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Getting A Federal Tax ID For Your Business

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The Federal Tax Identification Number or the Federal Employer Identification Number (FEIN) is also known as the Employer Identification Number (EIN). It is a unique 9-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification. When this number is used for the purposes of employment tax reporting, it is usually referred to as an EIN and is used for tax administration.

Who uses EIN? EIN are used by employers, sole proprietors, corporations, partnerships, non-profit organizations, trusts and estates, government agencies, certain individuals, and other business entities. EIN is used by the IRS to identify taxpayers that are required to file various business tax returns. Individuals who are employers may choose to either obtain an EIN or use their Social Security number for the purpose of reporting taxes withheld on behalf of their employees. Social Security number (SSN) is a nine-digit number issued to U.S. citizens, permanent residents, and temporary (working) residents.

An employer needs an EIN in order to pay employees and to file business tax returns. A Partnership, LLC, Corporation, Non-profit, etc. must obtain an EIN in order to open an account for their business. An organization has to be legally formed before it can apply for the EIN.

How to get Federal tax id? First, go to the IRS website. Proper registration must be done via the IRS. Identify your entity type and fill out the application form. If you are not sure of the entity type, you can take a simple survey run by govdocfiling.com. Once an EIN is issued, it will not be reissued. EINs do not expire.

There are certain cases where you will need to obtain a new EIN.

  • When a sole proprietorship changes to a corporation or partnership.
  • When partnership changes to a corporation or sole proprietorship.
  • When a corporation changes to a partnership or sole proprietorship.
  • When an individual owner dies, and the business is taken over by the estate.

In the above cases, you can apply online for tax id number with the IRS. Online application for a tax id number is available for all business entities who principal office or legal residence is in the United States. Once the EIN number is issued, it can be used immediately for most of your business’ needs e.g.:

  • Opening a bank account
  • Applying for a business license in your state
  • Filing a tax return by mail.

Smart Ways for Entrepreneurial Minded People to Make Great Money

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By nature, entrepreneurs looks for great investments that can make them money both in the short run and over time. This need to succeed is what ultimately fuels them toward success. Many examples of serial successful entrepreneurs exist today. People like Mark Cuban, Reed Hastings and Elon Musk are great examples of how the best ones perform. They are invested in dozens of companies in different industries, all of which have the potential to turn a great profit.

An entrepreneur must be discerning and gain an understanding of the business and industry in which the investment will be made. Not all investments are good ones and to be able to determine which one is a good one will determine the fate of the entrepreneur’s investment.

With this is mind here are some smart investment ideas for entrepreneurs to consider.

Trading Binary Options

The stock market is at record highs, pricing out many who would like to participate and worrying those who are in already about whether they should expect the market to continue its lofty heights or come crashing down to reality. As a result, it has become increasingly hard for many to jump in even though they are attracted to it.

One way to take advantage of a hot market at a fraction of the price is to trade options. Options can be purchased at a fraction of the cost of buying the stock outright, and can prove to be more beneficial when the movements of the stock reflect the direction of the option. The options market can get complicated and convoluted, but a simple way for entrepreneurial minded people to get involved is to set up a binary options account at a company like Binary.com.

Binary options are attractive because of their simplicity. The investor must essentially only guess whether something specific will or will not happen. As an example, a binary option may be as simple as whether the share price of a company will be above $30 on December 4th at 9:30 am. If the share price is $33 at the appointed time, the option automatically exercises and the option holder gets a predetermined amount of cash. Entrepreneurial types can manage their own option accounts. Like with all trading involving stocks, there is a risk that the investor will lose some or all of his money, so caution should be exercised. But the simplicity, low cost, and high income potential of binary options make it a great business for entrepreneurial minded people.

Investing in Technology Start-ups

The technology boom is in full effect right now and it seems like anything that is tech is seeing its fortunes rise. Companies like Facebook, Snapchat, AirBnB, Jet.com, Google and Amazon have made their investors and entrepreneurial founders billions of dollars and each week a new company seems to emerge and become a high flyer. Pick a known company in the industry and there is a story about its sky high valuations and stock price and tales of how it has made many millionaires.

But even though this is what we are seeing on CNBC and Fox Money all the time, the truth is that like with any industry, there are many more losers than winners in tech, and picking a winning start-up in the technology industry is a science and an art.

The science part is getting to understand the start-up’s management, products, potential and industry. These factors will give you a strong fundamental understanding of the factors needed to determine the potential of the start-up but they will not give you the full picture.

