We loved this visual breakdown from Intuit on what “Startup America” means for small business.
via: What Obama’s “Startup America” Means for Your Small Business [INFOGRAPHIC]
We loved this visual breakdown from Intuit on what “Startup America” means for small business.
via: What Obama’s “Startup America” Means for Your Small Business [INFOGRAPHIC]
We found out that startups and small businesses breath a bit easier this tax season if they utilize some often overlooked tax deductions. Take a look and see if any can apply to you – the more you can save today, provides more you can use for yuor business tomorrow. The top 6 deductions are laid out below, thanks to an article over at CBSNEWS:
Having a great business logo design is extremely important because even though our parents always taught us “don’t judge a book by its cover,” the inevitable truth is that we do. A great logo design will grab the attention of consumers, be memorable, and create an identity for your company. So how do you create that perfect logo? We read an article over at INC that depicted the 4 important characteristics of a great logo design.
To read the full article, visit our friends at INC.
Techcrunch just began a 3-Part series addressing convertible note seed financing that we feel our readers would be very interested in. But wait, what’s convertible note seed financing??
According to their blog, “a convertible note is short-term debt that converts into equity. In the context of a seed financing, the debt typically automatically converts into shares of preferred stock upon the closing of a Series A round of financing.” In layman’s terms, investors will give money to a startup but instead of getting money back, they get preferred stock in return.
The article we read is part 1 of the series and addresses basic questions like (i) what is a convertible note? (ii) why are convertible notes issued instead of shares of common or preferred stock? and (iii) what are the advantages of issuing convertible notes?
Part 2 will discuss the two most significant issues for founders in connection with the issuance of convertible notes: (i) the valuation cap and (ii) the discount (and how they interrelate).
Part 3 will cover certain special issues, such as (i) what happens if the startup is acquired prior to the note’s conversion to equity? (ii) what happens if the maturity date is reached prior to the note’s conversion to equity? and (iii) what securities laws do founders need to worry about in connection with the issuance of convertible notes?
Interested? Read the 3-part series at Techcrunch!
Thursday afternoon, President Obama signed off the Jumpstart our Business Startups (JOBS) Act – not only will it be affecting startups, but it will affect investors as well. How so?
Remember when we talked about crowdsourcing a while back? Well the JOBS Act now officially recognizes the impact of a community investment and created some important rules and regulations to address certain needs and responsibilities. The bill is allowing the U.S. Securities and Exchange Commission 270 days to review crowdsourcing and deliver policies for the public. What do these 270 days mean to investors though? It means they may have to wait until 2013 to make a legal investment towards your startup.
Investors waiting until 2013 may have restrictions to the amount of money they can invest and may have to fill out more forms, including a suitability questionnaire which prepares you for the risks associated with crowdfunding investments.
To read more about how crowdsourcing will affect investors, read the full article at Mashable.
Limited Liability Companies (LLC) are a growing trend in startup structure due to their personal liability protection without the bureaucratic red tape. But one big decision to make after choosing the LLC structure for your small business is to decide how your LLC will be taxed. There is flexibility with the LLC which is why it so appealing – all you have to do is choose was federal tax classification suits your company’s needs the best. Mashable wrote a great article on the 4 ways you can tax your LLC and we borrowed some snippets for you to take a look at.
Read the full article at Mashable.
1. Know your numbers.
2. Be a good marketer.
3. Be humble.
4. Understand good timing.
5. Have a good story.
6. Be prepared to walk.
7. Be personable.
To read the full article, with in-depth analysis of each lesson learned, visit FastCompany. And if you are interested in created a pitch deck for potential investors, we at The Startup Garage specialize in doing just that. Contact us today!
When Debra Locker Griffin realized she owed the IRS $15,000, it became one of the biggest nightmares for a small business owner – not having the money. But luckily, Griffin found a way to pay the IRS and shared her story so other small businesses could avoid this situation.
The problem started with a hired accountant that Griffin rarely checked up on, and that rarely checked up with her. There had been no communication until the news came from the IRS and this can easily be avoided by regularly checking up with your accountant. The solution started with Griffin first receiving a line of credit for her bank to the sum of $8,000 and withdrawing $3,000 from her personal savings. Lastly, Griffin contacted the IRS to request an installment plan.
Due to her proactive efforts, the IRS accepted her proposal and begun an installment plan to be paid off over a year and a half. Small business owners should be aware that the IRS allows for installments – note that there are late payment charges and interest on unpaid taxes.
To read Griffin’s full story, read the article at The Washington Post.
Groupon Scheduler has, for the last few months, been offering a free scheduling tool for merchants that allows them to manage simple appointments, cancellations, and no-shows; it is now available for all small businesses.
The Scheduler allows you paste a “Book Now” button on your website that would directly link with the program. With features like adding “Busy Time” to give breaks to employees, as well as allowing for multiple entries for multiple services and staff members, Groupon Scheduler is a very basic yet easy to use system for a small business just starting out – and free!
Groupon Scheduler is still however in beta testing and is likely to change. For more information read the article at: ITWorld
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