Amazing Residential Benefits by Investing In a Home Using Dallas Foreclosure Listings

For prospective home buyers on the lookout for suitable properties in Texas State, Dallas foreclosure homes offer some amazing residential benefits at highly reduced asking prices. So if you are thinking of buying a budget priced property in Texas, you are sure to find some of he best bargain deals using Dallas foreclosure listings.

The city of Dallas has developed into one of the most preferred real estate venues for home buyers as the region offers a rich and diverse culture, excellent job opportunities as well as a friendly residential atmosphere. Now with highly reduced foreclose property deals available in this city home buyers can own their dream home within their budget and avail some amazing residential benefits.

One of the foremost benefits of buying a property through Dallas foreclosure listings are the attractive asking prices which at present 30-55% below their actual market worth. This feature makes foreclosures in this city a very viable real estate investment as the region enjoys a sound economy and home buyers can earn a good profit by reselling foreclosed homes in a few years time at double the purchase price.

The Dallas Home Owner’s Association is also offering some great incentives for first time home buyers who are keen on buying a foreclosed home in the city. One of the most successful schemes launched by the Association is the Tax Credit Abatement Program under which low and mid income families can avail cash incentives which would help them make the down payment for the properties that they are interested in purchasing using Dallas foreclosure listings.

Apart from availing various housing incentives, residing in this city has its own unique benefits as well. The region has a very rich and proud tradition as well as a highly diverse resident population which is reflected across the various neighborhoods in the city. Home buyers can enjoy a very vibrant and dynamic lifestyle in this city due to wonderful recreational hot spots including the famous Hurricane Harbor which is one of the most visited water parks in the country.

Prospective home buyers can also enjoy the various art festivals and music events which are hosted in the city throughout the year such as the City Arts Festival and the various musical shows organized by the Dallas Symphony Centre. The region is also known as an art lover’s paradise due to the presence of its Art district which has the Trammell & Margaret Crow Collection of Art as well as the distinguished Dallas Museum of Art. Families can also offer their children a great learning environment as the city has some renowned historical venues including the Holocaust Museum which organizes various youth programs through the very popular Children’s theatre.

Purchasing a property using Dallas foreclosure listings is therefore an ideal and exclusive investment prospect for potential home buyers.

Business Partnership in 3 Steps

Partnerships are like marriages. They can be extremely rewarding–both financially and personally. They can also be an extraordinary source of misery–both financially and personally. Also like a marriage, it’s generally much easier to jump in than to “jump” out. Time and money spent at the front end, discussing some important things with a legal advisor can make all the difference in making a good relationship better, and preventing train wrecks before they happen. Here are some things to do BEFORE going into business with someone:

1. Get a credit report and a financial statement and possibly even a background check–even if the potential partner is someone you know socially. The more you plan on investing in this joint venture (in time or money), the more important this becomes. Credit reports give a running history of a person’s actions with money and monetary promises. Does your prospective partner have a trail of broken financial promises? This is extremely important to know before you’re in business with someone. I’ve had 2 clients just in the past year that lost about a half of a million dollars each because they failed to do this very thing with people they knew socially.

2. Get a lawyer to help you structure the legal agreement between the partners. Just like a marriage counselor would strongly recommend that certain topics be discussed before saying “I do”, an experienced lawyer will have lots of wisdom about the kinds of things that should be nailed down in writing before there’s a lot more at stake. If you’re already in business and haven’t gotten the following things resolved in writing, get your partner(s) and yourself to an attorney to get them taken care of a.s.a.p.

3. Get certain aspects of the relationship in writing. Here are just a few things that are too important in a business relationship to leave undiscussed or unwritten, and with the help of attorney:

- What are each of us going to put into the business & when (money, time, certain tasks)?

- When and how is money going to come out of the business? Are there any salaries or is one or some or all of us waiting on profits, which could take days, months, or years?

- Who makes what decisions? Which ones are yours? Mine? Ours?

- How do I get out if I want out? (You can have an agreement that will create a predetermined and mutually fair way for one partner to be bought out.)

The bottom line is getting a prospective partner’s financial history and, if that part is acceptable, getting everyone’s expectations for money, time, control and exit strategies on the table and in writing. If you do that, you’ll keep lots of avoidable problems from killing your business once its underway. Getting a good CPA involved from the beginning who will keep all the partners informed about the state of the business is also very helpful. Partnerships can be a great thing, but only fools rush in.

