line is that without accurate and adequate records you don’t have a clue.
Most home business proposals do not include this. That is why many home business fail and even why many businesses in general fail. So having this platform will increase your success rate. You want a high end product line that will pay you huge returns each time to make a sale or start providing services to one of your clients and customers. Having a product or service which only pays you a few dollars is useless. I think you need something more like a few hundred or even a few thousand dollars so your returns are massive and you reach your goals quicker. You want to be apart of a supportive and giving community. The more support you have the more your success rate increases! I know in the community I am apart of that they will never allow me to quit and they always want the best and keep pushing me to achieve my goals no matter what!
