vania-janet/multiturn-rag-retrieval-data huggingface dataset:
As a new (very!) small business, the IRS has lots of advice and information for you. Start at https://www.irs.gov/businesses/small-businesses-self-employed and be sure you have several pots of coffee or other appropriate aid against somnolence. By default a single-member LLC is 'disregarded' for tax purposes (at least for Federal, and generally states follow Federal although I don't know Mass. specifically), although it does have other effects. If you go this route you simply include the business income and expenses on Schedule C as part of your individual return on 1040, and the net SE income is included along with your other income (if any) in computing your tax. TurboTax or similar software should handle this for you, although you may need a premium version that costs a little more. You can 'elect' to have the LLC taxed as a corporation by filing form 8832, see https://www.irs.gov/businesses/small-businesses-self-employed/limited-liability-company-llc . In principle you are supposed to do this when the entity is 'formed', but in practice AIUI if you do it by the end of the year they won't care at all, and if you do it after the end of the year but before or with your first affected return you qualify for automatic 'relief'. However, deciding how to divide the business income/profits into 'reasonable pay' to yourself versus 'dividends' is more complicated, and filling out corporation tax returns in addition to your individual return (which is still required) is more work, in addition to the work and cost of filing and reporting the LLC itself to your state of choice. Unless/until you make something like $50k-100k a year this probably isn't worth it. 1099 Reporting. Stripe qualifies as a 'payment network' and under a recent law payment networks must annually report to IRS (and copy to you) on form 1099-K if your account exceeds certain thresholds; see https://support.stripe.com/questions/will-i-receive-a-1099-k-and-what-do-i-do-with-it .
This is a great answer.  It's worth noting that often internal charging is commonly an issue in less clear cut situations like IT departments charging for their services - there is much less of an 'real' value that they could charge for their services to the outside world (as it is an internal service not a physical product that is relatively liquid), yet their chargeable costs gets inflated and can slow down businesses by making projects seem more expensive than they are. I would describe that as one of the most common gripes.  Also I'd argue that your latter scenario where profits are shifted around to reduce tax bills IS well understood by the top of the business, and unlikely to create a situation where divisions are mistakenly regarded as unprofitable (unless the CFO / FD is missing from all the board meetings!). It's a situation that is carefully designed by the business.
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An hour of lawyer's time plus an estimate, provided you know what you're going to ask and for what purpose, is going to be pretty cheap. I would start there, and he/she could probably refer you to an experienced accountant as well, which you'll also want to have on retainer more than likely.
A company would have significantly less capital to pay a skilled worker at that point though. Keep that in mind.   So, to circle back now.   Small businesses make up a decent amount of our GDP and job creation.   Let's say you have had it working fir someone else and want to strike out on your own. You decide to start an e-commerce site, reselling from a factory on amazon. Simple enough set up. Online marketing made simple through amazon, google and facebook. But you don't have any idea how to translate that info into QuickBooks and push out the financial info needed for taxes, payroll, etc.   You need to hire a bookkeeper to sort it out, but it os only 5 hours worth of work per week. Do you hire them as a salaried employee giving them a liveable wage or pay them the rate you agreed upon for those 5 hours?
I think it would be good to familiarize yourself with the market in the subject building's area and convey that knowledge. What is a typical cap rate for the area? Comparable sales? Any new employers coming into the area that affect the local economy in a positive way?
For the present if you can't figure out anything big with a small budget,  then start something small e.g Make brownies,  bake cakes etc experiment and put up your name tag on the product and see if your friends buy some stock from you,  then link them all on facebook.  If you are good with your product,  people wouldn't care a lot about the packaging add-ons or frills and if orders start coming consistently well, then implement your book build systems, jack up prices,  etc. But don't blow all your cash on day one if don't have a queue waiting for your goodies.
The futures market allows you to take delivery at the lowest cost.  Most people don't deal in 100oz gold bars and 5000oz of 1000oz silver bars though, especially at the retail level.  That said, when you are at the retail level, often times you will find reputable Internet dealers offering the lowest cost of ownership.  Keep in mind brand name though when you're doing this.  Reputable refiners/mints will often see higher premiums versus generic, and this does matter to some extent. Quantity and weights also matter in terms of pricing; the more you buy the lower the premium.
The problem is that once there's no competition, the quality of product will generally go down and/or prices will be raised.  What are you gonna do, go somewhere else?  No small business can match the prices of a place that ~~can~~* buys product in bulk.  Competition is necessary for the free market to not be predatory.  Monopolies pretty much always work out to the detriment of the consumer.
