Archive for February, 2012

How To Put Your New Small Business On Auto-Pilot Profitably

February 24th, 2012

There are two ways you can build your small business. You can do it the hard way (this is most likely the way you are doing right now) or you can do it the easy way.

Sometimes building your business the hard way can be lucrative and you can make a lot of money, but it is a struggle, makes your life hard, so what is the point of it?

Building your small business the easy way will be a new concept for you.

Most people think that in order to get a business to succeed it has to be hard. Through the unconventional marketing systems you will learn throughout this program your small business will be fun, easy, and very profitable.

You will make a lot more money in your small business and you can do it easily and quickly. There is a lot more to life than going through a series of tough struggles to get what you want.

Using great unconventional marketing makes selling easy and most of the time unnecessary.

Most people interchange marketing and selling or are confused on the differences. Selling is face-to-face or person-to-person over the telephone. Marketing comes before selling and it is what you do to get the prospects to you so you can sell them. We have created unconventional marketing processes for your small business that will allow you to, in many ways eliminate selling face-to-face.

When unconventional marketing is done right, it will deliver to you people who are pre-qualified, pre-interested, and pre-motivated to do business with you. It will screen, sift, and sort people who want to talk with you and get rid of people who you should not be talking to.

Sometimes, in selling, an enormous amount of time is wasted talking with people who have no interest in the services or products you offer. When the unconventional marketing is done right like we are going to show you, you’re not going to have much difficulty selling because the marketing process automatically did all the work.

Always remember that unconventional marketing, done properly, is the fastest way to get clients.

Everything in this program is easy to understand, implement, and completely ethical.

Small businesses who have the biggest profits are not necessarily the hardest workers…

They are the smartest workers.

Working hard can only get you so far. There is no limit to your profit if you learn to work smart. And you will not have to sacrifice any part of your life or time with your family to dramatically increase your net profits.

Annual Government Filings and Minutes – Corporate Maintenance and Compliance

February 24th, 2012

As a small business owner of a corporation, it is crucial to know and understand the steps necessary to maintain “good standing” with the government of formation. Good standing refers to the status a corporation holds by complying with all required corporate requirements with the jurisdiction of incorporation following the initial formation of the corporation. If business owners neglect to file annual reports and pay annual fees, they may find themselves breaching government requirements.

Many new business owners are unaware of the important obligations that must be upheld AFTER they have formed a new business entity. All too often there are accounts of entrepreneurs starting a business, incorporating that business, then failing to comply with various government imposed formalities and filings. There are many ongoing government requirements that small business owners need to comply with, namely: annual government reports/returns and fees, notice of a name change, notices of change of registered office, directors and in certain jurisdictions, their shareholders. These forms are different than tax related forms such as tax returns, GST/PST filings and payroll deductions.

In addition to government filing requirements, there are many other internal formalities small business owners should undertake. A corporation must keep internal records for important decisions that are made by its directors and shareholders. These include any number of matters, from appointing a new officer, paying a corporate dividend (profit), changing the registered office, issuing or transferring shares, approving the financial statements and electing directors, among others. Typically, most corporations prepare “annual minutes” when many of these are decided. These can be done at an annual meeting where “minutes” are signed or they may be papered by records signed by the directors and shareholders, in lieu of such meetings. The decisions are recorded and kept in the corporation’s minute book along with all other important corporate documents.

The combination of these two obligations is what lawyers and accountants typically refer to when they speak about “corporate maintenance” and “maintaining your corporation”. Good corporate maintenance results from the prompt preparation of proper documentation kept with the records of the corporation, as well as the filing of the government forms and notices keeping the relevant information up to date on government registries. Failure to respect these obligations may lead to government fines and even the dissolution (closing) of a corporation or losing the protection of limited liability by piercing the corporate veil.

Avoiding the Piercing of the Corporate Veil

In most situations, small business owners form corporations, in part, to separate their personal assets from those of their company. However, if the business does not perform all the necessary steps to ACT like a corporation, including paying annual fees, filing annual reports with the government in a timely fashion and holding the necessary meetings, it may fall victim to what is called “piercing the corporate veil.”

The veil is the shield of limited liability that stands between the owner of a limited liability company, and the business’s creditors. Ordinarily, because of this valuable legal shield created when you formed your business entity, the business’s creditors can only seek payment out of the business’s assets.

When this veil is pierced, the business’s creditors can reach the owner’s personal assets outside of the business. In short, limited liability, perhaps the most sought after attribute of a corporation, is lost.

To avoid the piercing of the corporate veil due to failing to maintain corporate formalities, it is very important that small business owners are aware of the government and internal regulations imposed on corporations. There are many ways in which owners can keep track of these regulations. The most common ways are to contact the state directly for an outline of requirements, subscribe to a service or hire a professional or individual to be responsible for these filings. Whichever means the small business owner chooses to comply with these regulations is typically a matter of personal preference. It is, however, very important that they understand that even failure to comply could be detrimental to the life of their business.

Annual Filings Deadlines and Fees

As mentioned above, each year a corporation must update the information provided in its initial filing by reporting an annual filing. The annual filing must be filed within the prescribed dates. The annual filing must be accompanied by the amount of the annual filing fee (amount varies depending on jurisdiction). Failure to comply may lead to penalties and even dissolution. As such, corporations should pay careful attention to filing