Structuring Success: Steps for Setting Up a Business Partnership

Going into business? You’ll want to know about various types of partnerships and the ways of setting up a business partnership in the UK.

Choosing a Name

Choosing a name is one of the harder aspects of setting up a business. Trade names are usually protected as intellectual property, so make sure you’re not infringing on someone else’s property rights when you name your company.

If you’re going into business with someone else, choose a nominated partner and register with HM Revenue and Customs (HMRC). The nominated partner is responsible for managing the partnerships tax returns and keeping records.

Setting Up a Business Partnership: Shop As An Entity

There are several ways to set up shop as a partnership. You can choose:

Ordinary Business Partnership

This is the most basic type of partnership which is similar to a sole trader entity. When you set up an ordinary partnership, you are responsible for any losses your business make, bills for things you or your partner buys, and any and all taxes on income.

The partnership will also have to register for VAT if you expect takings of more than £82,000 per year.

Limited Liability Partnerships

LLPs are incorporated entities that are run by 2 or more members. A member can be a company or a person. Each member pays tax on their share of any profits in the company. However, they are not personally liable for the debts of the business.

To form this type of company, you will need to designate at least two members, have a registered address which is publicly available, make an LLP agreement, and register with the Companies House.

Limited Partnerships

A limited partnership or LP has at least one general partner and one limited partner. These legal entities allow for both legal entities and persons to serve as partners, but you must have a registered address, appoint at least 2 partners, and register with the Companies House. All partners pay tax on their share of the profits and, like an LLP, liability for business debts is limited.

Dissolving The Business

No one likes to think it will happen to their company, but many businesses eventually dissolve. If your partner leaves you with a pile of debt, you may be forced to use a company like Claims Direct to recover the funds.

If you leave your partner, but you don’t pay off your share of the debts, your partner may pursue you for payment. In either case, both of you are equally responsible for the business.

You must file dissolution documents to formally end the company.

Any taxes that are due must be paid in the year that they are earned, regardless of whether the business operates for the full year or not. So, for example, if you earned money this year, but you dissolved the business before December, you must still pay tax on any shared profits you generated from business activities during the year.

If you do not, the government may pursue you for payment of those debts.

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A Competition Designed For You

Here are some good reasons why you might want to consider adding ‘must enter business competition’ to your ‘to do’ list!

Seeing the wood from the trees

The application process is an opportunity to reflect on what your business is all about and clearly articulate your USP.

It’s an opportunity to work on your business rather than in it by stepping back to look at achievements, challenges, market trends and areas for improvement.

Work on your business rather than in

As such it gives you an opportunity to dust off and update the business plan.

Punch above your weight

Competitions are also about PR, marketing, selling…spin. They’re an opportunity for you to raise the profile of the business for free. Entering the competition will get you into the local press.

Competitions are also about PR, marketing, selling…spin

It’ll probably get you into the regionals and it could get your business national and even international profile.

Work the room

By working the competition – filling in the forms correctly, engaging with local reps for the competition, turning up at the networking events, volunteering to give quotes and elbowing yourself into photos, you will get marketing material that’s ‘independent’ for your website and other marcomms. If you progress through the competition there are programs such as Ulster Bank’s Business Achievers Awards that produce corporate videos for all of the short listed companies. These are done by professional companies with editors and designers. You probably cannot afford to produce these yourselves! They are given to you after the competition for your website and other marketing material, and they will impress!

Access to a big network of influential people

Working the competition will also give you access to a big network of people that can help your business grow. For obvious reasons the politicans always turn up. You’ll have access to state agencies. You’ll meet all the local and national enterprise support agencies. Bankers, funders, journalists, other successful businesspeople…the big national Awards are a veritable who’s who of the great and the good in business. And you’ll be one of the stars of the show…just by entering. And if you win…!

It’s not just about you, you know!

When you sit down and take the time to apply to a competition, you’ll realize that you have a team supporting you. It illustrates the importance of the support of family and its role in moving your business forward. You’ll see the staff that have and are stepping up to the mark.

