Business

1. Business??

First of all establish what you want to do. Then write down some ideas with your buddy, then brainstorm how youre gonna turn those ideas into reality.... YOU WILL NEED CASH TO START ANYTHING.. regardless.... good luck!

2. Opening a business and wondering what types of expenses I can write off?

You need to keep accurate records when running a business. This will be your best defense if you ever get audited. For IRS purposes, you need to make a profit every 3 out of 5 years to have the IRS prove that you are not running a business. Otherwise, it is up to you to prove that you are running a business and not doing a hobby. You can prove that you are running a business by keeping your business accounts and personal accounts separate. You can write off any legitimate business expense including dinners with clients, car expenses, equipment, etc. Having a separate checking account and credit card is a good idea. However, it isn't necessary. You can comingle your business and personal expenses using your personal accounts. But, if you do this, then it will be harder for you to prove that you are running a business. For your revenues, you don't need a corporate account to make you deposits. You just need to make the deposits in your separate account that you use for business. You can read Publication 334 for more information.

3. What does a business analyst do? What course do you take to become a business analyst?

Yes, the courses you speak of will help you to become a Business Analyst. A BA can be on the client side or the IT side. If on the client side, they are interfacing with work group domains that process the work and review what they need. They generate requirements and then work with the IT side to update or generate processes and applications to fullfil the business needs. If you're a BA on the IT side of the house, then you're taking all the requirements and developing processes and application solutions. Your job is to work with the client to generate a business solutions document (there are many names for it) and get signoff. Then, you need to make sure that solution becomes reality by working with systems analysts, programmers, and testers. You're generally responsible for the delivery of the solution. Although, if the solution revolves around process changes with other work group domains, you normally work with a PM (Project Manager). Never the less, you have end to end responsibilities for the IT delivery to insure the client gets what they need (and paying for). With the offshoring of work to cheap labor, to remain associated with software development, the BA role is a good profession.

4. How do I start a successful retail business?

How about a book store, if you are looking retail? I cant say if it would work in your town, you need to do marketing research to see what would succeed in your town. Also in business .. Location, Location, Location is VERY important to success .. not only do you need the right business, you need the right location .. Passion, YES .. you do have to work long hours but passion because you believe in what you are doing. I work from home and have the utmost compassion and belief for what I do, I believe that is what brings me success .. If you don't like books, don't like to read .. then a book store probably wont make sense. Did deep .. Only you know what you really want to do. GL!

5. What kind of business license do I need for an internet business or ebay business?

The requirements vary according to your state. Call the business license office for your county and just ask them if you need a business license to operate an internet store. I live in Georgia, and in my county, you do.

6. How important does the business plan to lenders?

Business plans are VERY important. You definitely have to put a lot of thought and time in constructing one. Put yourself in the lender's situation - if some random guy came up to you with no clear plan, why on earth would you give him $20k? If you are sure that you'll make a or are already making a profit, spell it out for them. Show them how you've flourished and how you expect to grow in the future with this money. Obviously you don't have to know every specific detail going into the distant future, since no one can predict what will happen with your business, but at least develop likely scenarios so you'll be prepared for anything. Good luck!

7. What business degree should I study in and where?

These new rankings just came out this week for schools specializing in entrepreneurship: Top 25 Undergraduate Programs: 1. Babson College 2. University of Houston 3. Drexel University 4. The University of Arizona 5. University of Dayton 6. Chapman University 7. DePaul University 8. Temple University 9. University of North Dakota 10. Loyola Marymount University 11. Wichita State University 12. Syracuse University 13. University of Notre Dame 14. University of Maryland 15. University of Oklahoma 16. University of Illinois, Urbana-Champaign 17. Xavier University 18. The University of Alabama 19. University of Southern California 20. Ball State University 21. The University of Iowa 22. Brigham Young University 23. Baylor University 24. Northeastern University 25. The Ohio State University So, assuming you are looking for an undergraduate degree, the ones here which would be relatively inexpensive would be the University of Arizona, Temple University, the University of North Dakota, Wichita State, and then all of those The University of (name the state).

8. Do you think a business acquaintance service can be a profitable industry?

Networking. In your instance, pooling together all business acquaintances for mutual exchange of ideas and support. Sounds great, go for it. Good luck and success, my friend.

9. Can I deduct a business mortage payment or only the interest and why?

The business can only deduct interest expense. If you own the property personally, and the loan is in your personal name (OK if business is a co-borrower), then the business could deduct the entire payment as rent expense. However, you'd then have a separate schedule on your tax return for this commercial real estate. You'd show the rent payment as income, and then deduct the interest expense there. If the business is an S-Corp then shouldn't be much of a difference either way. . . If you're a business owner with commercial real estate, you really should have a CPA (or experienced tax accountant) prepare your taxes. . . . Oh, you can't deduct the entire loan payment, as principal paid is a repayment of money lent to you!

10. What business classes do you generally take the 3rd and 4th year of your BA?

Business programs will have you take classes in all functional areas, including marketing, finance, HR, IT, etc. Additionally most school's will have you take some sort of strategic management course as your capstone class. Those are just the general business requirements. You will then take in-depth coursework within your concentration area. For example, if you are an accounting emphasis business major, you will take anywhere from 6-8 upper division accounting classes. Finally, there may be elective business coursework you are also required to do such as in international business, entrepreneurship, or such. You're also strongly advised to do an internship (credit awarded) in your area so you can build real experience.

