Dear Reader, These articles will provide a step by step guide on how to start and run a home based business based on my experiences and other home business owners. This is part 2 in a series of 5 articles. They are written in a basic format and where possible main points are summarised in an attempt to be understood by all. I have tried to minimise technical jargon as much as possible.

So lets jump right in and see what we need to know about starting and running a home based business.

Regards, Alvin http://www.parttimeincome.org

I publish Home Business Tips, a fresh and informative newsletter dedicated to supporting people like YOU! If you’re looking for best rated home business opportunities, latest time saving tools and helpful support from a friend in business, come by and a grab a F-R-E-E subscription today at: http://www.parttimeincome.org

Legal Structures

The legal structure of your business is very important as it is a function of liabilities and tax deduction. The most common structures are:

§Sole trader §Partnership §Company §Trust

Sole Trader

When you are a sole trader you are personally responsible and liable for business and its activities. Commonly you may start out as a sole trader, and as you expand, you will need to seek out partners or investors. Your accountant is best person to advise you if this is best structure for your business.

Partnership

This arrangement is where you and your partner are liable for anything related to your business. It is a very good idea to get a solicitor to write up a partnership agreement to avoid disputes down track.

Company

This is a legal entity liable for debts it incurs and paying tax on income. Your accountant can help you set a company up, or you can buy one off shelf, which may be more cost effective.

Trust

Depending on your personal circumstances, and country you live in, trusts can be useful in business and estate planning. They can be quite complex, and again, your accountant is best person to speak too.

Registering Your Business Name

You can operate a business under your own name or register a business name. Registration of a business name allows you to operate under that name. Select a name for your business that describes to your customer what you do. A descriptive name promotes and advertises your business more effectively.

Licences And Permits

Depending on your municipality, you may need licences and permits. Do right thing and check with your local council. Doing right things now will save you a lot of unnecessary leg work later.

Insurance

Often overlooked, insurance is an important part of your risk management plan. There are two types of insurance: general insurance for loss/damage of assets and risk insurance which is your personal insurance cover. Ensure your business insurance is separate to your personal insurance. To establish type and amount of insurance you need for your home based business, check with an insurance broker.

Managing Risk

Continuing Education Meeting Management Focus of gomembers, Inc. participation at ACME Chicago

[Herndon, VA] --- Attendees at recent Alliance for Continuing Medical Education (ACME: http://www.acme-assn.org ) conference, “CME: THE BASICS” had an excellent opportunity to see gomembers’ meetingtrak/ce software demonstrated. The industry leading software for managing meetings and continuing education requirements, meetingtrak/ce streamlines seminar and meeting planning and execution, and continuing education credit tracking.

Many of CE meeting professionals attending conference had opportunity to get an in-depth look at meetingtrak/ce software, and their response was overwhelmingly enthusiastic. According to Tom McGourty, gomembers’ Vice President of Sales and Marketing, “meetingtrak was designed to reduce manual effort and maximize efficiency for meeting professionals.” McGourty also noted, “The continuing education version, meetingtrak/ce, adds necessary components to quickly manage all credit tracking, certificate and attendance processing CE professionals require.”