You have a team supporting you

You’ll probably get your management involved. Sometimes just by reflecting and internally acknowledging what you’ve achieved together is a major win in its own right.

If it’s worth doing, do it well

There are many different competitions out there from local and regional awards to national events. Aside from all the benefits listed above, the winners often benefit from superb packages which may include cash prizes, mentoring, free PR and much more.

Look here, we wont deny that it takes time to enter. Last year most people we surveyed said that the form filling was too much hassle. We’ve worked with Ulster Bank in particular to get the form down to a fairly slick 20 minutes. But even if it takes more time, you owe it to yourself, your staff and your familily to give it your best shot.

You owe it to your business to to give it your best shot

Even if you’re not short-listed you will benefit from working ‘on’ your business. You can use the knowledge to plan future strategies and identify weak areas. It’ll help you make your business stronger and better. And that’s what it all, eventually, boils down to!

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Entering Business Competitions: If It’s Worth Doing, Do It Right

We’re a website. We have to do a Top Tips! Here’s our take on how you should approach entering business competitions and filling in the forms. Sorry if this appears a bit didatic. But last year some of the smallbusinesscan team were on judging panels; this blog is based on some of the very simple mistakes that were made – and could so easily be avoided – by applicants.

Check the deadline for entry

Of course its obvious but almost 90% of applications are filled in on the last day…and they look rushed. Mad dashes to meet deadlines result in poorly written applications, errors and spelling mistakes. In many cases essential information is missing, probably because the author didn’t leave enough time to get it organised. It takes time to complete an application properly. You may have to undertake additional research – which you probably should be doing anyway as part of the routine of running the business (another reason to enter awards!). You may need to find research to back up your claims. And you’ll need to have your financials at hand.

Check you meet the criteria

Criteria might include how long you’ve been trading, level of turnover, your business sector. If there are a range of categories for entry, think carefully about which one best suits your business. Ulster Bank allows you to enter at least 2 categories, so make sure you check this out. It doubles your chances and helps you think about how you want to present your business and the kind of profile you want for it.

Read any entry guidelines available

Again obvious enough isn’t it. But ask yourself this…when you were doing the A Levels or Leaving Certificate, how many of you read exam papers from start to finish, before putting pen to paper? Yet it is and was probably taught to you as a fundamental exam technique. You’re older and hopefully wiser now, so read the guidelines for business competitions you’re entering!

Keep your answers simple, clear and as short as possible

First of all remember that judges are going to be reading hundreds of applications. They’re not going to read long rambling essays. They’ll also know if you just cut and paste answers from your website! Consider talking about your business, achievements, and plans for the future…

• In short sentences
• And in bullet points

Go over your application again

On the same theme: Read your application thoroughly for spelling mistakes, grammatical errors, punctuation. Get a colleague to read over the final application. Ask for feedback on the content as well as correcting typos.

Back up what you are saying

Whatever you say about your business and achievements, eventually you’ll have to back these claims up with evidence – financials, research, marketing materials, testimonials and references.

Check out previous winners

It’s always worth looking at the ‘previous winners’ page to give you an insight into the types of business that win and how they project themselves. All these winners are good well managed companies and this is a good chance to peer review and benchmark.

Hit that deadline

Make sure you leave plenty of time to get the application in on time. And look for a receipt to prove that it is in.

Any more tips? Please add them to the comments section below.

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5 Smart Strategies to Manage Your Taxes after a Windfall

Coming into a large sum of money can be exciting! The thoughts of what to do first with the money are likely racing through your head. Whether you thought of vacations, a new home, a new car, or a new puppy, did the IRS cross your mind during those thoughts? They probably should as they are going to come knocking on your door; so to speak, collecting the money they are owed on your newfound income. Unfortunately no income is safe from the IRS. This could put a damper on your celebrations, but if you know upfront what to expect and how to minimize its affects, you can make the most of your money and minimize your tax penalties in the end. Let’s look at ways to manage your taxes after a windfall.

