Download PDF by James Stephenson: 202 Ways to Supplement Your Retirement Income

By James Stephenson

ISBN-10: 1932531661

ISBN-13: 9781932531664

The New Encyclopedias for Supplemental source of revenue

Filled with 202 confirmed money-making possibilities, every one ebook during this renowned sequence outlines a large number of how you could complement your income.

The present development of energetic retirement is growing to be. This e-book indicates you what you are able to do in retirement to make more money. Plus, it contains the necessities on getting began, with worthy guidance in all parts of industrial and an in depth source list.

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Like a sole proprietorship, business profits are split amongst partners proportionate to their ownership and are treated as taxable personal income. Perhaps the biggest advantage of a partnership is financial risks and work are shared by more than one person, which allows each partner to specialize within the business for the benefit of the team. Record-keeping requirements are basic and on par with a sole proprietorship. Unfortunately, partnerships also have disadvantages. The most significant is that each partner is legally responsible and personally liable for the other partners’ actions in the business; a nonincorporated partnership offers CHAPTER 2: Legal and Financial Issues ■ 19 20 ■ CHAPTER 2: Legal and Financial Issues no legal protection from liability issues.

Starting a Business The majority of people, regardless of age, choose to start a business from scratch. There are many advantages to choosing this path. Depending on the venture, operating location, and equipment needs, less money is usually needed. In fact, it is possible to start a business that has good growth and profit potential for an intial investment of less than $10,000. Additionally, starting a business from scratch allows you to have full control and independence; most franchises and some business opportunities impose strict management and reporting guidelines.

Also make sure do your own investigative work by talking to current customers, employees, suppliers, and the local Better Business Bureau. Make sure all agreements and contracts with clients, suppliers, and manufacturers are transferable and stay with the business, not the exiting owner. It is also a good idea to have the current owner stay on after the transfer for a reasonable amount of time to train you and help in the transition. Finally, make sure that you have a noncompetition clause built into the sale agreement.

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202 Ways to Supplement Your Retirement Income by James Stephenson


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