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  • Ask The Experts: HRA for LLC
    Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Business Management News You know your industry let us help you manage your small business View all NASE news Ask The Experts HRA for LLC Monday April 02 2012 Q I am a majority owner of a new multi member limited liability company My wife is the other member and is a minority owner We want my wife to be eligible for health care expense reimbursements from a health reimbursement arrangement Is there a minimum number of hours per week she must work as a part time employee of the LLC to qualify under the HRA What are your recommendations in regard to documentation of these hours A Let s go back a step and make sure we are on the same page with your HRA Only bona fide employees are eligible for reimbursements under an HRA If your wife is an owner or member in the multi member LLC then she is not a bona fide employee and cannot participate in the HRA Further an owner of your LLC would not be compensated as a part time employee so there would be no minimum or maximum work hours at issue Now back to your practical questions If you adopted the HRA to cover your family s medical expenses then your wife needs to be a bona fide employee of the LLC and you need to be the only owner of the LLC Regarding work hours and wages the wages that you pay your employees need only be reasonable in connection with the services that they provide If the sole reason for this employee employer relationship is the HRA then there is no minimum or maximum work hours required Simply documenting the

    Original URL path: http://selfemployed.nase.org/business-help/get-help/business-management/business-management-news/2012/04/02/Ask_The_Experts_HRA_for_LLC (2016-02-14)
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  • Back In Business
    the NASE s Business 101 program The profit from your business might reduce your Social Security benefits if you begin taking them before you reach full retirement age which is 66 or 67 depending on what year you were born Generally speaking your benefits will be reduced by one dollar for every two or three dollars you earn in excess of a set amount After you ve reached full retirement age your benefits can t be reduced They can however be taxed if your total annual income exceeds 25 000 Learn more about how work can affect your benefits at the Social Security Administration website 2 Find ways to minimize risk Starting a new business involves some amount of financial risk no matter your age But the stakes are especially high for older entrepreneurs who may not have time to rebuild if the business fails Ideally your new business will have little to no startup costs if you don t have reserves of discretionary cash That way you won t have to worry about digging yourself out of debt or rebuilding your nest egg in a hurry If you can t afford to lose it don t invest it Fairbrother advises If you assume more financial risk Fairbrother recommends planning for the worst and hoping for the best Talk about the big financial picture with someone you trust who can offer an objective opinion You need someone to help you evaluate the financial risk that you are about to take he says It s important that you talk to people who aren t looking through your rose colored glasses 3 Weigh the pros and cons of different funding sources If you decide to borrow money consider your options carefully For many borrowers a home equity loan may offer the best terms But if you re dependent on Social Security for financial stability banish the thought You could lose your home if the business fails Nest eggs aren t off limits though you should dip into those funds with extreme caution A lot of people in all age brackets have started very successful businesses on their retirement plans Fairbrother says But any money you withdraw may be subject to penalties or taxes or both depending on your plan 4 Be mindful of your lifestyle and your limitations Be realistic about the amount of time you are willing and able to commit to your new business Make sure the demands of the work align with your day to day life For example if you hope to spend more time with your grandkids or if your spouse is unwell you may not want to put in 40 hour weeks Also be brutally honest with yourself about your health situation Running a business can be physically mentally and emotionally challenging Talk to your doctor about how it could impact your short and long term well being 5 Build on what you know and then fill in the gaps As a seasoned professional you have

    Original URL path: http://selfemployed.nase.org/business-help/get-help/business-management/business-management-news/2012/03/05/Back_In_Business (2016-02-14)
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  • Ask The Experts: Establishing a Trademark
    Loan Calculator Retirement Savings and Planning 401 k Calculator How long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Business Management News You know your industry let us help you manage your small business View all NASE news Ask The Experts Establishing a Trademark Friday February 03 2012 Q What is the best way to establish a trademark for a business A There are two types of trademarks One is filed at the state level with your secretary of state office The second trademark is filed at the national level with the U S Patent and Trademark Office The difference between the two is that one provides a registration only in your state while the national trademark provides protection throughout the U S To get a national trademark you must be conducting interstate trade or intend to do so within one year As for the best way to get a trademark that will depend on which trademark you wish to procure and the complexities of your trademark The first thing I suggest is for you to get an understanding of the trademark process The book Trademark Legal Care for Your Business Product Name is available from Nolo either in print or as an e book It will give you the basics as well as explain how to apply for a trademark At the federal level go to uspto gov In the trademark section you ll find information on trademarks You can also search the site to find out if a trademark is already in use This is only a basic search site Before you file do a full trademark search

