While nearly two-thirds of the newly-adopted $787 billion economic stimulus package represents spending programs, the other third (about $288 billion) offers tax breaks for individuals and businesses. According to CBIZ, a major accounting firm and business services provider, small biz bagged some of the biggest benefits under the new law.
Some tax goodies extend popular incentives that recently expired. Others expand tax write-offs for losses — which will generate quick cash for many business owners. Here’s a rundown of key business tax benefits included in the stimulus bill:
1) Longer operating loss carry-backs: If your small business had a “net operating loss” (NOL) in 2008, this provision could be a terrific way to generate cash by claiming refunds now of taxes paid in previous years when profits were flowing. Instead of the current two-year carry-back period, eligible businesses (those averaging less than $15 million in gross receipts) can now carry back 2008 losses to 2003, 2004 or 2005. And you don’t have to be a corporation or LLC. Even sole proprietors can qualify. If your business had a loss last year, CBIZ suggests filing your 2008 return early so you can then file amended returns for prior years and reclaim your cash.
2) Bonus depreciation extended: In a bid to boost new equipment purchases (computers, machinery, vehicles) “Bonus Depreciation” - a juicy tax tidbit that expired in 2008 - has been extended through 2009 for most property, and 2010 for longer-lived assets. Basically, this is a 50 percent “bonus” write-off for the cost of new equipment a business buys and starts using this year.
Say you spend $100,000 on new computers, software and other IT equipment. Under prior rules, your first year depreciation write-off would be 14 percent ($14,000). But now you can get a 50 percent “bonus depreciation” ($50,000), plus 14 percent of the remaining amount (another $7,000). Thus, you’d net a total first-year deduction of $57,000 on the $100,000 purchase. This applies to businesses of all sizes that invest in tangible property or computer software, as well as improvements to leased property.
3) Bigger expensing write-offs for depreciable property: Higher expensing limits for depreciable property that expired in ‘08 have also been extended through ‘09. This lets your business immediately write off up to $250,000 of tangible personal property placed in service this year.
“The tax benefits of leveraging these two provisions can be tremendous” say CBIZ experts. You can quickly recover the cost of major asset purchases. But the provisions might not be around for long, so moving up equipment purchases to get the tax benefits now might make sense. Be sure to check with your tax advisor about state tax provisions since not all states conform to the federal bonus deprecation provisions.
4) Estimated tax relief: If you report income from a small business on your personal tax return, you’ll get a small break on the amount of estimated taxes required to avoid underpayment penalties. If at least 50 percent of your adjusted gross income is from the business, you’ll only need to cover 90 percent of your prior year’s taxes to avoid penalty, beginning with the 2009 tax year. Previously this was 100 percent to 110 percent, depending on your income.
5) Small biz stock gains: Anyone who buys stock in a small business between the enactment date of the stimulus bill and 2011 gets a bulked-up break on capital gains taxes later on. If the stock is held at least five years, 75 percent of any gain can be excluded - up from the current 50 percent. According to CBIZ, the stock must be original issue stock held by a non-corporate investor in a C corporation with gross assets under $50 million. The company must also be actively engaged in a trade or business.
6) Tax breaks for hiring: The new law expands the Work Opportunity Tax Credit (WOTC) program to include two new targeted groups - unemployed vets and young people between 16 and 25 who haven’t been employed or attended school in the past six months. Businesses hiring such individuals can qualify for a $2,400 tax credit per worker.
Saturday, August 22, 2009
OPEC
OPEC Member Countries have embarked upon substantial investments, both upstream and downstream, to ensure that the world economy benefits from regular and secure oil supplies. OPEC Crude oil production capacity (excluding Iraq) is projected to increase to around 36.9 mb/d by 2010 from 31.7 mb/d in 2005.
In addition, Iraq’s recovery should contribute significantly to raising OPEC’s overall production capacity.
OPEC has embarked upon significant expansion plans to increase its capacity to ensure that the world economy benefits from regular and secure oil supplies.
In the medium term, over 100 projects, with an overall estimated cost of some $120 billion are being undertaken by OPEC Member Countries (excluding Iraq). These projects are in addition to all energy infrastructure projects, such as pipelines, export terminals and downstream expansion.
In addition, Iraq’s recovery should contribute significantly to raising OPEC’s overall production capacity.
OPEC has embarked upon significant expansion plans to increase its capacity to ensure that the world economy benefits from regular and secure oil supplies.
