Category Archives: Startups

Finance Your Business 2: Investors

There are four main types of investors for startup businesses: yourself, friends and family, angel investors, and venture capitalists. “Crowdfunding” is a way to cast a wider net for angel investors, and is described in Brief 05.10. Within these categories, an investor may be accredited or unaccredited. To be accredited, an investor must meet certain criteria on net worth and income. At this writing the requirements are on the order of $1m net worth and/or annual income of $200k. There’s an exemption from strict security … 
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Partnership and LLC Operating Agreements

Checklist of Points to be Considered in Partnership and LLC Operating Agreements: A partnership (a dual member Limited Liability Company (LLC) is similar to a traditional partnership) is a person or an association of persons with the purpose of forming and operating a business enterprise. Like corporate by-laws, the central legal document for a partnership, a Partnership Agreement, or an LLC Members’ Operating Agreement, governs the workings of the business, and provides a clear outline of the rights and responsibilities of all of the Partners … 
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So You Want to Own Your Own Business

Last Wednesday over 20 people attended the first workshop presented by the SBA and SCORE for people interested in starting a business. Mr. Richard Dumaine from SCORE helped the attendees do a skill assessment to determine if owning a business was right for them. The audience seemed most interested as some common myths about being a business owner were reviewed and dispelled. Mrs. Nicole Pickard first presented an overview of what the Small Business Administration’s role is and how it helps small business entrepreneurs. She … 
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Your Business Attorney

Developing a relationship with an attorney for your business as you begin to launch your business and/or before you need their services can make the process of finding an attorney easier and less stressful. What legal services can an attorney provide your business? Select and implement your legal form of business organization LLC: understand the benefits and limitations of this form of legal protection Multiple member LLC or partnership: draft operating and buy-sell agreements between partners Sub-S or schedule-C corporation: draft corporation buy-laws, buy-sell agreement … 
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Finance Your Business

There are several potential sources of funds for start-up businesses. Among these sources are loans, which could include: funds from the owner’s savings (treated as a loan); a second mortgage loan; charging against credit cards; loans from friends or relatives; bank business loans; credit union loans; and, loans from federal/state /local government programs. There are many sources of microloans, which are generally loans of up to $30,000. Historically, however, the seed money for most businesses has come from the owner’s personal savings. On average, less … 
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How To Price My Products or Services?

What Price Should I Be Charging? Setting the proper prices for your products and/or services is a critical element to determining the success of your business. The right price will help you to be competitive in the market place as well as profitable. The four briefs referenced below will provide the detailed information you will need to establish your pricing model. PRICING PROCEDURES FOR RETAIL When your company purchases and sells a product, the revenues derived from sales of the product will directly affect the … 
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STARTING A NON-PROFIT ORGANIZATION

BACKGROUND Many individuals wanting to start a non-profit do so because they think grant monies are waiting for them. They don’t realize the strong role the Board of Directors or Board of Trustees play in the overall running the non-profit. The board selects and employs the Executive Director and is the legal employer of all paid staff. The Founder must realize that if they assume the role of Executive Director, this position reports directly to the board. The Board may dismiss this individual and replace … 
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