Running Your Business
BizFilings provides useful information to help you manage and grow your business.
As a small business owner, your asset protection planning must extend beyond protecting personal assets by leveraging statutory exemptions. You also must carefully plan and implement asset protection strategies for your business as well. Choosing the most appropriate entity is the first step in the process.
Trusts are useful for many purposes, including avoiding probate, reducing/eliminating federal estate taxes, and managing property for a beneficiary when direct ownership by the beneficiary is not desired. Trusts also can be very useful for asset protection purposes if the creditors of the beneficiary are prevented from reaching the trust's assets.
The eligibility rules for Medicaid's old-age and nursing home coverage can affect the validity of some asset transfers, impoverishing you or your loved ones. Knowing the do's and don't of asset transfers is essential.
Offshore asset protection trusts offer a way to place your assets beyond the reach of creditors. However, these trusts must be carefully established and managed to avoid difficulties with the Internal Revenue Service.
Asset protection trusts, which can be established in several states as well as in foreign countries, can shield a grantor-beneficiary's assets from the reach of creditors.
Aggressive use of asset protection strategies is not illegal. However, crossing the line into fraud is illegal. If you want your transfers to hold up, you must avoid a finding of constructive or actual fraud. A finding of actual fraud often hinges on your motive, your financial condition and your attempts to conceal the transfer.
It is often possible to use carefully planned transfers to place your assets out of the reach of potential creditors. This can done in two ways: asset exemption planning and strategic funding practices within your business entity.
When developing an asset protection strategy, you want to know and use state and federal laws that exempt certain assets from the reach of creditors. Of the exemption options that may be available to you, only the wild card exemption can be used to protect various types of personal property. Another important exemptions is that for wages. A small business owner needs to consider how to use this exemption in their asset protection planning.
Before you submit your bid, go through our checklist to make sure all is in order.
If you contract with the government, you must meet certain quality standards which will vary based on the product or service that you are providing. International standards may apply and U.S. quality assurance standards are part of contract terminology. A Certificate of Conformance, instead of source inspection, may be permitted at the discretion of the contracting officer. And, the government makes use of industry-specific standards created in the private sector. Subcontractors, as well as prime contractors, must adhere to government-mandated quality standards.
When the government solicitation you are responding to is an Invitation for Bid, writing your proposal will basically consist of filling out the forms that the government provides. However, when the solicitation is a negotiated solicitation, such as a Request for Proposal or Request for Quote, you will need to create a proposal.
Once you have reviewed the bid, received the specs, gotten pricing history, and priced out the items or services, you are ready to put it all together, write your proposal and submit it. We provide a line-by-line explanation of how to complete the most common government contracting forms to assist you.
What comes next after you bid? A look at how the evaluation process works and the factors that could influence who will win the award. If your business is awarded the contract, we provide some pointers on what to do immediately upon receiving a contract.
To improve your chances of being chosen as a subcontractor to a prime for the government key areas to consider include being selective in your bidding, being flexible in dealing with prime contractors, and effectively selling yourself as the best choice.
From marketing and finance to operations and administration, every area of your business can benefit from these time-tested growth strategies.
To get government subcontracting opportunities, you'll need to do some background work to understand your customer - the prime contractor, honestly assess your own capabilities, identify your competition, and learn how to sell yourself as a sub.
How to improve your chances of being a subcontractor on government contracts by identifying the right prime contractor.
Assess the opportunities for small businesses doing business as a subcontractor for a prime contractor with the government. Being a subcontractor permits you to participate in the government contracting arena without dealing directly with the government, since you'll be working for the primary contractor, and not the government directly.
The Defense Department and the Small Business Administration maintain assistance programs for small businesses to help them in the acquisition process.
The Veterans Entrepreneurship Program is a program that provides government contracting assistance to veterans owning small businesses, especially those who are service-disabled