In the medium term, over 100 projects, with an overall estimated cost of some $120 billion are being undertaken by OPEC Member Countries (excluding Iraq). These projects are in addition to all energy infrastructure projects, such as pipelines, export terminals and downstream expansion.
oil rises
The price of US crude rose to $74.15 a barrel before settling at $73.89, a gain of 98 cents. London Brent was up 86 cents at $74.19.
The oil price hit $147 a barrel last July and fell below $74 last October, a level it has not breached since.
Worldwide oil prices have been extremely volatile this year.
Prices have been affected as much by sentiment as by fundamentals of demand and supply.
Ben Bernanke, the chairman of the Federal Reserve, said that prospects for a return to growth in the near term appeared good in the US and abroad.
US shares traded higher - with the Dow Jones index rising 1.7% to 9,506 - after Mr Bernanke's speech and on better-than-expected figures for sales of existing homes.
Sales rose by 7.2% in July to an annual rate of 5.24 million homes.
The significant rise in the oil price in the first half of the year is due in large part to a recovery in investment by financial investors, said Eugen Weinberg at Commerzbank.
The oil price hit $147 a barrel last July and fell below $74 last October, a level it has not breached since.
Worldwide oil prices have been extremely volatile this year.
Prices have been affected as much by sentiment as by fundamentals of demand and supply.
Ben Bernanke, the chairman of the Federal Reserve, said that prospects for a return to growth in the near term appeared good in the US and abroad.
US shares traded higher - with the Dow Jones index rising 1.7% to 9,506 - after Mr Bernanke's speech and on better-than-expected figures for sales of existing homes.
Sales rose by 7.2% in July to an annual rate of 5.24 million homes.
The significant rise in the oil price in the first half of the year is due in large part to a recovery in investment by financial investors, said Eugen Weinberg at Commerzbank.
US markets
"The prospects for a return to growth in the near term appear good," Mr Bernanke told a conference in Wyoming.
On Wall Street, the Dow Jones index rose more than 1%, while European markets were also sent higher.
But the Fed boss said unemployment, which is expected to top 10% in the US, would fall "only gradually".
However, European Central Bank president Jean-Claude Trichet expressed concern at what he saw as premature talk of a full recovery
Central bankers were speaking as data showed sales of existing US homes rose by more than 7% in July.
That was the largest monthly increase in the 10 years that the National Association of Realtors has been keeping records.
But Mr Bernanke warned that the road to recovery would be a long one.
"The economic recovery is likely to be relatively slow at first, with unemployment declining only gradually from high levels," he said.
The International Monetary Fund (IMF) has predicted that the US economy will expand by 0.75% next year, after earlier predicting no growth.
The Fed chief was also upbeat on the prospects for the world economy.
"After contracting sharply over the past year, economic activity appears to be levelling out, both in the United States and abroad," he said.
The IMF has previously said that the global economy was "starting to pull out of recession".
'Bullish'
The Dow Jones finished 156 points higher at 9,506. The Nasdaq and the S&P 500 also rose by more than 1%.
London's FTSE 100 climbed 2% to close at 4,851, while Germany's Dax index rose 2.8% and France's Cac 40 gained 3.1%.
"Bernanke was a little bit more bullish than most people were expecting," said Jacob Oubina, currency strategist at Forex.com.
"He's saying that the global economy is starting to emerge from the recession and that the fears of a financial collapse have receded substantially.
"I think the market is just taking those headlines as extreme positives for the outlook."
On Wall Street, the Dow Jones index rose more than 1%, while European markets were also sent higher.
But the Fed boss said unemployment, which is expected to top 10% in the US, would fall "only gradually".
However, European Central Bank president Jean-Claude Trichet expressed concern at what he saw as premature talk of a full recovery
Central bankers were speaking as data showed sales of existing US homes rose by more than 7% in July.
That was the largest monthly increase in the 10 years that the National Association of Realtors has been keeping records.
But Mr Bernanke warned that the road to recovery would be a long one.
"The economic recovery is likely to be relatively slow at first, with unemployment declining only gradually from high levels," he said.
The International Monetary Fund (IMF) has predicted that the US economy will expand by 0.75% next year, after earlier predicting no growth.
The Fed chief was also upbeat on the prospects for the world economy.
"After contracting sharply over the past year, economic activity appears to be levelling out, both in the United States and abroad," he said.
The IMF has previously said that the global economy was "starting to pull out of recession".
'Bullish'
The Dow Jones finished 156 points higher at 9,506. The Nasdaq and the S&P 500 also rose by more than 1%.
London's FTSE 100 climbed 2% to close at 4,851, while Germany's Dax index rose 2.8% and France's Cac 40 gained 3.1%.
