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Many would-be entrepreneurs wonder what it might be like to open a franchise. There are hundreds of possibilities, each with its own policies and minimum investments, but let's consider one of the most famous. Imagine you're opening your own McDonald's; you have to buy a McDonald's franchise. For a conventional franchise, you have to have — not borrow — $250,000, which means cash, investment securities, vested profit sharing, and/or business or real estate equity. Your total costs to open the restaurant will be anywhere from $685,750 to $1,504,000 for the building and equipment. Forty percent of this has to be from your own nonborrowed funds.
Where can you count on endless networking opportunities? Business organizations offer many chances for joining likeminded professionals and learning more about your chosen field. Take the plunge to:
Don't just pick anyone who calls himself a "financial planner." Make sure you search for a Certified Financial Planner, a badge of achievement awarded by the Certified Financial Planner Board of Standards Inc., a nonprofit group that fosters professional standards in the largely unregulated world of financial planners. A CFP has completed an extensive course of study and passed tests on tax management, employee benefits, retirement planning, estate planning and investment management, among other subjects.
A general power of attorney gives broad powers to a person or organization, known as an agent or attorney in fact, to act on your behalf. What powers?
Does it seem like your company's health care spending is equal to the gross national product of a small country? If you have a stake in employee benefits, you know that workforce wellness and benefits plans are changing at a rate faster than most can follow. Switching to a self-funded plan can help. You'll pay only for what you need and use. Zero-premium taxes and lower administration costs can lead to impressive savings.
You may have heard of a living trust that's created while you are still alive. It can be set up as a revocable trust, permitting you to change the terms of the trust or to dissolve it entirely should circumstances change.
Such a trust can take the title to your home and transfer the control of the property to a trustee. When you die, the trust becomes an irrevocable trust, prohibiting future changes to the terms. A virtual sales team. That's what happens when you allow your customers to recommend your products and services. The more fans you create, the more likes you motivate, the more shares you inspire —your contacts will reach out to friends and relatives who'll promote your firm.
First, let's start with what "basis" means. Your basis is usually what you paid for an asset. According to the IRS, a capital gain or loss is the difference between your basis and the amount you get when you sell an asset. So, if you sell an asset that is worth more than you paid for it, you will have to pay taxes on the gain.
If you own a small business, you need to consider how often you will pay your employees. That's one of the first things a new hire will ask. While different pay cycles impact employees, there's an employer side of the discussion as well that can help businesses decide how often employees should receive their paychecks.
Customers and prospects may have a limited perspective of what your company can offer if they only view your advertisements or receive promotional email. Newsletter content builds a broader picture and can include links to information on your website. Also, by highlighting your company, you build your reputation among potential new hires.
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October 2020
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