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A partnership is a business with more than one owner that has not filed papers with the state to become a corporation or limited liability company (LLC). There are two types of partnerships – general partnerships and limited partnerships. Today we will only discuss general partnerships – those in which every parent has a hand in the management of the business.
If you are a business owner, you need to gain capital to grow. Your two options available are debt or equity financing. In this article we are going to deeper into what they are, so you know which one is right for your business and your goals.
Some questions you might be wondering about investors are how safe it is to pitch your business idea to an investor and if you should send out market research surveys prior to approaching an investor. Are they looking for new ideas so that they can create businesses of their own or looking for you to prove your idea will work? The first step is to answer those questions and then we get into the mind of the investor.
If you are going to run and grow your business without a lot of other people’s money, then you should get used to dealing with bankers. Today we discuss tips on banks, bankers, and banking for bootstrappers.
A business plan is the foundation of your business. It shows the vision and mission and serves as a road map as you move forward with your business. A business plan is one of the most important documents you will ever create. It is an invaluable tool when it comes time to apply for a business loan. What lenders look for in a business plan might surprise you but knowing what they want will improve your chances of getting the money you need to continue to drive your business forward.
The Small Business Administration (SBA) is one of the most popular sources and tools for small business owners. Their lending programs, especially the SBA 504 program, makes it possible for all types of small businesses to secure the funds needed to grow the business. It takes a lot of people to successfully secure and close and SBA loan. Knowing who they are and how the work together empowers both lenders and borrowers by helping them identify key partners and opportunities. The following are the key people involved in the SBA lending processes.
When it comes to your taxes, interest is a deductible expense for your business. This is great news for those business owners who have taken out a loan to grow the business with interest added on top. However, it is important to note that there are limitations and restrictions as to how these deductions can be applied depending on how business loans are used.
A covenant is a formal agreement found in contracts and today we will explore what a debt covenant is and how they are beneficial for borrowers. Covenants are often put in place by lenders to protect themselves from borrowers defaulting on their obligations due to financial actions detrimental to themselves or the business.
Whether you are just getting started or have been in business for a few years, every business at some time will need some financial help. You might outgrow your space, your equipment may break down, or maybe you want to invest in infrastructure. No matter the reason it is nice to know that you have options when it comes to financing your business.
Small businesses are essential in the U.S economy because they create jobs and add new and innovative products and services to the market.