Think Long Term

While your head might be spinning with ideas of your next vacation, new car, or a new wardrobe, you should think more long-term with your new income. Retirement is a great place to start because not only does it allow you to have money set aside for when you are ready to stop working, but it has tax savings as well. Consult with a tax professional to see the maximum amount of money you can contribute to an IRA or 401(K) this year and still have the money be deducted on your taxes and then take advantage of that figure! Yu kill two birds with one stone with this tip, and pay the IRS less in the long run. As an added bonus, if you do contribute to a 401(K), your employer might match all or a fraction of your contribution, giving you evens more money for retirement.

Give to Charity

Most everyone wants to give something to charity when they come into money. There are several ways to do this. You can give them a lump sum and write it off on your taxes or you can set up a Donor Advised Fund, which works similar to the way a trust would that is set up for a child. The charity is given a certain amount of money at the intervals that you determine. This allows you to write off the charitable contributions for that length of time while doing some good with the money you have obtained. Either way that you decide to give, your contribution will be tax deductible.

Pay Estimated Taxes

No one likes to think about paying taxes when they earned a large sum of money, but it is necessary. If you are worried about what you will owe, why not pay estimated taxes now before April 15th arrives? You can talk to a tax relief experts to see how much of your new money should be put towards taxes and send it in to the IRS. When it comes time to file taxes, you will get the money back if you overpaid. On the other hand, if you under pay or neglect to pay at all, the IRS will hit you with penalties and fees that are not pleasant to pay.

Go to School

Have you always wanted to go back to school? Now is a great time and you can afford it! Without student loans, you have the ability to write off your education expenses. This allows you to save money that you owe to the IRS while bettering yourself with a higher education. Whether you go to school in order to get a better job or you do it for personal reasons, the result is the same when it comes time to file your taxes.

Get a Timeshare

Timeshare property taxes are usually deductible on your tax return, just like the property taxes on your primary residence. If this is the case for you, invest in a timeshare where you and your spouse typically vacation and use it often! This allows you two benefits with your windfall – you get the vacation you dream of when the money hit your hands and you get a tax deduction for a portion of it. This can help to decrease your tax liability, allowing you to avoid tax relief programs when April 15th comes, such as an installment plan or asking for an extension on what you owe. No one wants to deal with excessive taxes, and this is one of the most exciting ways to deal with it.

Once the excitement of a windfall wears off, it is time to figure out how you are going to manage your money. It is best to talk to a professional before doing anything as excitement can get in your way of making smart decisions. Any decisions that you make should have your taxes at the forefront of your mind. You do not want unpleasant surprises come next April, when your money is already spent and yet you owe the IRS a large sum of money. Understand your tax obligations now and the ways to overcome them in order to have the most success possible.

Share this article in your social media circles – you never know who might have come into a windfall. You could prevent them from making mistakes that could cost them a lot of money!

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The Definitive Guide to Local SEO

Local businesses are finding it increasingly important to have an effective online strategy. The days of knocking up a cheap and cheerful website that acts as a glorified business card are long gone.

The simple fact is that the businesses with a top ranking are the ones who are getting the lion’s share of the traffic.

But equally true is that these businesses haven’t got an amazing (and expensive) marketing team working for them. In fact, all they have done is to focus on some straightforward techniques that any small business owner can put in place.

That is exactly the reason why Pickaweb put together the Definitive Guide to Local SEO to help any small business owner to get their online strategy back on track – quickly.

Here we’ve got a quick summary of some of the key points to help you hit the deck running.

The Basics

First up there are some SEO basics that need to be put in place. This is all about applying some best practices to your site.

Things like keyword selection, setting up metatags, using keyword rich URLs, linking between pages, adding more pages for specific products or services, etc..

These are definitely quick wins and should be your first priority.

Name, Address & Phone (NAP) Citations

As well as fixing up your site you need to ensure that you get listed in authority websites – especially those related to local businesses. These are called local citations and they are very important for any local business serious about getting traffic.

But you need to ensure that you are listed consistently across them, especially your business name, address and phone number – hence the acronym NAP.

