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Trusted Answers From Licensed Business Professionals
FINANCIAL ADVICE

How Should We Divide Equity Ownership Among Founders?

By The BIDaWIZ Team on March 21st, 2013 at 9:00 pm

There are many different ways to approach equity compensation for the founding team. Thus, there's not necessarily a one-size fits all answer to this question. However, we have some specific recommendations based on our experiences starting a company as well as advising many start-ups. .
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FINANCING

Should You Seek Venture Capital For Your Business?

By The BIDaWIZ Team on March 14th, 2013 at 10:00 am

If you're considering seeking venture capital funding, you need to perform a cost benefit analysis to determine whether or not a VC is right for your company. In addition, you need to incorporate your business and personal preferences into your analysis. .
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FINANCIAL ADVICE

What Should I Include In My Business Plan?

By The BIDaWIZ Team on March 7th, 2013 at 10:15 am

Naturally, every new business needs to follow a specific plan so that management can set goals and measure performance over time. Yet, new entrepreneurs too often fall into the trap of, "just getting the business started and worrying about everything else later on." Big mistake. .
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MARKETING

Should You Trademark Your Business Name?

By The BIDaWIZ Team on March 6th, 2013 at 6:00 pm

Many new business owners incorrectly assume that registering as a business entity with their state provides trademark protection. This is not the case. The business needs to file with the United States Patent & Trademark Office (USPTO) to obtain proper protection. Should you file? .
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FINANCIAL ADVICE

How Should I Think About The Financial Model For A Business Idea?

By The BIDaWIZ Team on March 6th, 2013 at 3:00 pm

One of the first steps in launching a business idea is nailing down the financial model. Typically, the methodology for building a revenue forecast is easier than detailing the current and future expenses. By nature, entrepreneurs almost always under-estimate the amount it will cost to run and grow a business. How should you think about building a financial model? .
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SMALL BUSINESS

What Type of Success Should I Expect As An Entrepreneur?

By The BIDaWIZ Team on March 1st, 2013 at 2:00 pm

This is an interesting question and one that should be asked prior to ever diving into entrepreneurship. Far too often, this is a question an entrepreneur asks when they've already decided to become an entrepreneur. .
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TAX REPORTING

Should I Save Every Single Receipt For Taxes?

By The BIDaWIZ Team on February 22nd, 2013 at 5:00 pm

The answer to this question largely depends on the size of the expense and whether or not you’re an individual with many large expenses or a business. It technically doesn’t hurt to save every single receipt and there are tools available to easily convert hard copies to digital. Still, should you? Read More.

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TAX REPORTING

Home Based Business Income And Expense Reporting For 2013

By The BIDaWIZ Team on February 22nd, 2013 at 11:00 am

Many entrepreneurs that are starting out opt to work out of their homes instead of incurring the costs of renting office space. Those that work from home will need to be well-versed in the tax reporting requirements that the IRS often scrutinizes. .
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TAX REPORTING

Did You Receive An Incorrect 1099-K Form?

By The BIDaWIZ Team on February 21st, 2013 at 10:00 pm

Many businesses have recently received 1099-K forms issued by third-party payment processors such as PayPal. The IRS recently required that processors issue this informational form in an effort to prevent merchants from under-reporting their income. However, businesses are finding that these forms are sometimes being issued even if not required and with errors. What should you do if your business receives an incorrect form? .
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TAX REPORTING

Is An S Corporation Required To File Tax Returns In Multiple States?

By The BIDaWIZ Team on February 8th, 2013 at 4:00 pm

We're glad you asked this question because it's often overlooked by many business owners. If the S Corporation has owners or employees that are providing services in other states, the entity generally must file a state tax return in those states with certain exceptions. .
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