"Bernanke was a little bit more bullish than most people were expecting," said Jacob Oubina, currency strategist at Forex.com.
"He's saying that the global economy is starting to emerge from the recession and that the fears of a financial collapse have receded substantially.
"I think the market is just taking those headlines as extreme positives for the outlook."
Tuesday, August 18, 2009
bse today
The BSE benchmark index Sensex rose by 61pnts in opening trade on 8/19/09 on selective buying by funds as well as investors in line with overnight gains in the American market.
The 30-share BSE barometer gained 61 pnts at 15,096 in trade.
Brokers said selective buying by foreign funds and retail investors in realty, metals and banking sectors helped Sensex post gains.
Overnight gains in the US stock market also influenced the trading sentiments to some extent, they added.
The 30-share BSE barometer gained 61 pnts at 15,096 in trade.
Brokers said selective buying by foreign funds and retail investors in realty, metals and banking sectors helped Sensex post gains.
Overnight gains in the US stock market also influenced the trading sentiments to some extent, they added.
Sunday, August 16, 2009
US bankruptcies soar to 1.3m in just 12 months
NEW YORK: The number of bankruptcies in the US skyrocketed to 1.31 million for the year ended June 2009, with over 85% of the filing taking place
since September last year.
Reeling under the worst financial turmoil in nearly 80 years, the count of bankruptcies till June this year, is 35% higher than the same period a year ago.
The bankruptcies stood at just 967,831 for the year ended June 30, 2008, according to the Administrative Office of the US Courts.
Since September 2008 -- the month when the famed financial services major Lehman Brothers went belly up -- the number of bankruptcies till June stood at 1.1 million.
"Non-business filings for the 12-month period ending June 30, 2009 totalled 1,251,294, up 34% from 934,009 non- business filings for June 30, 2008," the Administrative Office said in a recent statement.
Reflecting the severity of the financial situation, bankruptcy filings by businesses during the same period soared 63% to 55,021 for the year ended June 2009, compared to the year-ago period.
In the last 11 months, America has seen the collapse of many a well known names such as banking entity Washington Mutual and car makers -- General Motors and Chrysler. However, the two auto makers have emerged out of bankruptcy protection as leaner companies.
since September last year.
Reeling under the worst financial turmoil in nearly 80 years, the count of bankruptcies till June this year, is 35% higher than the same period a year ago.
The bankruptcies stood at just 967,831 for the year ended June 30, 2008, according to the Administrative Office of the US Courts.
Since September 2008 -- the month when the famed financial services major Lehman Brothers went belly up -- the number of bankruptcies till June stood at 1.1 million.
"Non-business filings for the 12-month period ending June 30, 2009 totalled 1,251,294, up 34% from 934,009 non- business filings for June 30, 2008," the Administrative Office said in a recent statement.
Reflecting the severity of the financial situation, bankruptcy filings by businesses during the same period soared 63% to 55,021 for the year ended June 2009, compared to the year-ago period.
In the last 11 months, America has seen the collapse of many a well known names such as banking entity Washington Mutual and car makers -- General Motors and Chrysler. However, the two auto makers have emerged out of bankruptcy protection as leaner companies.
OIL PRICES HIGH
SINGAPORE: Crude prices slid further in Asian trade today as markets reacted to falling consumer confidence in the United States, analysts said.
New York's main futures contract, light sweet crude for delivery in September, shed 56 cents to $66.95 a barrel in early trade from its close on Friday.
Brent North Sea crude for October delivery fell 44 cents to $71.00.
Prices continued moving downwards as data released by the University of Michigan on Friday showed an unexpected fall in consumer sentiment, which spooked the commodities and equities markets, analysts said.
"The report showed a drop in consumer confidence and that weighed on the oil market. The oil market was also pressured by the falling stock markets," said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.
The report stated that its consumer sentiment index dipped to a preliminary 63.2 from 66.0 in August, confounding most analysts who had expected it to rise to 69.0 and raising further red flags on consumer spending, the main driver of the US economy.
Shum added that weak oil fundamentals would continue to put a peg on crude prices.
"Given the very weak oil market fundamentals, the mid-60s to high-60s is about the right range. The path of least resistance is down," he said.
(BUSINESS THE TOI)
New York's main futures contract, light sweet crude for delivery in September, shed 56 cents to $66.95 a barrel in early trade from its close on Friday.
Brent North Sea crude for October delivery fell 44 cents to $71.00.
Prices continued moving downwards as data released by the University of Michigan on Friday showed an unexpected fall in consumer sentiment, which spooked the commodities and equities markets, analysts said.