Here are the general guidelines on what you should report and pay - but the overall rule is that if it's not a business-related cost then you can't claim it. In your example, a client meeting may warrant a claim for 'entertaining clients' which could be claimed as a business cost - but buying yourself a coffee to get out of the house isn't a business cost.
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"I would suggest you forget everything you learned in economics. The only applicable knowledge is Accounting 101.  Step 1: An accrual basis financial statement. There is no step 2 if you don't do this. Most small business do everything cash basis. Simpler, cheaper but useless for analysis. You would get better answers from the local fortune teller than a cash basis statement.   Make one change from the general rules. If you have debt or are paying interest for inventory include that in your cost of sales. This is actually proper but the rule is little known and often ignored. Interest on debt up to the amount of inventory is a cost of inventory.  Step 2: Gross profit. If you seem to be working hard and still losing money it may be because you are selling products for less than they cost you. In this case the more you sell the more you lose. So suggestions like advertising or doing anything to increase sales are actually destructive.  Step 3 Price products at the level necessary to turn a profit at current sales and overhead. 'When we have enough sales we will make a profit"" is the philosophy of a start up business. It is toxic for a going concern.  Step 4 If sales are unsustainable at the price that produces a profit have the courage to sell or close the business. I have seen people waste their lives on futile endeavors just because they can't make that tough decision.  Finally Step 0: Ignore all other suggestions but this. They are well meaning but ill informed. To reiterate, growing sales while losing money on every transaction is a huge mistake. Trends, books, charts and graphs, analytics and market research are the tools of con-men and fortune tellers. Business is arithmetic and nothing more or less.  FYI if I don't get at least one upvote, this is the last time I am giving my valuable professional advice away for free on reddit. Folks will have to rely on the suggestions of their fellow college kids."
Get another LLC.  Not that hard and well worth it.  I have one business endeavor but have 3 different LLC's to handle the three different aspects of it.  That way, should something go wrong with one of the three (and it has in the past), I can kill it without hurting the entire operation.  Then start another LLC to take over the aspect of the operation that was killed.
The third way, if it's a viable debt but you're willing to take a loss in exchange for money now, is to sell off the debt to a factoring agency. They'll assess it and pay out the open invoice to you, minus costs and/or a percentage depending on how they view their odds of collecting on it. It's then their debt, and they'll go after the original debtor without you ever needing to bother with it again. It's a tough position to be in. I've had to write off some invoices over time, some only a couple'hundred, some in the 5-figure range when a major customer of mine went tits-up. And I just happened to have an interesting conversation yesterday with someone who's more into the commercial side of my line of work. I learned that some relatively big name potential clients are looking more and more like a debt-ridden empty shell, so they went on the list of companies to keep a sharp eye on in case I do business with them. In future cases, keep on top of payment t&amp;c, start reminding (""aanmaning"") as soon as they miss their pay-by date as the first documented step towards taking action against them, and if it's a common problem try looking at factoring companies or insurance against non payment. It will cost you some margin, but increase your security."
Yea a guy built it of a program called paradox 12 years ago. We paid about $100,000 for it then.  We do about 25 million in sales between the two of us, so we are small in terms of people, but we are very large in our industry. We have been in business for 30 years. I have been looking through thatmorons suggestions, I think these are excellent places to start.
I think the question relates to the discussion here: http://clarkhoward.com/liveweb/shownotes/2010/10/05/19449/ It was always the case that merchants could discount purchases made with cash.  What wasn't allowed is allowing the merchant to charge extra for credit card transactions (presumably to cover the fees the merchants pay).  These fees usually carry a flat fee per transaction, plus around 2% of the purchase price.  What also wasn't allowed was them to refuse any credit transactions.  People could charge a pack of gum, even if the fees put that transaction in the red. What's allowed according to this new development is different levels of discounting for different credit cards. Somewhat related to this discussion is another development that happened this summer: merchants now have the ability to refuse credit card transactions of less than $10. Here's my feeling on all of this.  I think we'll see merchants imposing minimum credit transaction amounts before we see them monkeying at the 1-2% level on pricing for different types of credit cards.  My feeling is that they'd be wise not to change anything, even though they can.  Refusing transactions (or charging more for others) is going to come as a unpleasant shock to enough people that they may take their business elsewhere.
Consult your local Small Business Administration office - they may have resources that can help you find what you're looking for.
