Finance Questions? Ask a Financial Expert for Answers ASAP
Yes, accountants - especially CPAs who do taxes for businesses might be a good avenue, as they are acquainted with the business owners themselves (although I will tell you that MANY of the people will feel that keeping their money tied UP in their OWN business is the way to best control their investment)
Also, Angel list can be a god place to build a profile and start talking to the right people: https://angel.co/
AND make sure you spend some time putting yourself out there. Even if your product isn’t live, you can still generate attention for your team and your mission via thought leadership. Degreed, an educational technology company, did a great job of this pre-launch, writing guest posts for tech blogs and starting conversations on Quora.
I'd also become familiar with these folks: https://www.startupdigest.com/
Finally, don't waste your time talking to registered reps of broker dealers, they can only deal with the highly regulated world of registered investments, but you MAY want to dig up a RIA, Registered Investment Adviser (who is registered with the SEC or a state securities division, and isn't regulated by FINRA). These folks aren't afraid, sometimes, to point people your way, if your idea makes sense (as an alternative investment, for a small part f a portfolio)
Here's a great primer for those looking to find investors from SBA ... Getting your arms around the differences in different types of possible investore will make your search much more efficient: http://www.sba.gov/community/blogs/community-blogs/small-business-cents/five-tips-finding-and-securing-private-investor
Simply understnding the difference between Private Equity, Venture Capital, and Angel Investing can help you with direction, and focus
http://www.nvca.org/ (The national Venture Capital Association)
Now, angel investor aren't as organized as the venture capital folks, but there are organizations that match up angel investors and entrepreneurs. Active Capital is one national angel investor organization. Angel Capital Associationis another; it will lead you to approximately 200 regional sites across North America, including Alliance of Angels, which is based in Washington state and focused on high-tech operations.
Sorry for the data dump, but this is really a nebulous subject area ... I'd start with the SBA piece, for the grounding, and go from there.
Hope this helps
(Be sure to let me know if you have further questions)
Ahhh, there you are ... I'll wait
YOU ARE AMAZING!!!
this is the info i need. thank you. i appreciate the surplus of info rather than the lack there of :)
Hoped you would see it that way ... Good luck with everything
my last question would be...
i understand having to share my info, but how do i use those forums to share my info without letting someone steal it? are those just basis to connect with ppl to THEN have them sign non-disclosure or non-compete?
btw what is a NPV advisor?
I also see you are familiar with taxes & finance. What state do you primarily work in?
Aside from that, from a tax and protection standpoint, i am trying to figure out the best way to set up my businesses. Here is my current circumstance:- I own multiple pieces of income property at this time all in my name. - I plan to own more pieces of income property. Some completely held by me and some held by me and investors- i own a service business at this time...in my nameMy THOUGHT is:- i need to set up all of my ownership(s) to Real Estate title in one company- my ownership + investors ownership to Real Estate title in another company- the management of those properties in another company- my service business in another companyWhat are your thoughts on which entity to choose so that i have the best protection and tax savings?
Yes, that's exactly right ..... I would SERIOUSLY consider having an atty. draw up a non-compete letter, (for when you actually begin to engage) (and probably stating the obvious here) , but keep things close to the vest until you are actually talking with decision makes... manytime (especially in the venture capital arena, they will have these agreements readily available)
Ok, I'd really appreciate us getting into that on another question (at $8 per questions payout this take my hourly pay pretty low) but let me say this, to get it started ........
Sope Proprietorships, partnership, LLCs and S-Corps are all passthroughs ... that is to say ....
thats fine. let me do that then. hold that thought.
lower rtes on capital gainsthe company itself isn't taxed everything is passed through to the owner ... this allows for use of losses against other incme,
I have a new question for you. I am deciding between a Deleware Series LLC, Nevada Series LLC and Wyoming LLC. In your opinion, which is the best entity for holding title to properties (will have a sep prop mgmt. co.) and why? Which is best entity for starting a business that I will take nationwide and to multiple cities per state?
Yes, i understand that, but maybe I should have been more specific (sorry). I agree that Deleware might be the best solution for starting a business for and raising capital, but are you also suggesting it for a title holding company?
Where does Nevada lack in law? Why is this so bad? What is attractive about Nevada is the fact that there are no income taxes and cost to start up is cheaper than Deleware AND i do not have to report to state the holders. It seems a bit more private.
Given this, you still think Deleware when Nevada has more benefits? Why? Solely because of law?
NEW Question - off topic - what is the difference between salary exempt and salary non-exempt? I am confused because it was my understanding that if you are salary you do not earn over time. the benefit of salary is that whether you work 1 hour 1 day or 16 the next, it doesn't matter because you get paid the same. It's my understanding that this version is salary exempt???
Reason I say this is because my supervisor told me that I am salary non-exempt, which means I have set 40 hours week and can not work whatever time is required to do a job and still get paid (i.e. 1hr vs 16hrs etc) like above. At the same token, I fill out a time sheet--although I am salary--and I get overtime if I work past my 40 hrs a week.
Does any of this have to do with me being exempt vs non?
Thanks for the rating Arah!.Sorry, take so long t get back ...I just got back from teaching a Continuing Education class down in Atlanta (I live in a northern suburb).Exempt, DOES relate directly, to the requirement to pay overtime.The Fair Labor Standards Act (FLSA) requires all sorts of things from employers, (enforced by the U.S. Department of Labor), sets the minimum wage, hour standards, and overtime requirements of most private and public employers.29 U.S.C.A. § 201, 29 USCA § 201If an employee is classified as exempt (vs. non-exempt) their employer is not required to pay them overtime pay.
Administrative, executive, and professional employees, outside salespeople and certain computer employees may be classified as exempt if they meet the following criteria:
In addition, to qualifying for exemption from overtime, employees generally must also meet certain tests regarding their job duties and responsibilities.
In general,NON-EXEMPT employees earning less than $455 per week, which is $23,660 per year, are guaranteed overtime pay by the Fair Labor standards Act.
So, it sounds like you are in the category that the Department of Labor would call Non-Exempt, Overtime - Eligible, which means, among other things, that overtime may be worked only with prior approval of the supervisor/ manager.
Here's an excellent article on this:
And here's the DOL page on FSLA conpliance:
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Thank you! Is there any difference between the way witholdings (i.e. taxes/sdi/etc.) are deducted with exempt employees vs non-exempt for state of CA?
I guess where I am confused with my employer is because I am classified as non-exempt, receive a salary well above the $23k figure you described, but since i keep a time sheet, if i do not work 40 hours, they pay me hourly--meaning they deduct those hours not worked. Same with holidays. If i dont have pto but miss a holiday i do not get paid for it. That's odd because i thought salary is paid regardless. It seems to me that I should be an hourly employee???
Side note, I really think you give great advice and are very knowledgeable. Are you for hire outside of justanswer? What is your EXACT profession and services provided outside of this forum (if any)?