"The report showed a drop in consumer confidence and that weighed on the oil market. The oil market was also pressured by the falling stock markets," said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.
The report stated that its consumer sentiment index dipped to a preliminary 63.2 from 66.0 in August, confounding most analysts who had expected it to rise to 69.0 and raising further red flags on consumer spending, the main driver of the US economy.
Shum added that weak oil fundamentals would continue to put a peg on crude prices.
"Given the very weak oil market fundamentals, the mid-60s to high-60s is about the right range. The path of least resistance is down," he said.
(BUSINESS THE TOI)
BUSINESS NEWS (THE TOI) JAPAN
TOKYO: Japan's economy has grown for the first time in more than a year, climbing out of its worst recession in decades thanks to rebounding
exports and government stimulus measures, data showed on Monday.
The world's second largest economy expanded by 0.9 per cent in the three months to June from the previous quarter, returning to positive growth for the first time in five quarters, the government reported.
Japan's gross domestic product grew at an annualised pace of 3.7 per cent in April-June, the Cabinet Office said.
Japan follows Germany and France in exiting recession in the second quarter.
Japan's economy is expected to keep growing through the rest of 2009, said Barclays Capital economist Kyohei Morita.
"However, this is still a recovery underpinned by government policy measures and far from a self-sustaining turnaround accompanying improvements in capital expenditure and employment," he warned.
"We believe the next test for the economy will come in January-March 2010, when the effects of recent stimulus measures are likely to (have) run their course."
Japan plunged into recession in the second quarter of 2008 as a severe global downturn crushed demand for its cars, electronics and other exports.
While Japan's recession is technically over, analysts warn that major risks remain, notably from rising unemployment and renewed deflation.
(THE TOI)
exports and government stimulus measures, data showed on Monday.
The world's second largest economy expanded by 0.9 per cent in the three months to June from the previous quarter, returning to positive growth for the first time in five quarters, the government reported.
Japan's gross domestic product grew at an annualised pace of 3.7 per cent in April-June, the Cabinet Office said.
Japan follows Germany and France in exiting recession in the second quarter.
Japan's economy is expected to keep growing through the rest of 2009, said Barclays Capital economist Kyohei Morita.
"However, this is still a recovery underpinned by government policy measures and far from a self-sustaining turnaround accompanying improvements in capital expenditure and employment," he warned.
"We believe the next test for the economy will come in January-March 2010, when the effects of recent stimulus measures are likely to (have) run their course."
Japan plunged into recession in the second quarter of 2008 as a severe global downturn crushed demand for its cars, electronics and other exports.
While Japan's recession is technically over, analysts warn that major risks remain, notably from rising unemployment and renewed deflation.
(THE TOI)
business plans moral laws
Sales Projections include the number of units sold, the retail price, the net price and the gross revenue.
Cost of Goods include your cost for providing a single unit including labor and all other indirect costs such as shipping, packaging, etc.
Controllable prices includes payments and payroll expenses (benefits,profits,loss, etc.)legal and accounting expenses, advertisement and the market expenses, auto-expenses, office supplies, utilities, repair and maintenance, and other outside services. Anything that fluctuates in cost from month to month and year to year.
Fixed Expenses - These include office rental, depreciation (amortization of capital assets), loan payments, insurance, licenses and permits, and other fixed monthly goods and expenses.
After the overall expenditure, subtract your total goods and expenses from your profit to get your Profit (or Loss) from that taxes.
Cost of Goods include your cost for providing a single unit including labor and all other indirect costs such as shipping, packaging, etc.
Controllable prices includes payments and payroll expenses (benefits,profits,loss, etc.)legal and accounting expenses, advertisement and the market expenses, auto-expenses, office supplies, utilities, repair and maintenance, and other outside services. Anything that fluctuates in cost from month to month and year to year.
Fixed Expenses - These include office rental, depreciation (amortization of capital assets), loan payments, insurance, licenses and permits, and other fixed monthly goods and expenses.
After the overall expenditure, subtract your total goods and expenses from your profit to get your Profit (or Loss) from that taxes.
Saturday, August 15, 2009
CPA(consumer protection act) 1986 chapter 2
4. The Central Consumer Protection Council.—(1) The Central Government shall, by notification, establish with effect from such date as it may specify in such notification, a Council to be known as the Central Consumer Protection Council (hereinafter referred to as the Central Council).
(2) The Central Council shall consist of the following members, namely:—
(a) the Minister in charge of the consumer affairs in the Central Government, who shall be its Chairman, and
(b) such number of other official or non-official members representing such interests as may be prescribed.
