by Joe Taylor Jr., Demand Media
Unlike other kinds of businesses,
restaurants require highly complex and detailed licensing. The kinds of
licenses and inspections can vary significantly from town to town and
from state to state. For instance, some areas of the country require
only basic business licensing for owners to launch restaurants. Other
towns may force restaurant owners through seemingly endless parades of
zoning hearings and on-site inspections before granting approval.
Business License
As
with any business, a new restaurant must exist as a legal entity at the
local, state and federal level. Even when registered as a corporation
with both the IRS and a state Department of Revenue, a restaurant must
comply with local business licensing guidelines. This sometimes means
registering a trade name at city hall, while other situations require
more complex licensing.
Food Handling and Safety License
Some
states and cities require restaurant owners and managers to complete
mandatory food handling and sanitation training before earning the
privilege of serving the public. In some towns, food handling licenses
require a combination of classroom certification and on-site inspection.
Many restaurant owners prefer to certify multiple staff members, since
at least one certified professional must remain on-site during operating
hours.
Fire
commissioners often issue occupancy licenses or other building licenses
that verify a location’s operational safety. Earning a building license
requires maintaining clearly marked and working fire extinguishers,
fire escapes and emergency exits. Some towns may also require evidence a
building can sustain the impact of an earthquake, a tornado or a flood.
Liquor License
Requirements
for a liquor license, the most important license for some restaurant
owners, can vary wildly from town to town. In some parts of the United
States, applicants need only prove they own a restaurant to qualify for a
liquor license. Other communities may cap the number of available
licenses in a neighborhood or on a block, making it impossible for a
restaurant to serve alcohol unless a nearby competitor closes or sells
the rights to his license. In most cases, restaurant owners must prove
their lack of a criminal record and their adherence to ordinances.
Cabaret License
Restaurants
with live music must frequently apply for an additional license, often
called a cabaret license. Even if “cabaret” doesn’t fit the description
of an upscale restaurant with a jazz trio, the presence of live
musicians forces owners to adhere to common rules about patron and
performer safety.
Music License
Whether
restaurants feature live or pre-recorded music, they must obtain
licenses from at least one of the nation’s three most prominent music
clearinghouses. BMI, ASCAP and SESAC all monitor music performances in
public venues, distributing license fees to songwriters. Obtaining
licenses from all three can eliminate worries that a particular song
could trigger expensive penalties.
Franchise or Trademark License
New
restaurant owners fall into one of two categories: owners who have
franchised a concept or even a brand name from an intellectual property
clearinghouse, and owners who have created their own brand from scratch.
Both kinds of owners require specific licenses. A franchisee often
contracts directly with a franchising company for the rights to
trademarks and service marks, but must still comply with any local
licensing requirements on their use. This may mean registering a
subsidiary “trading as” or “T/A” business entity with state or local
officials. Independent business owners should also conduct a thorough
trademark check, especially if their concept could eventually move
across state borders. In some cases, restaurant owners may have to reach
agreements with similarly named companies in other industries before
investing in signage or marketing efforts.
read more - http://smallbusiness.chron.com/licenses-need-start-restaurant-business-3039.html
Operating a hot dog cart
can be a low-cost, fun way of becoming a small business owner. The
overhead is relatively cheap, and you can set your own hours and
location. But like any other small business, you may need licenses at
the federal, state and local level. In addition, depending on your area
of operation, you may be required to show proof of insurance.
Federal
Hot dog carts
don't require any federal license or permits, but you may need to apply
for a federal Employer Identification Number (EIN). If your business is
structured as a limited liability corporation, or if you have partners
or employees, you will need this for tax withholding. If your business
is structured as a sole proprietorship, you won't need to apply for this
because you will be filing the business taxes under your own personal
taxes.
State License and Permits
Each
state has its own set of licenses and permits for hot dog carts, but
there are some similarities. Many states will require you to charge a
sales tax, so you will have to register with the state. You can do this
by going to your state's business regulation website to register.
The local
level is where licensing your hot dog cart might get complicated. Many
counties will require registration or licensing, and you will need to
obtain a health department permit from the county agency. Local license
and regulation will vary greatly, but you might expect to show proof of
insurance, have fire inspection permits and file a request for a
location. Houston, Texas, for example, requires all of these items plus a
cleaning schedule, a restroom availability letter and an initial
inspection.