Fortunately there are loads of NAP sites to chose from and you should also pay attention to niche citation sites.

This is definitely an easy win. That is not to say it isn’t time consuming although there are a number of companies like BrightLocal that can do all this for you.

Link Building

Link building is the process of getting other websites to link to you. In recent years it has gained a tarnished reputation because people tried to game the system and were penalised by Google.

However, it is still a legitimate strategy for any business and despite the mystery that surrounds it there are still some surprisingly easy ways to get links for your local business.

Google My Business

These days if you are serious about getting traffic from Google then you need to play by their rules and that means setting up and configuring your Google My Business listing.

Creating your listing is just the first step and you need to make sure that you optimise it and make full use of all the features that Google provides for you.

Blogging for Local Business

Most local businesses do not have a blog. Possibly because they either can’t see the benefits or they can’t think what to write about or maybe they are just in a plain boring industry.

But there are definitely benefits to blogging for any local business. You just need to get started and create some initial content ideas for your blog.

Customer Reviews

Getting reviews is a vital part of any local SEO strategy these days. In fact you may have noticed that the local businesses that tend to get a high ranking have got one thing in common: Google reviews. Go check it out.

People often think that getting customer reviews or testimonials is difficult. But there are easy ways to get customer reviews too.

Video for Local SEO Success

With great video cameras in most smartphones these days there is no excuse not to make videos for your business. You can create great quality videos using your iPhone and some basic equipment.

But it isn’t just about creating video for the sake of it. Video can be a great way to improve your site’s ranking.

So, it’s: Lights, iPhone, Action!

Mobile – The Future of the Net

These days people aren’t just sitting at home browsing the web. They’re out and about using their smartphone or tablet. In fact the growth in mobile usage is staggering and is behind Google’s decision in April 2015 to promote mobile friendly websites in their mobile search listings.

First up you need to check if your site is mobile friendly. If it isn’t then one of the ways you can address this is to consider switching to a responsive website.

Google+ for Local SEO Success

Google+ is Google’s social platform and it is increasingly important for local SEO success.

There are some basics that you need to ensure that you get the most from Google+ but there are considerable benefits for any local business.

Tools of the Trade

There are loads of great tools for Local SEO whether you want to get the basics right, get on top of your NAP Citations, create a better blog, get more reviews, use video or get more mobile traffic.

by Pickaweb

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Mind techniques for SMEs

The power of the mind

In Bookbuzz, when we work with CEOs, we often cover decision making, leadership, dealing with millennials, mindfulness and increasingly the power of the mind. People who follow us have seen our post on Navy SEALs, super athletes and flow, being antifragile, the business of belief, coherence, decision making, the power of creating habits, stoicism as an operating system, etc. They all cover in some way the power of the mind, resilience and how mind techniques can help you.

VUCA

As an entrepreneur or owner manager, in a world of VUCA, in a world that is becoming increasingly confusing, where change is going so fast, the power of the mind becomes more and more import. Being mindful and applying mind techniques is not an option, it is a necessary skill.

Jack Black this Thursday

We were going to design a programme around it. Until we came across Mindstoreand Jack Black. And he is coming to Dublin this Thursday. To do a masterclass in the best mind techniques for running your business. He is explaining what he is planning here:

You can book your ticket here. And because you are part of Smallbusinesscan, feel free to use SBC as the discount code and get €100 off the price.

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Women in Business – Helping you Achieve your Ambition!

Women in Business, Northern Ireland’s largest and fastest growing network for business women in NI, is on a mission to help you achieve your ambition! Now in our 13th year, Women in Business decided that an exciting, fresh look was essential to reflect the changes and growth that have taken place over the years.

To do this, we have invested time, money and a huge amount of energy in a rebrand campaign to ensure our message is loud and clear – Women in Business is about “Creating a New Economy” through inclusive growth. We are on a journey to support the delivery of a diverse business community throughout Northern Ireland! As part of our special relaunch we are also offering annual membership for just £25 per year, ensuring there are no financial barriers to helping business women grow their network and their business!