    Original URL path: http://selfemployed.nase.org/business-help/get-help/business-management/business-management-news/2012/02/03/Ask_The_Experts_Establishing_a_Trademark (2016-02-14)
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  • NASE Learning Center - Business Topics - Management News
    is exhilarating but needs to be executed carefully and purposefully experts caution Here s what you need to know to avoid stumbling as you step up to your next level Perfect Pitch Jul 12 2010 A well crafted elevator pitch is an essential networking tool that home business owners can use in social situations online profiles and even marketing materials Here are five tips that will help you make sure your first impressions are pitch perfect Business School Jul 12 2010 Serious minded students at colleges and universities across the country are eager to help micro business owners with tasks as varied as advertising strategy feasibility studies market research social networking and strategic planning On the Move May 13 2010 Remember the manual typewriter Imagine relying on one today to run your micro business How much time and profit would you have lost if you had clung to that relic Social Media Safety 4 Tips May 13 2010 Many home based business owners are leveraging social networking tools like Facebook MySpace and Twitter to boost their bottom line In the same spirit entrepreneurial thieves are using the sites to look for new business while minimizing the risk of getting caught Lending A Hand May 13 2010 Diane Parker expected to pay for her new home with the funds received from the sale of her previous one Suddenly the sale of her first house fell through creating a serious cash squeeze Common problem right What s not so common was the solution Risky Business Mar 05 2010 Micro business owners inevitably assume risks in their pursuit of rewards To slash the odds of a setback or worse a crisis it s wise to prevent accidents before they happen For Richer For Poorer Mar 05 2010 Some say mixing business and pleasure

    Original URL path: http://selfemployed.nase.org/business-help/get-help/business-management/business-management-news/page/3 (2016-02-14)
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  • NASE Learning Center - Business Topics - Management News
    be a perfect fit for micro businesses Anchors Away Aug 31 2009 The failure of an anchor store can cause a shock that s as much emotional as financial for surviving retailers But you can take action to mitigate the potential financial loss and improve the well being of the surviving small retailers Here s how How To Hire Your Brother Aug 31 2009 In these tough economic times it s not uncommon for micro business owners to be approached by family members or friends looking for a job Laid off from work and unsuccessful in landing a new job these relatives and friends may feel like you re their last hope for employment Brainstorming Solo Aug 31 2009 We all know being creative isn t easy and it can be especially challenging for folks who work in home offices with nary a brainstorming partner nearby Here are five tips for sparking creativity even when you work alone Why You Don t Need To Super Size Jul 29 2009 Few people in the business world look down on home based companies these days But if a potential client balks because of your firm s lack of size or real estate use your smallness and your homeyness to your advantage Local Politics Jul 29 2009 The health of your micro business depends to a great extent on business friendly decision making from your town and county governments Retail Redo Jul 01 2009 A showroom retooling can be just the ticket to get shoppers excited about buying And that s what you need to move that moribund merchandise sitting on your floor Can You Take The Home Office Deduction Jul 01 2009 Can you or can t you take the home office deduction This is one of the most vexing questions faced

    Original URL path: http://selfemployed.nase.org/business-help/get-help/business-management/business-management-news/page/4 (2016-02-14)
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  • NASE Learning Center - Business Topics - Management News
    In The News Washington Watch NASE Research Current NASE Survey NASE Member Survey NASE Issue Reports Self Employed Statistics Get Involved Tell your story Become a Media Contact Legislative Action Center Business Help Ask the Experts Taxes Business Strategy Business Law Marketing 101 Finance Accounting Health Care Reform Marketing Advertising Real Estate Information Technology NASE Minute Get Help Tax Healthcare Reform Health Marketing 101 Business Management Marketing Advertising Real Estate Calculators Business Breakeven Analysis Calculator Cash Flow Calculator Equipment Buy vs Lease Investment Annual Rate of Return Calculator Mortgage Mortgage Loan Calculator Retirement Savings and Planning 401 k Calculator How long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Business Management News You know your industry let us help you manage your small business Now Hiring Sep 01 2008 What s the fastest way to double the size of your home based business Hire your first employee But while you ll now have additional help you can also double your headaches if you don t hire the right person for