You know those perks/benefits that you don't want to give up? Those are funded by the fees you are trying to eliminate by paying cash. The credit card company makes money by interest, merchant fees, and other fees such a annual fees. They give you perks to generate more transactions, thus bringing in more merchant fees. For a small business they need to balance the fee of the credit card transaction with the knowledge that it is convenient for many customers. Some small businesses will set a minimum card transaction level. They do this because the small transaction on a credit card will be more expensive because the credit card company will charge 2% or 50 cents whichever is larger.   Yes a business does figure the cost of the cards into their prices, but they can get ahead a little bit if some customers voluntarily forgo using the credit card.
Yes that is the case for the public company approach, but I was referring to the transaction approach:   Firm A and Firm B both have $100 in EBITDA. Firm A has $50 in cash, Firm B has $100 in cash.  Firm A sells for $500, Firm B sells for $600.  If we didn't subtract cash before calculating the multiple: Firm A: 5x Firm B: 6x  If we DO subtract cash before calculating the multiple: Firm A: 4.5x Firm B: 5x  So yea, subtracting cash does skew the multiple.
The rounding should always follow the same rule. If the value ends in .01 or .02 then you round to .00. Doesn't matter if it's 10.01 rounding to 10.00 or 0.01 to 0.00. The decision on what a company wants to do if an invoice total is $0.01 or $0.02 would be up to the company. The POS system should follow the rule and round to $0.00 if the method of payment is cash, but the company has the right to not give things away for free. They can impose a minimum cash invoice amount of $0.05. But you would do this by requiring the customer to add more items to their purchase. You couldn't just round the invoice up to $0.05 and to charge them $0.05 for a $0.01 item It would be similar to companies having a minimum purchase amount when paying by credit card. If their minimum amount is $10.00 and you want to buy something that's $5.00, you either pay cash or add something to your order. They don't just charge you $10.00 for your $5.00 item. I think this would be a extreme edge case where you have an invoice with a total of $0.01 or $0.02, without any discounts, partial payments, etc. If the customer's total was $10.01 and they paid with a $10.00 gift card, the final amount owing of $0.01 would round down to $0.00 and they wouldn't owe any more. If they had paid cash, the total would have rounded to $10.00 anyway. Similarly, if the customer returned an item and bought a new item, or used coupons, and the total owing was $0.01 or $0.02, then you would round down to $0.00 and they wouldn't pay anything. As BobbyScon said, you can implement some options to allow the company to decide how they want to handle this.
What a great idea! A small business owner helping other small business owners. It's true -- to be a relevant small business in this day and age, you have to be visible on the world wide web. I use the world wide web multiple times a day to get information about businesses that I am interested in doing business with or to comparative shop. I don't think I am alone in this.
You can make more complicated as you get bigger. - P&amp;L - you pull all this shizzle into a rev, less costs = profit...loss. Your staff costs are what will kill you. Well, if you close enough deals who cares ;) It's taken me years to be proficient at this. I knew nothing when I started. You can learn it just takes time. Having resources to rip off is a good place to start. Check out this for saas- all the terms may be too much for you, but you can understand the logic: https://www.saastr.com/saas-financial-plan-2-0-from-christoph-janz/ David teten got an intern to make a model for him. It has a lot of the building blocks you want but is super ugly: teten.com/assets/docs/Startup-Financial-Model.xls I actually make templates for serious founders raising money. I made a lengthy video on each sheet of one of them for SaaS. Tots free. Watch them and you will understand all the logic of what a serious model is involved with. You can check the screen shots of all my models to see the line items. They're on my site anyway. if you're a founder there is a tonne of other free stuff. Video are here for you: https://www.alexanderjarvis.com/2017/08/20/training-videos-sme-consumer-saas-fundraising-model/ Btw, if you'd love some basic bitch videos on how to model basics, I'm happy to make some. Can screen record me making something from scratch a few times. Just give me specific title ideas and happy to bust some out. Oh. I also made a free excel training course. There's like 25 free classes with an excel you have to fill in to test if you learn the formula. You can get them here: https://www.alexanderjarvis.com/products/excel-training/ Just register and the excel class is sent to you every day I'm all about helping founders.
They should be (and are) taxed the corporate rate on the 10 cents.  The company they purchased the coffee grounds from will pay taxes on the 90 cents.  The other alternative you suggested would put an end to most commercial activity. Very few businesses could sustain a 35% (of revenue) penalty to their margins. Society would collapse.