Incorporating Your Business – The Ups And Downs Of The Process

The first question to a budding businessman or woman is why you should incorporate your business in the first place. Can you run a successful business without incorporating your business? Of course you can. The main reason for incorporating your business is to protect your personal assets against a business liability. If your business gets into a debt situation and only liquidating assets seems to be the way out, your personal assets will not be touched if you have incorporated your business.

You can rest assured that your home, car or personal assets will not be seized if your business has been incorporated. However, incorporating your business is not entirely a very happy scene. Why? Read on to learn about it.

Before we discuss the merits and demerits of incorporating your business, let us learn about the different types of corporations that your business could register as.

Types of Corporations

o General Corporation – this is the most common type of corporation. It consists of a number of stockholders and the corporation as a legal entity, is owned by them. The stockholders are protected from the creditors of the business. The stockholders are responsible only as far as the investment to the business.

o Close Corporation – this is similar to General Corporations except in the number of stockholders. In a close corporation, the number is limited to 50. The shares of the company are first sold among the existing stockholders and only then sold to new stockholders.

o S Corporation – this type of corporation is a slight modification of existing corporations. It includes a certain tax designation granted by IRS to existing corporations.

o LLC (Limited Liability Corporation) – this type of corporation seems to be a better form of corporation than a partnership or an S corporation. This is because it combines protection of personal assets and tax advantages without IRS restrictions

Reasons To Incorporate Your Business

If you are planning to start a small business, there are many reasons why you should incorporate your business.

The reasons, as stated by experts, are as follows:

 Reduce personal liability – if you run a sole proprietorship, all your personal assets are liable to risk in the case of any business debt. But if your business is incorporated, your personal assets and business remain two distinctly separate identities. Your personal assets will not be affected if your business incurs any debt.

 Save tax – corporations have to pay less tax than individuals. If you are incorporated, insurance, entertainment and travel all become tax deductible as business expenses.

 Enhance credibility – LLC or Inc after your company name puts you in good standing to potential customers and vendors. It legitimizes your business potential.

 Assurance of continuity – corporations indicate continuity beyond an individual or owner. The company does not shut down with the death of the owner.

 Investor friendly – corporations attract investors through stocks. Investors will buy stocks only if they see the company is incorporated.

 Quick transfer of ownership – corporations can switch owners only with sale of stocks.

 Share responsibility – no single partner decides on company rules and policies. Every partner takes up responsibility. This protects the company from putting into practice a decision that may be harmful to the organization.

Reasons For Not Incorporating Your Business

There are downsides of incorporating a business as well. They may be fewer in number but are not less significant. The reasons for not incorporating your business are the following:

 Incorporating a business requires a huge amount of paperwork and records than sole proprietorship. Also, each state has its own laws for incorporating businesses to ensure stability and strength. Your may not be ready to do all that.

 Costs of setting up a corporation are also high compared to the other business structures.

 If your profits are not very high, you will miss out on all the tax benefits of running a corporation.

With advantages and disadvantages of incorporating a business clearly stated, say you do want to incorporate your business. Now the next important question arises. Where do you want to incorporate your business? Your hometown is the best place to incorporate your business. However, it has merits and demerits to it.

Merits of incorporating your business in your hometown:

a. The simplest thing to do if you plan to run your business only in your state

b. Do away with filing annual reports of your company in more than one state

c. Costs involved are less if you incorporate your business in your own state

The best states to incorporate your business are known to be Delaware and Nevada.

Why do people choose Delaware for incorporating their business?

With more than 700,000 companies choosing Delaware as their legal home, it has rightfully earned the title “Incorporating Capital of the world”.

 Delaware General Corporation Law is the most advanced and the most flexible business statute in the continent

 The State Government is pro-business and friendly

 Costs to incorporate in Delaware is one of the lowest in the country

 The business Court of Chancery has authored most of the modern U.S. incorporation law

Why do people choose Nevada to incorporate their business?

 No corporate income tax on corporate shares

 No franchise tax and no personal income tax

 Minimum annual fees

 Stockholders are not made public and directors need not necessarily be stockholders

 Stockholders and directors may not reside in Nevada or need not be U.S. citizens

You have quit your job, as your head is full of entrepreneurial ideas. You want to start a business. Apart from choosing the market and the product, the first thing that you need to think about is incorporating your business. What is incorporating a business? What are the advantages and disadvantages of incorporating your business? Is incorporating your business area specific? All such questions have been dealt with in this article.

Once the skeleton of your business is ready and the launch pad is set, the only thing left to do is to incorporate your business. That is, if you want to incorporate your business. Incorporating your business means your business name will become a Limited company or a LLC company, Inc. etc.