Low Cost Tips to Launch Your Business
Here are some tips to help setup your business and keep costs low.
1) Register your business name at your local County Clerk's Office (est. cost: $200)
2) Contact the IRS to get an EIN (Employer ID Number) (est. cost: free)
3) Setup your bank checking and savings accounts. Try Chase, Capital One or TD Bank. They have great small business packages. (est. cost: $100+ to open accounts)
4) Be sure to keep all your business expenses separate from your personal expenses. Business expenses are tax deductible, so keep good records. You can use Quickbooks or try this spreadsheet for Small Office / Home Office Businesses to stay organized. (est. cost: free)
5) As your earn revenue for your company, always invest, save and pay your salary! Try to invest & save 30% of earned income. Keep the right Financial Order of Operations. (est. cost: Pricele$$)
Note:
Once you have about $5,000 in your business accounts and things are up and running, we'll talk about getting incorporated as an LLC (Limited Liability Corp). Check out The Company Corporation or www.LegalZoom.com. (est. cost $1,000)
As you manage your new business, use the right Financial Order of Operations.
Check it out.
All the Best
Victor Lloyd Smith
Millennium Lyon Asset Management
Legacy Capital: The Driving Force of the American Dream
Get your copy: Amazon.com, Barnes & Noble, Audio Series, e-Book
Did Unemployment Really Drop?
Fewer Americans than anticipated filed claims for unemployment benefits last week, pointing to an improvement in the labor market that will help sustain economic growth next year.
Initial jobless claims fell by 22,000 to 432,000 in the week ended Dec. 26, the lowest level since July 2008, Labor Department figures showed today in Washington. The number of people collecting unemployment insurance fell in the prior week to 4.98 million, and those receiving extended benefits jumped.
Wall Street Embrace Cross-Product Trading
Traders specializing in a single asset class are becoming rare as technological advances, the decline of floor trading and regulatory changes help traders overcome barriers between markets. "The ease with which any trading firm can enter a new market using a single technology has improved by a magnitude," said Scott DePetris, global head of accounts for Portware, a provider of automated trading. "If I'm trading commodities and I have a [foreign exchange] hedge, that's getting done simultaneously."
The Call for Financial Reform
Dire forecasts at the beginning of 2009 predicted the demise of one or more major banks in the country. Despite threats to financial institutions, none of the large banks failed, thanks partially to emergency measures from the government. However, risks remain, and emergency efforts are not a viable solution moving forward, according to this Washington Post editorial.
Jobs Alert: Senior Business Analyst (NYC)
Business Area: Derivatives, Loan & Foreign Exchange
Description:
The Strategy and Planning office within ICG for Derivatives, Loans & FX is focused on driving strategic, industry, technological and consolidation initiatives for Capital Markets Operations. With the business growing in all the regions, Operations needs to keep pace by pushing ahead with the various strategic initiatives to achieve standardization, business growth, better control, better business management information & enhanced productivity. The group works with partners across the Globe to leverage off our best practices and global technology platforms. It provides assistance in Business Analysis and Project Planning, Management, Monitoring, and Implementation.
Salary: $125,000+
Location: NYC NY