Entrepreneurs must also have a good gut feel about the particular company and their guts can often be the intangible factor that makes the investment attractive. The gut can tell you that the timing is right, and that the rationale behind why the company is launching its products and services resonates with the marketplace. This combination of factors will get you much further down the road toward making a great decision, but in the end, it will still require a leap of faith on the part of the entrepreneur.

Take your time and do your research, and good luck investing.

How to Give Your Hotel a Big Online Presence

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The hotel industry is fighting pretty hard right now for customers thanks to the success of private vacation rental companies such as AirBnb. There are some hotels around the world which are never likely to have issues because of the way in which they do things. Just last week for example I was in the impressive Bicycle Casino Hotel in California which has so much going for it from its casino and its entertainment suite that it will always have people coming through its doors. For smaller hotel owners however, the best way to fight against the new trend is to go big online and ensure that you have a solid online profile which will attract customers. If this sounds like something that you may need, here is how to go about it.

Social Media

One of the best ways in which you can market your hotel and give it a brand which people can warm to, is to be highly active on social media. At the every least you should have a profile with Instagram, Facebook and Twitter. The key to using these channels is to constantly show off the cool things that are happening in your hotel, give guests sense of what they can expect if they stay in your place. You don’t have to be the bets hotel in the world, to look like the best hotel in the world and with smart social media usage you can really sell your hotel. Don’t be afraid to add a human touch to your social media account, the more that you engage with people, the more trust you can build.

Exposure

Very few people actually book hotels directly on the hotel website and the large majority of people are using sites such as booking.com and Expedia. In order therefore to boost how many customers you are getting in, you need to make sure that you are being featured on all of these websites. Be careful with this as all of these sites encourage reviews from people who have stayed at the hotel and before you put your hotel on these sites, you must ensure that you provide exceptional service and quality as a bad review can kill you.

Search Engine Optimization

Search Engine Optimization or SEO is a strategy which digital marketeers employ so that you can appear on the top pages of the search results for a certain set of keywords. And so if you have a hotel in Dallas for example, the best case scenario is that when people search on Google for ‘Dallas hotels; the idea is that your hotel features on the top pages. The reason why this is so important is because customers don’t look beyond the first page or two of the  search results and if you are’t first, you may as well not exist. Invest in SEO if you want your hotel to stand out from the crowd.

How to design a business performance plan that’s fit for purpose

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Regardless of the type of organisation you are running, whether you’re in education, research, commerce or any other sector, it’s essential that you have a good business performance plan in place. These plans are about much more than arranging annual employee appraisals. If you’re to lead your organisation effectively, this element of management is vital. To help you, here is a brief guide to designing a business performance plan that’s fit for purpose.

Take a holistic approach

Performance management specialists gpstrategiesltd.com suggests this task is about translating goals into results. The company emphasises the importance of taking a holistic approach to the issue, stating that by connecting their strategies, cultures, leadership and employee engagement, businesses will see great rewards. According to the organisation, a good performance management plan targets not only individual employees but also teams, processes, programmes and organisations as a whole.

Consider bringing in expert help

Getting this aspect of management right can be tricky, particularly if you lack the time, experience or resources required. This is why it can pay off to get the experts involved. Specialist third parties run performance management strategies on your behalf, bringing their knowledge and expertise to bear to help drive up performance within your organisation. These companies offer a range of services. For example, they assist you by reviewing and enhancing your performance appraisal practices and programmes, and ensure your organisational performance plans are aligned with your overall business aims.

They also help you to implement robust performance ratings metrics, introduce effective rewards systems for your employees, set up coaching and mentoring programmes and offer strategic consulting on issues connected to organisational effectiveness. In addition, they run workshops to train your managers on the relevant competencies and streamline your performance management processes by implementing digital solutions.

Be prepared to adapt your plan

No matter how well considered your business performance plan is, it’s essential that you’re prepared to review, adapt and improve it when necessary. The fact is, organisational objectives and priorities change over time, so you need to be willing and able to learn and pivot as you go by adjusting to meet your goals as efficiently and effectively as possible.

Getting your business performance plan right can have a profound impact on your ability to survive and flourish as an organisation, so it’s well worth paying attention to tips like these when you’re thinking about this element of management.

How To Choose A Really Good Attorney For The Business

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There are so many variables that appear in business but one thing that is 100% sure is that you will need legal representation sooner or later. The business attorney can be a great asset for the company or just a waste of money. You need to be sure that you choose one that is appropriate and that will add the necessary value. In order to do this, here is some advice offered by primelawyers.com.au so that you can hire that great attorney your business needs.