    Original URL path: http://selfemployed.nase.org/business-help/get-help/business-management/business-management-news/page/5 (2016-02-14)
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  • Transitioning From Employee To Business Owner
    take some effort Most experts recommend that you have at least six months worth of living expenses saved up before you leave your job It is probably time to make some changes in your financial habits as well Bank as much of your paycheck as you can so that you have money for living expenses and cash flow to start your business Cut personal expenses in half if possible and save the rest Write out a budget to help you save and stick with it If you change your habits before you leave your full time job you will be able to save more and be prepared for tighter times that might lie ahead NASE Member Warren Croce of Warren Croce Design in Belmont Mass spent 18 years in the corporate world before starting out on his own He started saving while still working and was able to bank 12 months of living expenses before leaving He strongly recommends that anyone wanting to go out on his own should meet with a financial planner to help prepare for this transition Once finances are set it is time to transition your mindset from employee to boss and what your new work life routine will entail This can be a source of much stress for many entrepreneurs who were used to a defined workday Being able to work any time from anywhere sounds nice but for many start ups it means working all the time from everywhere as you begin to grow Finding the Balance You need to set daily goals and boundaries to help keep you on task and try to find that balance that probably set you about starting your own business in the first place First and foremost keep a schedule Define times throughout the day that are set aside for certain tasks It is also very important to keep organized so that you know when and where meetings are taking place as well as where information for your business and projects are Technology offers a plethora of applications to help Microsoft Outlook will keep you on schedule Remember the Milk a smartphone app helps you remember what you need to be doing when Evernote allows you to write down your thoughts like that next brilliant business idea wherever you are You Are Not Alone Being your own boss often also means that you now work alone And that can mean gaps in business knowledge Sometimes it may be necessary to find a partner who can complement your knowledge Elizabeth Sichinga of Africa Global Super Center LLC in Wyomissing Pa an import export business knew that she needed help and found it in her partner Now her business has expanded to include five partners NASE Member Al Rickard of Association Vision in Chantilly Va recalls his transition working as an association professional to partnering with a colleague to form a new company I never considered myself an entrepreneur That s why partnering with my colleague who has the entrepreneurial

    Original URL path: http://selfemployed.nase.org/business-help/get-help/business-management/business-management-videos/2013/04/01/transitioning-from-employee-to-business-owner (2016-02-14)
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  • Look Before You Leap: Researching the Market Before You Start a Business
    can use these forums and communities like a free online focus group Ask questions about what consumers liked or didn t like a about a particular product or service Knowing who spends time in these forums and what they are saying will help you know who will want your product service Search to see who potential competitors are both locally if you are a brick and mortar business as well as in cyberspace Sites such as Google Facebook Twitter and LinkedIn are a good place to start Once you find out who your competition is you can find out more about them Most businesses have a website Check it out Does it look professional Does it explain their product or services How many employees do they have Review sites such as Yelp and Angie s List to see what actual customers are saying about these businesses NASE Member Theresa Cassiday owner of Catena Creations LLC in Bellevue Neb used the Internet to find out what to charge for her services Said Cassiday I actually did my first market research a couple of years before I started my business I had been offered a couple of very big freelancing projects and needed to figure out what I should charge At that time nearly 7 years ago I did a lot of research online looking for freelancers websites to see what they charged and what their skills were David Hollender online communication strategist at Mind Sky in Reston Va says to look at your competitors websites from a different perspective as well Just because a company has a beautiful website doesn t mean they are a great business Find out their relevance and credibility by doing a little research First impression are usually right if a website looks unpolished it is probably telling of the business as a whole Google s page rank of a website is based on how relevant and credible they are Credibility is partly based on how many other websites link to a given webpage This implies that other web entities believe the site to be legitimate This will let you know if they are a legitimate business competitor The Internet can provide you with a lot more information about a business than just its website You can search any number of review sites such as Yelp and Angie s List to see what actual customers are saying about these businesses Visit It We sometimes get caught up in all that we can find searching on our computers but if your competition has a brick and mortar store within a reasonable distance go visit in person Be a customer See who is shopping there and what their demographics are This will help you determine if this is the same market demographic you intended to serve or if you were seeking a different group And talk to other customers as you shop Not only will you get to experience what the competition has to offer as far as products

    Original URL path: http://selfemployed.nase.org/business-help/get-help/business-management/business-management-videos/2013/03/07/look-before-you-leap-researching-the-market-before-you-start-a-business (2016-02-14)
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