I am not sure how much of this should be made available for public knowledge, but my wife and I will be owning a business in the near future. We are purchasing the assets of a business in an Article 9 sale and have learned or will soon be learning many aspects of owning and running a small business such as:
- Negotiating with a bank
- Completing an Article 9 sale
- Forming an LLC
- Getting a Federal tax identification number
- Collecting and paying sales tax
- Hiring and firing employees
- Meeting vendors
- Plus tons of other stuff that would be overwhelming to list right now
Our goals for this week will be to form the LLC with the help of an attorney since there are some legal issues involved, get the tax ID numbers and start the sales tax application.
In the meantime, we are shopping for business checking accounts, a line of credit, and figuring out how the system works to collect via credit or debit cards.
Now my wife and I have some experience with most of these issues, but it ends up occurring at an entirely new level. I have formed 2 LLC’s in the past which are still active. But it is just my wife and I with some real estate so there are no major legal issues between us. Getting tax numbers was easy as well.
But sales tax adds another whole dimension as does dealing with multiple customers and vendors. I am looking forward to the knowledge and challenge, but it will be quite a lot of work so I am not sure how I feel about all of this leading into the holidays with everything else that needs to get done.
Of course, there is also the concerns that this whole thing might not make a profit or even support itself. We will know more about that over the next several months.
Anyway, I have several emails that I need to write related to all this so we can keep this moving this week.
I haven’t had much time for hobbies in the last few months, and I can’t say for sure that it will be getting any better.
First, I broke my arm which really ended my golf and softball playing for the year. I did manage to play 9 holes on October 20th, right before the weather started turning nasty. The good news is that I shot better than I had hoped and was really pretty consistent with my efforts before the fracture. My wrist and arm was sore, but no worse off than when I started. But my ball flight was a bit off since I was afraid to take a divot and hit my arm on the ground. However, it continues to feel better each day and has been pretty good the last few days.
Second, I had a huge test to take on the 19th, which limited my ability to much of anything the past several months anyway. I started studying in July and continued during August when I was off work with the break. But once I started working again in September, I spent almost every waking moment studying to the exclusion of blogging, which I still consider a hobby. Now that the exam is done and there is no opportunity to play due to weather, I feel like I have a lot of free time.
Alas, it won’t last long. Of course I have a lot of catching up with items around the house plus I will, in all likelihood, become the owner of a small printing business as part of an ongoing issue that goes beyond this blog post. It will probably consume some of my time as I have to work with mainly oversight issues, but still. Ultimately, I hope that it is worth it.
It does feel good to be writing a bit. I have taken the past week to do a little pleasure reading which was a nice break. I re-read “Catching Fire” since the movie will be coming out soon (November 22nd), and I wanted to be able to compare the book to the movie and didn’t remember all the details. I enjoyed being able to read without feeling like I had to memorize each detail.
Anyway, I do hope to be able to do a bit more blogging over the next couple months. It feels good to be able to write a little again.
I need to catch up with a few carnivals, but had stopped doing this since I wasn’t publishing as much. Plus I really don’t want to put any money into the blogging adventure preferring it to pay for itself. With a decrease in revenue, I needed to watch the expenses so paying to have articles posted to carnivals was the first thing that was cut.
But, I do have to link for the last few so here goes:
The Tortoise Banker Carnival - SD
Hope the month of November will go well for everyone.
It is very easy to get yourself into debt. Everywhere you look; companies are promoting credit cards of all colours, shapes and sizes. They tell you all about how good they are but do nothing about reminding you that they are going to cost you money. And a lot of it. It should be like smoking. Every credit card should carry a large warning on the front of it ‘CAN DAMAGE YOUR WEALTH’. Unless you are very good at avoiding these marketing techniques, then you likely have at least one credit card in your wallet. And it doesn’t stop there. It became fashionable to get a new credit card with zero interest on it, and then when your interest free period expired, transfer it to another card. Great idea you think! No! In reality what happens is you now have two credit cards in your wallet and it doesn’t take long for you to realise this and start using both of them. Disaster.
It gets to all of us. If we then for some reason find ourselves with reduced income and unable to manage the repayments, we can start to lose control and fall into the ever increasing spiral of debt. If you have found yourself in this predicament, and maybe found help via one of the debt-help charities, you know what it is like. You have had your fingers well and truly burned. But if all of your credit cards have been cut up, your cheque book shredded and your overdraft sent off to never-never land, what do you do when you have a temporary cash shortage?
No credit card for you. In fact no more credit. You have crossed the point of no-return and have to spend the next 10 years or so of your life paying back all that you owe. So what if you have a cash dilemma? Wonga offer an alternative to a payday loan. They can help you, even if your credit is poor as they do not carry out traditional credit checks. Of course they will look at your cash liquidity and your earnings etc., but as you are limited to borrowing less than £400 for no more than 28 days, you will likely find that you will be accepted. You will not be adding to your debts as you have to pay back the amount in full on a pre-agreed date. The company will then take the sum due out of your nominated bank account without you having to raise a finger. So, unless there are no funds in your account, your debt will be cleared in full. No putting off until tomorrow what you can pay back today. It’s a simple and straightforward way of coping when funds are short. The great thing is, even if you are tempted to do so, you cannot put off the payback time. It’s all about being responsible for your actions and accepting the fact that money is hard to come by.