Decide When The Attorney Is Hired

Getting really good legal advice will not be free. Bad legal advice is free and very easy to find. When you just want to find an attorney, be sure that you contact different specialists and you talk about basic service rates, like business formation or initial consultation for startup launches. Always try to hire lawyers before doing anything that could get you into trouble. As an example, when you want to form a partnership or you receive money from investors, legal aid is necessary.

Decide On Lawyer Type

Most of the business attorneys will be more than capable to handle formation needs. However, when referring to more complex business decisions, you are interested in locating the attorney that has experience. As an example, in the event you are interested in filing a trademark, it is not at all a problem to hire generalist business attorneys. However, if you want more serious help, like when you run a doctor office practice, someone with exact experience will be necessary.

Understanding Business Niche Or Market

When the business attorney does not know anything about how the business operates or is not familiar with the industry, communication challenges are going to appear. This does not mean you want to hire someone that just deals with businesses in your industry. It just means that you want someone that does understand your business’ operations and specific market related challenges. Obviously, in the event there is time and the business attorney is interested in learning everything about your company and industry, the generalist attorney can be considered.

Appropriately Sized Law Firm

We have advantages and disadvantages of working with solo practitioners, large law firms and small law firms. When you want to grow or you are representing a larger company, the law firm chosen should be larger. When you just launch a startup or you have a low number of employees, you are going to want to hire the smaller law firm as it is more affordable.

Consider Local Attorneys

Based on specific business needs, you may need to hire a business attorney located in your state or even city. That is necessary especially on regular face-to-face meetings are necessary. When most of the contact will happen through email or phone, geographic location is no longer that important. Some complications can appear when you have to go to court. However, if the attorney from another state is capable of dealing with your needs, can go to court with you and is licensed in the area, you can use such services.

Choosing The Right Avenue For Your Delivery Needs

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So you’ve sold that big chest of drawers or that furniture stand to someone but they’re on the other side of the country to you. What now? You could drive it yourself if the distance isn’t too great, but who wants to spend the fuel costs and whatnot to get rid of Auntie Emma’s old chest of drawers? You could get the person to come and collect it – and many times they may, but what if they don’t? What are some options that you can employ to get a delivery to its destination? Here are a couple of suggestions.

Hire A Delivery Company

Hiring a delivery company of sorts to take the guess work out of getting your delivery from A to B is a great way to get the person their product. Depending on what the product or object is will determine the type of company and the size of their fleet. A small object wouldn’t need more than a man with a van perhaps while larger objects or moving full houses will require someone with more space available in their trucks or vans. A great company to use for this type of work is Shiply – they act as a one stop shop for all your shipping and delivery needs, whether it’s moving house or shipping an eBay sale, Shiply has the right man for the job.

Postal Service

The postal service can be a good way to send paper goods, smaller objects or documentation, depending on level of importance. Things like passport paperwork or other sensitive personal documentation is more likely to be safer in the hands of a courier, depending on where you’re sending it as some post has the tendency to get mislaid or full on lost enroute to its destination. You can utilise the services of tracked and/or next day guaranteed delivery, but if your package is too large or heavy, getting a delivery service such as Shiply might be the best option to get your package from you to its recipient.

Courier

Couriers are a great way to get special deliveries from location to location without undue stress or worry. Companies often charge high rates for courier services, depending on size or weight of your package. If your item is too heavy or large many courier companies will opt not to take it or may charge extortionate fees to do so. If you need something shipped with quick delivery and rapid transport, looking into more local options can be a good course of action and with Shiply you can peruse local delivery drivers who work either for themselves or a company to take your larger packages or furniture where they need to go for a fraction of what a courier would charge.
There you have a couple of ways you can ship things from A to B and beyond. Depending on the type of item that needs shipping, the postal service or couriers aren’t always the best course of action. That’s where companies like Shiply come in, allowing you to pick the best delivery option to suit your individual, specific needs.

The Role of a Real Estate Developer Explained

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For Dean Kirkland Vancouver WA was always going to be the place in which he wanted to work. With a passion for real estate development from an early age, he saw in Vancouver Washington an opportunity and he took it. Today, he provides a great deal of information, advice, and guidance to others who hope to get into the same profession, be that in Vancouver or elsewhere.

What Do Real Estate Developers Do?

