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The Law of Reciprocity

Sep 14 2007

Posted by Jen as Business Features, Company Formation Tips, General Management, Lifestyle Features, Strategies

An assignment recently got me interested in something called the Law of Reciprocity. No—this is not Physics class or any other Science-related course. The Law of Reciprocity actually goes by many names. Others call it an emotional bank account. One of my favorite writers of all time, Paulo Coelho, describes it as the favor bank. But what exactly is this Law of Reciprocity, you ask? This law goes far back as early as kindergarten for most people. It’s the “I’ll be your friend if you’ll be mine” strategy (How crafty kids can be…!). And for others, it transcends into ...

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The Basics of Incorporation

Apr 17 2006

Posted by Gordon as Company Formation Tips

A friend and business partner asked me if I could serve as an incorporator in yet another company he wanted to create. I said yes, no questions asked. I thought there wouldn’t be an issue, and of course in most cases, I’m right. Company formation and incorporation nowadays are usually activities that can be done in a few hours, if you know the right people to get in touch with. And whether you’ve already done it once, or you’re a first-time incorporator, chances are that you won’t have a difficult time. And consider that the advantages of incorporating far outweigh ...

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Outsourcing and business solutions

Mar 22 2006

Posted by Gordon as Business Concepts, Company Formation Tips

Nowadays, business solutions are so specialized that it usually doesn’t pay for a company to do everything. If you intend to do all operations under one roof, then the costs may eventually outweigh the benefits. Therefore, many companies have sprung up that specialize in performing one or a few business activities and offer to undertake these for other businesses. Welcome to the world of outsourcing. While the age of the Internet has made today a do-it-yourself age, the ease of communications and information transfer has also made it an I’ll-do-it-for-you age. You may run across problems or business requirements that ...

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Retailers in for a tough year

Mar 16 2006

Posted by Gordon as Business News, Company Formation Tips

The Office of National Statistics has recently released results of a study on the business sector. It projects that retailers are likely to face a difficult year. The trend seen in the last year is likely to carry on, with retailers facing the prospect of low sales and low profits. While there are usually slowdowns in consumer spending in the few months after holiday season, this is seen to prevail throughout 2006. What, then, would an aspiring entrepreneur do? Well, we suggest you look to alternative ways of doing business. Since retail will be difficult, try alternative business models, such as ...

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Diversify or outsource?

Mar 15 2006

Posted by Gordon as Company Formation Tips

It used to be that the buzzword in business was diversifying and conglomeration. Economies of scale were thought to have been achieved with large corporations that produced anything from toothpaste to heavy machinery. Well, unless you’re in South Korea (with the giant Chaebols and all), this is no longer the wise thing to do for businesses. In fact, many companies today are closing down some operations and simply sourcing these out to cheaper countries or other firms with more expertise. Some companies are also taking another approach: spinning off some divisions or departments that they can no longer handle. Take ...

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Commitment

Mar 14 2006

Posted by Gordon as Company Formation Tips

When talking things with a prospective investor (a venture capitalist, perhaps, or a friend with extra cash to invest), it would help if you already have a company incorporated specifically for your intended business. Or at the very least, you should have already have a holdings company incorporated for the purpose of managing your business endeavors. Otherwise, it would be a bit difficult for your prospective partners to trust you. Business is best dealt with trust. I’ve seen instances of longtime friends having quarrels because of failed business plans and endeavors, and in most cases the problem lied in ...

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The first step

Mar 13 2006

Posted by J. Angelo as Business Concepts, Company Formation Tips, Tricks of the Trade

Among the first essential steps to starting a business is establishing the corporate entity. Sadly, this is sometimes the last thing aspiring entrepreneurs take care of. For instance, I have a business contact who’s had an interesting (and viable) business idea for years, but still has not incorporated a local company. My friend goes about talking to prospective investors and partners, but some feel that he is not too serious about getting into business because of the lack of a solid corporate entity. Hence, the first step one should consider in setting up a business is incorporating into ...

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Be good, or your employees might blow the whistle on you

Mar 10 2006

Posted by Gordon as Business Concepts, Company Formation Tips

The Business Software Alliance reports that as much as 64% of UK employees would rat out on their employers if internal reports of unethical business practices or illegal activities go unheeded. So you’d better think twice before opting for pirated or inappropriately-licensed software. If reported, you could face stiff fines and even imprisonment. And you’d better be a good taxpayer and generally a good citizen of the business community. Majority of the employees surveyed are likely to report tax evasion, fraud and corporate bullying! This means employees are concerned about business ethics more than ever. Most are concerned about the company’s reputation ...

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.EU domains up for grabs

Mar 09 2006

Posted by Gordon as Business Concepts, Company Formation Tips, E-Commerce

What’s in a name? To many businesses, it’s everything. That’s especially when it’s what identifies you in this virtual world called the Internet. In December of 2005, the .EU domain namespace—for the European Union—was launched, with plans to open for public sale by April of 2006. The .EU domain registry gave companies a sunrise period to already register their trademarks. But with a lot of companies sharing the same name, this had been a problem. For instance, POLO is a registered trademark of Volkswagen (the mid-range sedan), Nestlé (the mint candy) and Ralph Lauren (the clothes line). Guess who snagged the ...

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Why incorporate?

Mar 01 2006

Posted by J. Angelo as Company Formation Tips, Limited Companies, Partnerships, The Sole Proprietor

You’ve been successfully running a small business for quite some time, and you’re doing it as a sole proprietorship or a partnership. Well, good for you—you’re one of the entrepreneurs who make our economy grow strong (a great majority of economic growth comes from the small and medium business sector). But do give a thought about incorporating. Why incorporate? Well, why not? For one thing, incorporating will create a new legal entity, and can protect you from whatever liability you may have as an individual. You also get some tax perks, which will generally improve the business’ cashflow. It’s not usually difficult ...

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