The evidence is clear and continues to mount, diversity in; the board room, senior management teams, in all areas of society, whether business, politics or the judiciary, leads to very clear benefits. Better profits, better productivity, better decisions, and better solutions.

When all members of society are supported to reach their full potential and to successfully achieve their ambitions we will have a “new economy” and a better society.

Supporting Women in Business

Women in Business is here to help create the diverse business community that will be better for our economy, better for society, better for ALL of us.

We will do this by supporting and encouraging all business women to reach their full potential and achieve their ambitions!

And the best way to support business women is to support them to build a business network, to inspire them to achieve more, to motivate them to persevere and to mentor them to leadership.

We want to continue to deliver for all business women and we recognise that women have huge time pressures at different times in their businesses, in their careers and in their personal lives. We know it can be difficult to attend events and that you may only get to one or two out of the 50+ on offer so we wanted to look at a price point that would allow all women to stay engaged with their network and to dip in and out, time permitting.

To allow members to choose when and what services will work for them. We want to remove any barriers to membership for all business women and our special relaunch fee of just £25 annual membership allows us to do this – to offer all business women an attractive proposition that can help them achieve their ambitions!

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6 Best Companies for Health Benefits

Companies who truly value their employees will offer amazing health benefits and incentives. Some of the most well-known companies provide benefits to all of their employees regardless of employment status, while others beef up the stakes with free high-quality meals and transportation. When looking to apply for a company, it’s important to review their health benefits and incentive packages. It’s also crucial to see what offerings they have for sick pay, bonuses, and vacation time. These seemingly small offerings can make a $30,000 a year job worth much more, so it’s important to pick a company with a good reputation and quality incentives. Let’s look at the top 6 best companies for health benefits and incentives.

Facebook

The social media giant knows how to take care of its people. The sprawling campus offers free bikes to all its employees and features a unique and robust atmosphere that employees state is fun to work in. Employees are passionate and compensated well. There is onsite healthcare, including a chiropractor, acupuncturist, gym, and full health benefits. Vision, dental, sick pay, vacation time, and medial are also included. As an added benefit, the company also provides tons of free food.

ASEA

ASEA is a premiere manufacturer of products that help people live and feel better. It’s a leading company that specializes in the cellular health market. People who work for the company receive a competitive salary, a complete health plan, and generous holiday and time off. Medical, dental, and vision benefits are provided by the company and there are extensive options to advance and improve. ASEA reviews are always full of satisfied employee statements.

Costco

Costco is known worldwide for its excellent value and customer service. The health benefits include medical, dental, sick pay, vacation time, and raises based on hours worked. Starting pay is competitive and there is plenty of room for advancement within the company. The company has a unique culture that fosters promotion from within the ranks, and most managers are promoted based on their ability to work hard.

Adobe

Adobe is a people-focused technology company that drives innovation in a supportive and fast-paced working environment. The company puts a huge emphasis on acquiring effective employees who can get the job done effectively. Health care is on par with other high tech companies, but they also offer pet insurance as a unique option for people who really loves their pets. The company works hard to provide some of the best health benefits available in the industry and invests heavily in its employees. As far as paid time off is concerned, you can take as much time as needed provided you get your work completed.

USAA

USAA is a leader in financial products and insurance products, so it’s no wonder that they also take exceedingly good care of their employees. The company has a complete health package that includes dental, vision and medical. Employees are able to benefit from discounts on their available services, and they have access to the same services as their customers.

Intuit

Intuit is a company with its hands in a lot of different products. The company truly values its employees and pays them well, while also providing outstanding health benefits. The company offers a full health plan, including dental, vision and medical. Employees also get access to fitness reimbursement, discounted healthy lunches and handsome bonus packages. There is a good work and life balance, and the culture is one of mutual respect and appreciation.

Looking at the healthcare packages of a company is extremely important. There are few companies that rank highly and don’t provide their employees with good health and medical benefits. The mission of a company should include the health and well-being of its employees. Look for a company that provides good benefits and a culture that fosters healthy living and work/life balance.