11. What kind of business should I start in Bangladesh?

open up a internet cafe... good luck!

12. Does my small business need to file a tax return?

Definitely keep track of your expenses. Most start-up expenses should be capitalized until operations begin. This means that you cannot deduct certain expenses until the date the business started, even if you paid them last year. Some expenses should be amortized over a period of time. Business start-up costs are the expenses you incur before you actually begin business operations. Your business start-up costs will depend on the type of business you are starting. They may include costs for advertising, travel, surveys, and training. These costs are generally capital expenses. You usually recover costs for a particular asset (such as machinery or office equipment) through depreciation (discussed next). You can elect to deduct up to $5,000 of business start-up costs and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Any remaining cost must be amortized. For more information about amortizing start-up and organizational costs, see chapter 9 in Publication 535.

13. I work for a 501C business,which is closing and liquidating. Can I start my own separate taxable business?

You may have some problems if you use similar names or other things that may be the intellectual or business property of the 501C (3). You should get a written agreement with the Association approving your enterprise. If you plan on using the same facilities as the non-profit there could be some zoning issues that would require a new approval by the local planning department. After that you may organize in the same manner as any business.

14. How important are business ethics to a company and their success?

business ethics are important but are difficult to enforce. I am a member of a professional organization with a defined ethics policy in it's bylaws. there are complaints of ethics violations against 3 members but no one wants to sit on an ethics committee for fear of incurring personal liability. It' a ridiculous situation mired in politics and fear of reprisals.

15. What is the best way to transfer my small business to my son?

If you own a small business, then you should at some point have had to consult with a CPA and a small business attorney...this should be best handled by your attorney. If you don't have one, try calling around to see if you can get one recommended to you. Someone who handles real estate or retirement issues might be able to help as well. As with anything, if the company doesn't make any money, your 'guaranteed monthly retirement' won't always be there, so some of this rests on the fact that you believe the business will be successful enough under his command. There are never any guarantees....

16. Is it possible to build business credit with a small home-based business?

You can absolutely business business credit with a home-based business. www.thexbanker.com is a good source. I don't understand your second question. Can you clarify?

17. Can I start a home based business, not get a business license and not pay taxes?

Make note of where you read that. And do NOT read that garbage any more if you value your financial well being! Of course you have to pay taxes! And what gives you the idea that the IRS won't know about it? Eventually you'll have a business customer who will hand you a Form W-9 and ask for your taxpayer ID number before they pay you. Assuming that they pay you more than $600 (and possibly if it's less) the IRS will be notified of the payment. Or someone will get audited and will have claimed an expense deduction for the money that they paid you. The IRS auditor will then gather the details about YOU and make a note to follow the money trail and see if YOU are paying YOUR share. Either way, you're BUSTED! But let's just say that you manage to fly under the radar for 40 years and get away with it. You retire and apply for Social Security. Guess what! You haven't paid in a dime in those 40 years so you get goose egg! Nothing! Nada! Zip! Opte! De rien! Null! But hey, I hear that Alpo isn't all THAT bad! The issue of a business license is strictly a local one. Maybe you need one and maybe you don't. But you better plan on keeping proper records and paying your taxes or life WILL become truly miserable for you. Sooner or later. (And sooner is better, since you'll at least have a shot of paying up.)

18. Do you think a fee based business acquaintance service can be a profitable industry?

Yes -- it is called linkedin.com

19. business projector versus a home theater projector? Is there that much of a difference in black levels?

I am confuse with your question. Are you saying you can afford a $2000 projector or can't afford? Try using a home theater projector if you can. The bussiness projectors are not meant for movies. They are meant for slide shows and a small movie clip. Now you can get a decent Epson projector that is around $3500 Canadian dollars with a $300 rebate right now. I believe the model is the Epson 1080. Epson makes a decent projector. http://www.epson.ca/cgi-bin/ceStore/ProductCategory.jsp?BV_UseBVCookie=yesoid=-13702 Ofcourse you can opt to get the cheaper projector. I have personally seen the Epson 1080 and it does a great job on the big screen. There are also some decent screen around. I think you should provision more for your screen though. Try to think $1000 for a screen. They a decent Draper screen would serve you well. On the other hand you can also paint the wall matte white and it should work as well. You can try looking for the goo-this stuff is supposedly able to serve as a screen.

20. Over 60% of small businesses fail due to a lack of planning and execution of a business plan.?

If you're only really asking about training, then it would depend on the size of the business. If there's only about 1 - 10 people, then it would usually be the duty of the owner to train new staff, as he or she would be the person with the most interest in ensuring that everyone knows what they are doing. If you go into 10 - 30 or so staff, you'd probably have an operational or production manager who should take care of training. Most businesses don't fail because of inadequate training though. As you pointed out, it's more about lack of planning. I ran my own small businesses for a few years, and I made sure to only hire people that didn't need any training! Is your concern that businesses fail because of no proper training programs?