Basically, a real estate developer is someone who makes a construction happen. They are visionaries, whether they are working on a skyscraper or on a single family home. They don’t get involved in the physical work of the construction. Rather, they manage the entire process around it. Additionally, they assume the risk that comes with the project.

Most of the time, the real estate developer owns the land and provides the funds necessary for the development. Hence, they are movers and shakers, people who make things happen.  They are also integral parts of the economy, as they keep people employed and create new jobs.

What Does a Real Estate Developer Need?

Perhaps more than anything, this type of professional needs money. Cash is needed to buy land and to contract the various professionals involved in the development. In the vast majority of cases, this money comes through investors, who then have a stake in the development. Together, they will set a budget for the project.

Once the money is there, the developer has to get a team together. This includes architects, planning officials, construction works, and so on. These will be responsible for the physical elements of the job itself. Having the right team in place is pivotal to the success of the project.

Finally, the need to have the necessary materials for a construction project. Without materials, the building cannot be created. Hence, real estate developers are negotiators with contacts in lots of different industries. They must ensure the materials are the right ones and that they are affordable, but also that they are of the highest possible quality.

The Risks Associated with Real Estate Development

The rewards of this type of job, according to Dean Kirkland, are substantial. However, the risks are enormous as well and it is important to be realistic about this. As Kirkland explains, the success or failure of the project rests entirely on the shoulders of the developer. While they have a team in place to perform the actual work, the end result is their own responsibility. If something goes wrong – the architect forgets a room, the construction workers go over budget, the materials don’t meet safety inspections, and so on – then the responsibility lies with the developer as they were the ones who got the other people and materials together.

Becoming a real estate developer is not something that is done overnight. It requires a lot of planning, preparation, and training, and a great deal of networking. Building a positive reputation among industry leaders is perhaps the most important thing of all.

Take the Stress Out of Office Management with a Serviced Office Partner

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The decision to start a business is a substantial one, no matter where you are in the world. In every industry, the stakes are high and failure is a possibility. With eight out of every ten start-ups closing their doors in the first two years, you’ve got to be smart if you want to survive. As our economies grow increasingly hostile, the focus is on careful spending.

In recent years, entrepreneurs in Hong Kong have come up with some clever ways to streamline and optimise their overheads without compromising on quality. The serviced office, for example, is a major asset. It makes premium facilities affordable to smaller businesses. Visit www.servcorp.com.hk/en/serviced-offices/ to check out some amazing serviced suites.

This guide to the key features of serviced offices will explain why they’re a great way to minimise operational risk.

A Shortcut to the Big League

For many small businesses, working with a service provider is a clever way to boost brand potential. Due to the ‘all in one’ pay structure – which sees major utilities rolled into the monthly fee –, these workspaces are eminently affordable even while being in prestigious locations.

The consequence of this is an unrivalled opportunity to grab one of the most impressive addresses in the region for a very manageable price. In other words, you could be rubbing shoulders with some of the biggest brands in Hong Kong not long after you launch.

More Money for the Future

One of the biggest challenges for a first-time business owner is figuring out how to grow fast without putting the existing staff and equipment under too much pressure. Expansion and development is a wonderful thing, but it must be sustainable.

You can’t invest all of your in capital growth, as it will leave you vulnerable when times get hard. All businesses experience difficult months, so you need to manage your overheads carefully. Serviced offices minimise expenses by including all major utilities in the rental fee.

The Freedom to Change

Whether you’re a first-time business owner or a third, mistakes happen. Sometimes, hard times aren’t even a result of your own errors. They’re just a consequence of a hostile economy. While you can’t predict the future, you can use serviced solutions to prepare for it.

These vendors offer inherently scalable resources, and this includes the physical office space. There are no-lock in leases, so you’ll never be trapped in an unsuitable contract. Plus, many serviced facilities allow tenants to up or downgrade within the same building if needed.

Making a Major Impact

Finally, it’s worth remembering how useful it can be to occupy a top spot, particularly in a place like Hong Kong. When your office is centrally located and right at the heart of all the action, the business is visible. It’s a beacon for investors, sponsors, suppliers, and local talent.

It’s also much easier to tap into local networks if you’re in close proximity to them. Most serviced facilities give tenants a helping hand with networking. It can be invaluable if you’re new to the area. Pitch nights, mingling sessions, and networking events are a common perk.

