How to make money without their contribution
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But the simple fact is that you don't need money to start a business.
By Michael Lechter You often hear people say that "it takes money to make money". Well, as they say in the Gershwin song, "it ain't necessarily so!
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Consider the business to be an entity separate and option trading on news from any individual participant or investor even if you are the only participant. Of course, this is actually the case from a legal perspective if the business is organized as a corporation or certain other forms of limited liability entities.
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As noted in last month's column, each participant co-venturer makes a contribution to the venture and in return for that is given some form of consideration. However, as we discussed last month, a contribution to the venture profitable options system be something other than money.
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Instead of hard cash, a contribution could be: An intangible right or asset such as intellectual property or a contractual rightor Services to the business venture or to one of the other participantsor Access to resources such as facilities, equipment or personnel.
Let's assume that you have no money available to invest.
However, you come up with an "idea" for a new business, or you have some special expertise or talent that would be valuable to a business and extra time on your hands, or you have a facility or equipment that is not being fully utilized, and could be used by a how to make money without their contribution.
Does the lack of funds take you out of the game?
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Of course not! You form a venture, contribute the "idea," your services, or use of the facilities or equipment to the venture in return for an equity position percentage ownership of the entityand find other participants co-venturers to contribute hard cash or resources for their percentages of ownership.
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Of course, when you bring in co-venturers, you will have to deal with the issue of valuation. The ownership percentage of a particular co-venturer is a function of the value of the contribution made by that co-venturer relative to the value of the contributions of the other co-venturers. The factors that typically go into valuation are a subject for another time.
Let's go back to intellectual property and contribution of services for a moment. They warrant a bit more detail.
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It includes such intangible assets as ideas and inventions, know-how or expertise, information and data, works of authorship, and reputation and goodwill. These assets are often protected exclusive rights established by patents, trade secrets, copyrights, and trademarks or service marks. By way of example, an intellectual property contribution could be an idea or design for a product or service around which the business venture will be built; or something an invention, know-how or expertise, marketing concept or business strategy that provides some competitive advantage relating to a product, service, or running the business ; or goodwill or credibility with customers, the public or potential investors based upon your experience and reputation.
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A contribution of services in lieu of hard cash is commonly referred to as "sweat equity. First of all, you must actually contribute your services to the venture--you can't draw full salary or otherwise be paid full value for your services, and expect to get equity on top of that.
You're looking to make more money this year. You've set some goals and now you need to take action. Where do you turn? What do you do first?
There's also an issue of assuming the risk that the services will actually be performed and will actually be of adequate quality. In other words, which comes first?
If you participate in an employer-sponsored retirement plan, the tax laws limit the deductibility of your contributions based on modified adjusted gross income MAGI ranges that are published annually and correspond to your federal tax filing status — if your MAGI is less than the lower limit, you are eligible for a full deduction for your contributions; if your MAGI is between the limits, you are eligible for a partial deduction; and if your MAGI is above the upper limit you are not eligible for a deduction. For tax years beginning after December 31,anyone with earned income can make a contribution to an IRA, regardless of their age. Note that a spouse can also contribute on behalf of a spouse who has no earned income, provided the contributing spouse has enough earned income to cover the contributions. However, if you are married and file separately but do not live with your spouse at any time during the year, your maximum deduction is determined as if you were a single filer. If April 15th falls on a weekend or a holiday, the deadline is typically the next business day.
The sweat or the equity? Most businesses insist that the services actually be provided and done properly before the right to receive the equity vests.
In any event, it's clear that you can make money--startup or build a business--by contributing something other than cash to the venture, such as intellectual property, sweat, or resources.
You don't need to have money to make money.
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