"Going by the information from Goods and Services Tax (GST) on the Australian Government website, there seem to be a number of possibilities. Note: First I am neither a tax expert nor a lawyer; this is simply my interpretation of the rules on the page linked above. Second, this interpretation is based on the assumption that ""resells a service"" means you (at least technically) buy the service from another company and sell it on to the users of your app. Depending on the nature of the service, and possibly factors such as whether you are deemed to ""take possession"" during the transaction, it might be that different rules apply. Your Turnover is Under A$75,000 (Providing you're not reselling taxi services!) You won't need to register for GST, should not charge it, and your invoices should show that GST was not included in the price. However, if the turnover of the company whose services you are reselling is registered for GST, they will be charging you GST that you will not be able to claim back, so you would need to factor this into the price you charge your users (before any promotional discount). For example: Your Turnover is Over A$75,000 If your turnover is above the limit, you would need to charge GST on the final sale amount and pay this amount (one eleventh of the price your customer paid) to the Australian Government. You also have to send out properly-formatted tax invoices. However, it's probably safe to say the company you are buying the original service from will also be over the GST threshold, so you should be able to reclaim the GST that was charged to you by them.  For example: Here, your overall profit/loss is helped by the fact that you can reclaim the GST you were charged, and can under some circumstances result in an overall rebate. These figures assume you add 10% to your selling price to cover the GST you have to pay the Government. However, this may make your offering uncompetitive, so you may have to absorb some/all of the GST yourself."
My recollection is that most traditional reader systems charge like 5%.  For squareup there were two different pricing schemes  1. 2.75% per swipe. 2. 0% per swipe but a $275 permonth charge.  When I did the math the flat fee only made sense if you're doing over $2500ish per month in business.    These fees seem pretty minimal to me.
It's the Apple approach: sell your own product at the price you want it to be set at, then sell it wholesale to other retailers at a price so close to that they can't undercut you without having zero margin.  That's why you never see discounts worth anything on a lot of electronic products. The manufacturers have effectively captured the entire margin by competing against the retailers via direct sale options.
Shop lots of houses.  Find at least three you want and start by offering a low price and working your way up.  Your risk is that houses you would have liked get bought by someone else while you are negotiating, that is how you discover how much you actually have to pay to get a house.   Brokers only get paid if a deal closes.  That is their incentive to get you a better price.  If they know you will buy a different house unless the one they are selling gets your business, then they will work to make that happen.
"This is so true. There's always some ""misunderstanding"" at the end, when the quoted price isn't what is requested at the end. This type of thing is what has led me to stay in higher priced lodging and have them arrange my transport. I don't know if it has to be a meter, but somehow demonstrating that it will be a hassle free experience is super important."
1. Have enough funds to run the business and pay yourself the first year, plus 30%  2. Know your market, the good and the bad, then develop your niche.  3. Don't just sell merchandise. Sell service. Anyone can sell merchandise.  4. Listen to your customers, but don't follow their advice. Customers have agendas.  5. Set company and personal goals. If you can't meet both, you'll be miserable.  6. Plan and control your inventory (hold as little inventory as feasibly possible).  7. Market your business (understand the differences between Marketing, Advertising &amp; Sales).  8. Keep it simple and focused (expect to work 60+ hrs a week for the first 2 to 3 years).
Tax concerns aside, there are managerial pros and cons for internal billing.  For cost control purposes it's common to break individual business activities into divisions/sections which have a P&amp;L or are cost centers. At that point, if you know (for example) that your quality control inspections cost on average 1% of your product cost then one might bill internally for use of this cost center.  One argument for doing this is it makes those who are billed more cautious about using internal resources as there's a direct cost allocation. It also benchmarks that resource against outsourcing- for example it may be significantly cheaper to use an external resource. There can therefore be a 'healthy tension' between the cost center and user which in theory results in pressure for the cost center to improve efficiency.   In practice I've found there are some significant cons. First issue is with cost allocation. The cost center in an attempt to make their service appear more efficient will battle to get minimal overhead costs allocated to them, creating friction between departments. Second and I think a major issue is a blanket cost for use of a service invariably winds up with a lot of exceptions. In the previous example there may be some very large programs where a 1% inspection fee winds up with a huge sum of money, one that the product team may argue unfairly reduces their net income and therefore compensation. Then there's the administrative cost of what essentially is passing money from the left hand to the right even if just on paper. Third issue is with some activities you might not want to provide a disincentive for people to use the service- for example charging a product team for quality assurance may result in skipped QA processes for the benefit of cost savings.  What I've found works better is creation of cost centers with management of those centers. This is common in companies that have a matrix organizational structure. Using the same example again, QA costs are broken out and completely separated from other areas and QA management is benchmarked independently.
You don't need a fictional markup for this to make good sense.  It's quite reasonable that a small software company would have different internal needs than any number of SMB verticals that they service.  The cost of an internal development effort to create a custom one-off version of their own software is probably significantly higher than the cost of just buying an established product that's a good fit.