5. Procedure for meetings of the Central Council.—(1) The Central Council shall meet as and when necessary, but at least one meeting of the Council shall be held every year.
(2) The Central Council shall meet at such time and place as the Chairman may think fit and shall observe such procedure in regard to the transaction of its business as may be prescribed.
6. Objects of the Central Council.—The objects of the Central Council shall be to promote and protect the rights of the consumers such as,—
(a) the right to be protected against the marketing of goods and services which are hazardous to life and property;
(b) the right to be informed about the quality, quantity, potency, purity, standard and price of goods or services, as the case may be so as to protect the consumer against unfair trade practices;
(c) the right to be assured, wherever possible, access to a variety of goods and services at competitive prices;
(d) the right to be heard and to be assured that consumer's interests will receive due consideration at appropriate forums;
(e) the right to seek redressal against unfair trade practices or restrictive trade practices or unscrupulous exploitation of consumers; and
(f) the right to consumer education.
7. The State Consumer Protection Councils.- (1) The State Government shall, by notification, establish with effect from such date as it may specify in such notification, a Council to be known as the Consumer Protection Council for..................... (hereinafter referred to as the State Council).
(2) The State Council shall consist of the following members, namely:—
(a) the Minister incharge of consumer affairs in the State Government who shall be its Chairman;
(b) such number of other official or non-official members representing such interests as may be prescribed by the State Government.
(c) such number of other official or non-official members, not exceeding ten, as may be nominated by the Central Government.
(3) The State Council shall meet as and when necessary but not less than two meetings shall be held every year.
(4) The State Council shall meet at such time and place as the Chairman may think fit and shall observe such procedure in regard to the transaction of its business as may be prescribed by the State Government.
8. Objects of the State Council. — The objects of every State Council shall be to promote and protect within the State the rights of the consumers laid down in clauses (a) to (f) of section 6.
8A. (1) The State Government shall establish for every district, by notification, a council to be known as the District Consumer Protection Council with effect from such date as it may specify in such notification.
(2) The District Consumer Protection Council (hereinafter referred to as the District Council) shall consist of the following members, namely:—
(a) the Collector of the district (by whatever name called), who shall be its Chairman; and
(b) such number of other official and non-official members representing such interests as may be prescribed by the State Government.
(3) The District Council shall meet as and when necessary but not less than two meetings shall be held every year.
(4) The District Council shall meet at such time and place within the district as the Chairman may think fit and shall observe such procedure in regard to the transaction of its business as may be prescribed by the State Government.
8B. The objects of every District Council shall be to promote and protect within the district the rights of the consumers laid down in clauses (a) to (f) of section 6.
(2) The Central Council shall consist of the following members, namely:—
(a) the Minister in charge of the consumer affairs in the Central Government, who shall be its Chairman, and
(b) such number of other official or non-official members representing such interests as may be prescribed.
5. Procedure for meetings of the Central Council.—(1) The Central Council shall meet as and when necessary, but at least one meeting of the Council shall be held every year.
(2) The Central Council shall meet at such time and place as the Chairman may think fit and shall observe such procedure in regard to the transaction of its business as may be prescribed.
6. Objects of the Central Council.—The objects of the Central Council shall be to promote and protect the rights of the consumers such as,—
(a) the right to be protected against the marketing of goods and services which are hazardous to life and property;
(b) the right to be informed about the quality, quantity, potency, purity, standard and price of goods or services, as the case may be so as to protect the consumer against unfair trade practices;
(c) the right to be assured, wherever possible, access to a variety of goods and services at competitive prices;
(d) the right to be heard and to be assured that consumer's interests will receive due consideration at appropriate forums;
(e) the right to seek redressal against unfair trade practices or restrictive trade practices or unscrupulous exploitation of consumers; and
(f) the right to consumer education.
7. The State Consumer Protection Councils.- (1) The State Government shall, by notification, establish with effect from such date as it may specify in such notification, a Council to be known as the Consumer Protection Council for..................... (hereinafter referred to as the State Council).
(2) The State Council shall consist of the following members, namely:—
(a) the Minister incharge of consumer affairs in the State Government who shall be its Chairman;
(b) such number of other official or non-official members representing such interests as may be prescribed by the State Government.
(c) such number of other official or non-official members, not exceeding ten, as may be nominated by the Central Government.
(3) The State Council shall meet as and when necessary but not less than two meetings shall be held every year.
(4) The State Council shall meet at such time and place as the Chairman may think fit and shall observe such procedure in regard to the transaction of its business as may be prescribed by the State Government.