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€10 Million in Funding Available to Businesses: Action Plan for Jobs

On May 15th 2015, a new initiative was launched for 10 Million Euro to be granted to businesses and organisations across the country with the view to support job creation.

The launch was announced at the Carlow Enterprise House, with official members of state present such as An Taoiseach, Enda Kenny TD, Minister for jobs, Richard Bruton TD, and Minister of State for Business and Employment, Gerald Nash TD.

The location of the launch was strategically planned at Carlow Enterprise House as it was celebrating its 10th birthday.

This initiative is part of the Government’s Action Plan for Jobs that aims to create 100,000 new jobs by 2016 across the country. The regional scheme, available to 8 regions in total, allows for Enterprises boards and other organizations which promote employment to bid for funding.

The initiative is separated into two forms of funding:

€5 million fund for collaboration by the 31 LEOs on regional-specific initiatives and granted on a competitive basis to Local Enterprise houses, with projects that have the greatest potential to create employment opportunities.
€5 million Community Enterprise Initiatives fund, available through Enterprise Ireland, for new and existing business or community groups to collaborate on projects which will strengthen the job creation potential of their region.

The closing date for both types of funding in July 10th 2015.

The Taoiseach made it clear “We are all here today for two reasons – to support local jobs and to support local enterprises creating them.”

After the conclusion of speeches from different speakers including members of State and Official from Carlow Enterprise Board, the Taoiseach took time to speak with local companies who had gained momentum, with the help from the Carlow Enterprise Board.

Maven TM, a company based in the Carlow Enterprise House since 2011, had previously encountered a visit from An Taoiseach in 2013, for the forecast of new job creation within their business.

When asked by An Taoiseach on the progress of this creation of jobs, Mark Cradock, MD, was able to confirm that this prediction had been met and the business was expanding further, leading to the company moving to a larger office space to facilitate growth.

“The success of the Carlow Community Enterprise Centre is an excellent example of local people taking action and control at local level.”, said An Taoiseach.

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Business Achievers Awards 2015 are open

The Business Achievers Awards, the biggest and oldest business awards programme on the island of Ireland is open for entry again.

Celebrate achievement

The awards aim to celebrate the achievements of local companies across a wide range of sectors including women led business start up, social enterprise and agri-business.

Big prize

The event is being run in association with the Irish Independent, Enterprise Ireland, InterTradeIreland and SmallBusinessCan.com. The overall winner will receive a comprehensive prize package, including a €50,000 publishing bursary with the Irish Independent, business mentoring from Enterprise Ireland, a full-service communications workshop, as well as national and regional media exposure.

Winners have become household names

Eddie Cullen, managing director of commercial banking at Ulster Bank, said that the lender is “committed to providing support to Irish businesses” and added that the awards are “at the heart of that commitment”. Previous winners of the awards includes a huge number of successful companies that have gone on to become household names, including Realex Payments, Glenisk Foods and Tayto Park.

Smart Paint

Speaking at the launch, one of the former winners, Ronan Clarke of Smarter Surfaces said that winning the Business Startip Award at the last year’s Ulster Bank Business Achievers Awards “has given us huge credibility and really helped us to position ourselves on the global stage. “In the six months since winning the award, we have expanded our distribution network to South America and Australia, and that expansion is continuing all the time,” he said. He added that his firm will launch e-commerce sites in French, German, Italian and Spanish for the first time in June. “In addition, we have re-branded the company from ‘Smart Wall Paint’ to ‘Smarter Surfaces’, in recognition of the fact that we now offer a wide range of products, outside of our flagship whiteboard paint, so winning the award really has been a catalyst for huge change for us,” he said.

Submit

Companies can submit their entries via www.BusinessAchieversAward.com and are permitted to enter up to two of the eight categories. The deadline for submissions is Friday, September 25. In the meantime you can express your interest, which will give you access to regular updates and support with your submission from smallbusinesscan. You can register here.

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