Support and Advice
Despite
the dizzying array of licenses and permits, and the spectrum of local
requirements, it still is relatively easy to start a hot dog cart
business. There are numerous local and state organizations that can help
walk you through the process. Check with the local chamber of commerce
for local license information and the police department for ordinances
that may require permits. Join a business organization like the Texas
Retailers and Food Council for support and updates on licensing. The
federal Small Business Administration has numerous tools to help out the
new business owner with licensing, as well.
read more at - http://smallbusiness.chron.com/kind-business-license-need-hot-dog-cart-10825.html
Pay half of your regular monthly payment every two weeks.
(aka) biweekly mortgage payment ( Do not pay a fee to initiate a biweekly mortgage plan, DIY. Instead of making a single monthly mortgage payment
each month, pay 1/2 of the monthly payment on the 1st of the month, and the other half on the 15th). Biweekly vs Monthly payment saving calculator http://www.mtgprofessor.com/Calculators/Calculator2bi.html
When you sell your property, you create a taxable event. If you
earned a profit, you will be liable for capital gains taxes, recapture
taxes and, if you live in California, state income tax. However, whether
you are selling a personal residence or an investment property, you
have options that can help to reduce or even eliminate your tax
liability when you reinvest your funds in another property.
To figure out what your tax liability could be, you must
start by figuring out how much you made. Start by calculating your cost
basis. Your cost basis is equal to your purchase price plus your closing
costs plus everything you spent on improvements to your property. To
find your profit, subtract your total cost basis from your net sales
proceeds, which is equal to your selling price less any closing costs.
For example, if you bought a house for $120,000, paid $3,000 in closing
costs and spent $15,000 to put in a swimming pool, your cost basis would
be $138,000. If you sold it for $250,000, but paid $16,250 in closing
costs and commissions, your taxable profit would be $95,750.
Your Tax Liability
Your capital gains are taxed as regular income if you held
the property for less than one year or as long-term capital gains if you
held it for more than one year. For the 2012 tax year, the IRS taxes
long-term gains at 15 percent, and California taxes them as regular
income. If you fall in the 9.3 percent California income tax bracket, a
$95,750 gain would be subject to $14,362.50 in federal tax and $8,904.75
in state income tax. If you sell the property at a loss, though, you
would owe no tax upon sale. If you claimed depreciation, which is
required on investment properties and on home offices, you will also
have to pay depreciation recapture tax. To calculate the total amount of
depreciation you will have to pay, add up all of the depreciation that
you claimed while you owned the property. If you sold the property at a
profit, you will have to pay 25 percent federal depreciation recapture
tax and Callifornia state income tax on the total accumulated
depreciation. If you sold your property at a loss, you will pay the
recapture taxes on the difference between your net selling price and
your depreciated value, which is your cost basis less your total
depreciation.
When you sell an investment property and buy more investment
property, you can structure your transaction as a 1031 tax-deferred
exchange. As long as you follow the IRS' rules on timelines and nominate
a third-party to hold the money between when you sell your property and
you buy the replacement, the IRS will not treat the transaction as a
taxable sale. You will carry your cost basis forward into the new
property, and you can reinvest without paying taxes. However, when you
eventually cash out, you will have to pay all of your capital gains and
recapture taxes in one large lump sum.
Selling Personal Residences
When you sell a personal residence and buy another one, the
IRS will not let you do a 1031 exchange. You can, however, exclude a
large portion of the gain from your taxes as that you have lived in for
two of the past five years in the property and used it as your primary
residence. In the 2012 tax year, a single person can exclude his first
$250,000 in gains from taxes, and a married couple filing jointly can
exclude $500,000. This means that you can sell the house and do whatever
you want with the income without paying taxes on it.
How to transfer property tax from old home to new By Kathleen Pender
Q:Brad N. asks, "I am 64. I am buying a more expensive house in San Francisco and would like to know if I can transfer my property tax from the house I have in San Francisco."
A: Probably not, although it is theoretically possible if Brad can afford to hold on to both homes for up to two years and property values go up.
Under Proposition 60, California homeowners 55 and older get a one-time chance to sell their primary residence and transfer its property-tax assessment to a new one, but the market value of the new home generally must be equal to or less than the market value of the old home.
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