8. Objects of the State Council. — The objects of every State Council shall be to promote and protect within the State the rights of the consumers laid down in clauses (a) to (f) of section 6.
8A. (1) The State Government shall establish for every district, by notification, a council to be known as the District Consumer Protection Council with effect from such date as it may specify in such notification.
(2) The District Consumer Protection Council (hereinafter referred to as the District Council) shall consist of the following members, namely:—
(a) the Collector of the district (by whatever name called), who shall be its Chairman; and
(b) such number of other official and non-official members representing such interests as may be prescribed by the State Government.
(3) The District Council shall meet as and when necessary but not less than two meetings shall be held every year.
(4) The District Council shall meet at such time and place within the district as the Chairman may think fit and shall observe such procedure in regard to the transaction of its business as may be prescribed by the State Government.
8B. The objects of every District Council shall be to promote and protect within the district the rights of the consumers laid down in clauses (a) to (f) of section 6.
CPA(Consumer Protection Act) 1986 - chapter 1
1. Short title, extent, commencement and application.—(1 ) This Act may be called the Consumer Protection Act, 1986.
(2) It extends to the whole of India except the State of Jammu and Kashmir.
(3) It shall come into force on such date as the Central Government may, by notification, appoint and different dates may be appointed for different States and for different provisions of this Act.
(4) Save as otherwise expressly provided by the Central Government by notification, this Act shall apply to all goods and services.
2. Definitions. - (1) In this Act, unless the context otherwise requires,—
(a) "appropriate laboratory" means a laboratory or organisation—
(i) recognised by the Central Government;
(ii) recognised by a State Government, subject to such guidelines as may be prescribed by the Central Government in this behalf; or
(iii) any such laboratory or organisation established by or under any law for the time being in force, which is maintained, financed or aided by the Central Government or a State Government for carrying out analysis or test of any goods with a view to determining whether such goods suffer from any defect;
(aa) "branch office" means—
(i) any establishment described as a branch by the opposite party; or
(ii) any establishment carrying on either the same or substantially the same activity as that carried on by the head office of the establishment;
(b) "complainant" means—
(i) a consumer; or
(ii) any voluntary consumer association registered under the Companies Act, 1956 (1of 1956)or under any other law for the time being in force; or
(iii) the Central Government or any State Government,
(iv) one or more consumers, where there are numerous consumers having the same interest;
(v) in case of death of a consumer, his legal heir or representative; who or which makes a complaint;
(c) "complaint" means any allegation in writing made by a complainant that—
(i) an unfair trade practice or a restrictive trade practice has been adopted by any trader or service provider;
(ii) the goods bought by him or agreed to be bought by him; suffer from one or more defects;
(iii) the services hired or availed of or agreed to be hired or availed of by him suffer from deficiency in any respect;
(iv) a trader or service provider, as the case may be, has charged for the goods or for the service mentioned in the complaint a price in excess of the price –
(a) fixed by or under any law for the time being in force
(b) displayed on the goods or any package containing such goods ;
(c) displayed on the price list exhibited by him by or under any law for the time being in force;
(d) agreed between the parties;
(v) goods which will be hazardous to life and safety when used or being offered for sale to the public,--
(A) in contravention of any standards relating to safety of such goods as required to be complied with, by or under any law for the time being in force;
(B) if the trader could have known with due diligence that the goods so offered are unsafe to the public;
(vi) services which are hazardous or likely to be hazardous to life and safety of the public when used, are being offered by the service provider which such person could have known with due diligence to be injurious to life and safety;”;
(d) "consumer" means any person who—
(i) buys any goods for a consideration which has been paid or promised or partly paid and partly promised, or under any system of deferred payment and includes any user of such goods other than the person who buys such goods for consideration paid or promised or partly paid or partly promised, or under any system of deferred payment when such use is made with the approval of such person, but does not include a person who obtains such goods for resale or for any commercial purpose; or
(ii) hires or avails of any services for a consideration which has been paid or promised or partly paid and partly promised, or under any system of deferred payment and includes any beneficiary of such services other than the person who 'hires or avails of the services for consideration paid or promised, or partly paid and partly promised, or under any system of deferred payment, when such services are availed of with the approval of the first mentioned person but does not include a person who avails of such services for any commercial purposes;
Explanation.— For the purposes of this clause, “commercial purpose” does not include use by a person of goods bought and used by him and services availed by him exclusively for the purposes of earning his livelihood by means of self-employment;
(e) "consumer dispute" means a dispute where the person against whom a complaint has been made, denies or disputes the allegations contained in the complaint.
