The man I purchased my business from wants me to buy him out early. I bought the business is 2008 on a five-year contract at 7 percent. He wants me to pay him all of the principle in 2009. I understand that contracts are usually purchased at a discount. What is the standard operating procedure on this type of buyout?
I started a California contracting corporation in 2005 after which I began to attend school out of state. I never used the corporation during the 2005, 2006, 2007 years. I am now filing back taxes on the corporation and reporting zero income. Are there any taxes due?
If possible I would like to receive only government grants -- I don't want any loans. I know government grants are out there, but I need to find legitimate ones, not these schemes. Where should I start?
I recently acquired a bankrupt company from a venture capital firm that invested over $7 million. I just purchased the major assets: websites, trademarks, branding, customer database (47,000 customers) and vendor lists.
It was a retail store making $8 million in sales in 2007. This store was to be chained into all 50 states but the capital group dumped it because of the economy. Now I am looking at major investment dollars to reestablish entry.
How do I find a debt equity backer? I'm looking at over $250,000 dollars right off the bat. The original owner is willing to lease me his retail building and staff me with one of his old managers. He won't support my venture, however. I'm looking at around 18 months to re-open.
I am trying to start a wireless internet service provider company in Ohio. I have a business plan in the works. At this time I do not have any chosen management staff, nor do I think I need any. My personal credit was foiled due to my parents abusing it when I was younger. How can I get around my bad credit?
I recently started a janitorial cleaning business. Our first job was subcontracted from another cleaning business. We completed three months of work and have yet to receive any payments for the total amount due of $5,400.
Two months ago I met with the cleaning contractor owner to come to an agreement. We signed a promissory note detailing a down payment and monthly payments to pay off the balance. I still haven't received any money. They will not answer any phone calls. What can I do to get the money owed?
When we receive payment from a customer we usually have a bill or payroll to apply it to. If not, there is always something on the line of credit. Invoices being paid do not always have a corresponding accounts payable (on labor only jobs) but we may have an outstanding A/P from another customer whose is late paying. We know we are profitable but without borrowing on the line of credit, we do not have cash in hand to allow the owners to take a distribution.
I have an investment company who wants to put together a financing package either through banking or angel investors. This company requires a fee of 2.77 percent of the total financing package put together. They require 10 percent of this fee to be paid up front.
The project they are offering to do for me would require about $750,000 total financing, part of which would be a credit line for operations. The 10 percent part of the fee comes out to about $2500. My concern is whether this is common to this industry. I do not like paying for services before they are rendered, especially where this portion of the payment is non-refundable.
I would like to know if the 2.77 percent is high or low for services such as are to be rendered and is it common to have to pay a portion up front.
I have been in the business world for 16 years and I've never borrowed money in order to survive. I own my entire inventory, which is valued at more than $100,000. I currently have more business than I can handle.
I want to expand my business, and I need $200,000 to do so. But the banks want me to take out lines of credit, which are expensive and usually fall short of the capital I need. This money would allow me to consolidate what debt I do have and open two more stores.
These coupons will be available to customers currently being served by us under exclusive long term contracts (average term - 7 years) for bulk chemicals. These customers can not purchase these products during the contract term from any other supplier. The purpose of the coupons is to encourage greater usage of our products when the use of the commodity during the customer's manufacturing process is partly discretionary.