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Like Hacks For Starting And Managing Your Real Estate Appraisal Company

Posted by on Aug 31, 2015 in Blog, Finance & Money |

So you’re passionate about buying and appraising real estate. It’s a fantastic business to be in and can be very lucrative. But do you know the ins and outs of structuring your business? Will it be an LLC, a corporation, a DBA, or a partnership? This article teaches you the differences and helps you determine what best meets the needs of your personal business. You will learn how to structure your real estate business, what the tax advantages and penalties are, how to create tax-free income from the sale of your personal residence, and how to use a 1031 exchange to defer capital gains and create wealth.   

The first thing you need to determine is which business entity you should select to structure your business, based on the tax advantages, liability, and separation of personal and businesses assets. There are pluses and minuses to each business structure, and it is advisable that you consult your personal finance expert first.

  • LLC – An LLC is a limited liability company. It is a separate entity that combines the flow-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. An LLC can have its own taxpayer ID number, open bank accounts, and do business under its own name. At tax time, the LLC will flow through the income and deductions to your personal tax return.
  • Corporation – A corporation is a distinct and separate entity as well, but it will be taxed at a certain corporate level. While a corporation is subject to higher taxation, it offers more flexibility in terms of income shifting.
  • DBA – DBA means ‘doing business as’. This means you could use a fictitious name, a trade name, or an assumed name. A DBA gives you the opportunity to create a business name that may be related directly to the business or may be related to the owners of the business. It allows you to hold your property name so it is not connected with your own personal assets.
  • Partnership – A partnership has that same ability to flow through to your personal tax return. What it does not offer is any liability protection.
  • Sole Proprietorship – The sole proprietorship is the simplest form under which one can operate a business. It is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

Lastly, important components of protection that your business needs to have in place: a standardized accounting system, a record keeping system, and insurance. Keeping detailed accounts is highly important for tax purposes or in the event of an audit. For further assistance, contact a local appraisal management company.

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3 Ways to Be Released on Your Own Recognizance

Posted by on Aug 3, 2015 in Blog, Finance & Money |

You might have had a loved one arrested without the need to pay bail because the judge released them on their own recognizance. If this is the case, the individual is asked to sign a document that states that they will come to court on the required date. No bail is required. Of course, not everybody is offered this opportunity. This is available only in certain circumstances. If you fall into at least one of these categories, this could be the case for you.

1. You have strong connections to the community.

The judge will likely determine that you are not a flight risk if you have strong ties to your community. For instance, you might have family members in the area or a well-established career. You may have an important role at church or you might have children that you are close to. These strong connections may prove to the judge that you are going to make your court appointment.

2. You do not have a strong criminal history.

If you don’t have a record or have only minor events documented in your past, you are not as likely to pay bail. If you always appeared before the judge in these cases, it may prove that you are trustworthy. The judge wants to know that you are not going to skip court. If it seems as if you are typically a law-abiding citizen, it will relieve any worry that you won’t show up.

3. Somebody speaks up on your behalf.

You may have an employer or church leader with great standing in the community stand up to speak for you. This is most likely to work if the crime you have been arrested for is minor and you probably do not pose a threat to the community. The arrest might have been for shoplifting, a traffic offense or simply a first low-level offense. Another person staking their reputation on your behalf can mean quite a bit depending on their position.

The defendant must request a release on their own recognizance. The judge may deny this request or offer a very low bail amount. Of course, you are not completely out of the woods. The judge may demand that you attend counseling sessions or live under the supervision of family in the meantime. For many, these conditions are preferable to spending time behind bars or spending money to bail out of jail.

Learn more about your options by contacting companies like All-Mobile Bail Bonds.

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