Why You Need a Serviced Office in Hong Kong

Aside from the practical and technical benefits, serviced offices have a substantial impact in terms of brand exposure and market presence. Location prejudice is a legitimate concern in big cities like Hong Kong and, unfairly or not, investors love brands that look the part.

You could attract more attention simply by having an impressive address, in a sought after neighbourhood. Fortunately, serviced providers can help you secure it, even if you’re working with a tight budget. They are committed to providing flexible, custom workplace solutions.

4 Investment Tips from the Pros

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Whether you are a first time or seasoned investor, it is important that you have a continual desire to learn new investment tips and tricks. There are many people, organizations, and websites offering lessons and tips on investing, but the best advice you can get is from leading investors who have built impressive track records of success. Here are a number of investment tips from the top investors in the world.

Invest in Productive Assets

There are few people who have mastered the art of investing the way Warren Buffet has. The ultimate investment guru has this advice for anyone who is interested in investing: “always invest in productive assets”. While this advice is nothing new, it is one of the most important fundamentals of investing. Many investors allow their decisions to be influenced by sales pitches and marketing gimmicks. To be sure that your investment has the best chance of making money, you need to look at the product instead of the seller.

Be Tech Minded

Tech is the future of the world, and it should be one of your first considerations when you are deciding whether to invest in a company, according to successful entrepreneur Jason Sugarman. It is essential to pick a company that invests substantially in technology, so that your investment will not be at risk when a competitor adopts a new technology. Such a company is more likely to survive and succeed in the future.

Do Not Fall Into the Linear Thinking Trap

An example of linear thinking is expecting the market to perform equally well in the future if it is currently doing well. Many investors have the inclination to invest in the domestic market, which can be a mistake, according to DoubleLine Capital CEO, Jeffrey Gundlach. He encourages investors to consider expanding and diversifying into the global market.

Do Not Panic During Selloffs

It is quite common for selloffs to occur in the stock market. However, investors should not panic and join the frenzy when a selloff happens, advises Causeway Capital Management CEO Sarah Ketterer. Instead, you should buy stocks and shares with good potential. When the market recovers as it usually does, you will have more assets than those who joined the selloffs.

There is no sure way to avoid risk when you are investing. However, you can reduce your risk significantly if you know how to calculate your risk and make better informed decisions.

The Role of the Woman in the Political Arena

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All over the world, we are seeing campaigns to encourage more women to become involved in politics. Despite this, women like Esther Nenadi Usman, the former finance minister for the Southern Kaduna state in Nigeria are still few and far between. Globally, women are hugely underrepresented in the political arena as a whole, but particularly in the top positions of importance, such as the economic and financial arena. Indeed, it was the first female prime minister of the United Kingdom, Margaret Thatcher, who said that, in order to achieve the same success as men, women must work twice as hard. And, unfortunately, this is still true today.

For Usman, key is to learn to understand why women are marginalized in the political arena, and particularly in the top positions. She believes that, for a large part, this is due to ingrained prejudices, which continue to place the woman as a second-class citizen in a world dominated by men. Nenadi does not believe that women simply do not have the drive and determination to take over male dominance. In fact, she believes this is a male concept designed to further oppress. Similarly, Nenadi Esther Usman believes that it is men who feel that women could never get sufficient support in a party-political system. Nenadi does recognize, however, that, whatever the reason, women continue to be in the minority and she finds this surprising, particularly considering the fact that the way people see women’s rights, even in Kaduna, has changed so dramatically.

Senator Nenadi Esther continues to be a rare occurrence. The United Kingdom, the Ukraine, and Germany are three countries in which women hold positions of power. But even there, the deck seems stacked against women. Consider, for instance, Margaret Thatcher, who many believe was the worst, most oppressive prime minister ever in the history of the country. Indeed, Esther Usman acknowledges that Thatcher’s policies were nothing short of controversial. Yet, Nenadi Esther wonders how many of Thatcher’s poorer policies were put in place due to the influence of men. It is impossible to look behind the scenes, after all.

For Esther Nenadi Usman, it is about time that women realize that their place is not second to men. Their place is not to walk behind, but to walk alongside. She believes there is nobody on the planet who would say that it is right that women are paid less for doing the same work as men. Nobody would say that the act that women have fewer rights, do not have the same access to education, healthcare, and food resources, is right. Discrimination against women is seen everywhere and Usman believes that she has to set an example within the political arena. She believes women like her are able to bring forward a power shift in politics, but she needs other women – and men – to push it through to the end. It is only by working together that true equality may finally be achieved.