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Ask Entrepreneur - Money


The recession forced us to burn through our credit line, how can we grow now?

Slow-paying clients and lax collection policies on a Fortune 100 client put us in quite a jam. We're very busy, but staying afloat is difficult. We have some chances for growth but no cash to make it...

Ideally, what department should handle credit applications for new customers?

Our controller refuses to handle the processing of credit applications, checking credit references or banking inquiries for new customers. He expects the sales department to handle these duties. I thi...

What's the best way for a husband-wife team to claim salaries?

For tax purposes, when creating our business plan should we put full salaries in place or look to supplement our income from profits? Should we be showing a profit ?

Should I take on an investor or consider a high-interest loan?

Our current operation limits the volume we can produce. To implement the necessary changes, we would need about $30K. We have an interested investor who wants partial ownership of our company. We curr...

Can I draw a salary of 25 percent of my income and pay out the remaining 75 percent to myself in dividends?

I'm the owner of a one-person LLC. I was told my another business owner that I didn't have to declared 100 percent of the income (minus expenses) as salary. Is this acceptable to the IRS and if so wh...

Do I have to pay taxes on a business that never got off the ground?

I've setup an LLC and put money into it, but the business never got off the ground. Is there something that I'm supposed to write at the top of the tax form?

What is the best source for an inventory loan for a new business?

Is this the best way to improve cash flow? I have a swimming pool construction and renovation company and I'm adding a line of hot tubs and spas to the offerings. Because we are a seasonal business I...

Should I take out a bank loan in order to afford to hire employees?

I own a cleaning business which I am currently operating on my own. Can I claim interest and application fees as a tax deduction?

How do I separate my business and personal credit?

I have a sub S Corp with credit cards and loans. Recently, Capital One reported my corporate loans--which I guarantee--to my personal credit report. This has had an adverse affect on my credit score b...

Will I be penalized for paying a now underestimated tax payment?

I own an LLC and my income has increased dramatically over the past year. Consequently, my estimated tax payments that were calculated by my accountant are below what I owe.

Should I clear current debt before pursuing a business venture?

I have an idea and location for a small business. There is no such business in this neighborhood, but I'm also currently in debt.

Can I pay off my personal credit card through the company I work for?

I will be getting a bonus soon and the owner wants to pay off my credit card as part of the bonus. Is this legal? Is it possible to pay off a student loan through the company?

How do I get a business line of credit for an LLC?

My boss, the owner of a small LLC, is having problems getting a loan for the LLC because he has credit card debt, and a credit score between 650 and 700. Someone told me that we could use an officer o...


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