(f) "defect" means any fault, imperfection or shortcoming in the quality, quantity, potency, purity or standard which is required to be maintained by or under any law for the time being in force under any contract, express or implied or as is claimed by the trader in any manner whatsoever in relation to any goods;
(g) "deficiency" means any fault, imperfection, shortcoming or inadequacy in the quality, nature and manner of performance which is required to be maintained by or under any law for the time being in force or has been undertaken to be performed by a person in pursuance of a contract or otherwise in relation to any service;
(h) "District Forum" means a Consumer Disputes Redressal Forum established under clause (a) of section 9;
(i) "goods" means goods as defined in the Sale of Goods Act, 1930 (3 of 1930);
(j) “manufacturer” means a person who—
(i) makes or manufactures any goods or part thereof; or
(ii) does not make or manufacture any goods but assembles parts thereof made or manufactured by others; or
(iii) puts or causes to be put his own mark on any goods made or manufactured by any other manufacturer;
Explanation. — Where a manufacturer dispatches any goods or part thereof to any branch office maintained by him, such branch office shall not be deemed to be the manufacturer even though the parts so dispatched to it are assembled at such branch office and are sold or distributed from such branch office;
(jj) "member" includes the President and a member of the National Commission or a State Commission or a District Forum, as the case may be;
(k) "National Commission" means the National Consumer Disputes Redressal Commission established under clause (c) of section 9;
(l) "notification" means a notification published in the Official Gazette;
(m) "person" includes,—
(i) a firm whether registered or not;
(ii) a Hindu undivided family;
(iii) a co-operative society;
(iv) every other association of persons whether registered under the Societies Registration Act, 1860 (21 of 1860) or not;
(n) "prescribed" means prescribed by rules made by the State Government, or as the case may be, by the Central Government under this Act;
(nn)“regulation” means the regulations made by the National Commission under this Act;
(nnn) “restrictive trade practice” means a trade practice which tends to bring about manipulation of price or conditions of delivery or to affect flow of supplies in the market relating to goods or services in such a manner as to impose on the consumers unjustified costs or restrictions and shall include—
(a) delay beyond the period agreed to by a trader in supply of such goods or in providing the services which has led or is likely to lead to rise in the price;
(b) any trade practice which requires a consumer to buy, hire or avail of any goods or, as the case may be, services as condition precedent to buying, hiring or availing of other goods or services;
(o) "service" means service of any description which is made available to potential users and includes, but not limited to, the provision of facilities in connection with banking, financing insurance, transport, processing, supply of electrical or other energy, board or lodging or both, housing construction, entertainment, amusement or the purveying of news or other information, but does not include the rendering of any service free of charge or under a contract of personal service;
(oo) “spurious goods and services” mean such goods and services which are claimed to be genuine but they are actually not so;
(p) "State Commission" means a Consumer Disputes Redressal Commission established in a State under clause (b) of section 9;
(q) "trader" in relation to any goods means a person who sells or distributes any goods for sale and includes the manufacturer thereof, and where such goods are sold or distributed in package form, includes the packer thereof;
(r) "unfair trade practice" means a trade practice which, for the purpose of promoting the sale, use or supply of any goods or for the provision of any service, adopts any unfair method or unfair or deceptive practice including any of the following practices, namely;—
(1) the practice of making any statement, whether orally or in writing or by visible representation which,—
(i) falsely represents that the goods are of a particular standard, quality, quantity, grade, composition, style or model;
(ii) falsely represents that the services are of a particular standard, quality or grade;
(iii) falsely represents any re-built, second-hand, renovated, reconditioned or old goods as new goods;
(iv) represents that the goods or services have sponsorship, approval, performance, characteristics, accessories, uses or benefits which such goods or services do not have;
(v) represents that the seller or the supplier has a sponsorship or approval or affiliation which such seller or supplier does not have;
(vi) makes a false or misleading representation concerning the need for, or the usefulness of, any goods or services;
(vii) gives to the public any warranty or guarantee of the performance, efficacy or length of life of a product or of any goods that is not based on an adequate or proper test thereof;
Provided that where a defence is raised to the effect that such warranty or guarantee is based on adequate or proper test, the burden of proof of such defence shall lie on the person raising such defence;
(viii)makes to the public a representation in a form that purports to be—
(i) a warranty or guarantee of a product or of any goods or services; or
(ii) a promise to replace, maintain or repair an article or any part thereof or to repeat or continue a service until it has achieved a specified result, if such purported warranty or guarantee or promise is materially misleading or if there is no reasonable prospect that such warranty, guarantee or promise will be carried out;
(ix) materially misleads the public concerning the price at which a product or like products or goods or services, have been or are, ordinarily sold or provided, and, for this purpose, a representation as to price shall be deemed to refer to the price at which the product or goods or services has or have been sold by sellers or provided by suppliers generally in the relevant market unless it is clearly specified to be the price at which the product has been sold or services have been provided by the person by whom or on whose behalf the representation is made;
(x) gives false or misleading facts disparaging the goods, services or trade of another person.
Explanation. - For the purposes of clause (1), a statement that is—
(a) expressed on an article offered or displayed for sale, or on its wrapper or container; or
(b) expressed on anything attached to, inserted in, or accompanying, an article offered or displayed for sale, or on anything on which the article is mounted for display or sale; or
(c) contained in or on anything that is sold, sent, delivered, transmitted or in any other manner whatsoever made available to a member of the public,
shall be deemed to be a statement made to the public by, and only by, the person who had caused the statement to be so expressed, made or contained;
(2) permits the publication of any advertisement whether in any newspaper or otherwise, for the sale or supply at a bargain price, of goods or services that are not intended to be offered for sale or supply at the bargain price, or for a period that is, and in quantities that are, reasonable, having regard to the nature of the market in which the business is carried on, the nature and size of business, and the nature of the advertisement.
Explanation .—For the purpose of clause (2), "bargaining price" means—
(a) a price that is stated in any advertisement to be a bargain price, by reference to an ordinary price or otherwise, or
(b) a price that a person who reads, hears or sees the advertisement, would reasonably understand to be a bargain price having regard to the prices at which the product advertised or like products are ordinarily sold;
(3) permits—
(a) the offering of gifts, prizes or other items with the intention of not providing them as offered or creating impression that something is being given or offered free of charge when it is fully or partly covered by the amount charged in the transaction as a whole;
(b) the conduct of any contest, lottery, game of chance or skill, for the purpose of promoting, directly or indirectly, the sale, use or supply of any product or any business interest;
(3A) withholding from the participants of any scheme offering gifts, prizes or other items free of charge, on its closure the information about final results of the scheme.
Explanation. — For the purposes of this sub-clause, the participants of a scheme shall be deemed to have been informed of the final results of the scheme where such results are within a reasonable time, published, prominently in the same newspapers in which the scheme was originally advertised;
(4) permits the sale or supply of goods intended to be used, or are of a kind likely to be used, by consumers, knowing or having reason to believe that the goods do not comply with the standards prescribed by competent authority relating to performance, composition, contents, design, constructions, finishing or packaging as are necessary to prevent or reduce the risk of injury to the person using the goods;
(5) permits the hoarding or destruction of goods, or refuses to sell the goods or to make them available for sale or to provide any service, if such hoarding or destruction or refusal raises or tends to raise or is intended to raise, the cost of those or other similar goods or services.
(6) manufacture of spurious goods or offering such goods for sale or adopts deceptive practices in the provision of services.
(2) Any reference in this Act to any other Act or provision thereof which is not in force in any area to which this Act applies shall be construed to have a reference to the corresponding Act or provision thereof in force in such area.
3. Act not in derogation of any other law.—The provisions of this Act shall be in addition to and not in derogation of the provisions of any other law for the time being in force.
(2) It extends to the whole of India except the State of Jammu and Kashmir.
(3) It shall come into force on such date as the Central Government may, by notification, appoint and different dates may be appointed for different States and for different provisions of this Act.
(4) Save as otherwise expressly provided by the Central Government by notification, this Act shall apply to all goods and services.
2. Definitions. - (1) In this Act, unless the context otherwise requires,—
(a) "appropriate laboratory" means a laboratory or organisation—
(i) recognised by the Central Government;
(ii) recognised by a State Government, subject to such guidelines as may be prescribed by the Central Government in this behalf; or
(iii) any such laboratory or organisation established by or under any law for the time being in force, which is maintained, financed or aided by the Central Government or a State Government for carrying out analysis or test of any goods with a view to determining whether such goods suffer from any defect;
(aa) "branch office" means—
(i) any establishment described as a branch by the opposite party; or
(ii) any establishment carrying on either the same or substantially the same activity as that carried on by the head office of the establishment;
(b) "complainant" means—
(i) a consumer; or
(ii) any voluntary consumer association registered under the Companies Act, 1956 (1of 1956)or under any other law for the time being in force; or
(iii) the Central Government or any State Government,
(iv) one or more consumers, where there are numerous consumers having the same interest;
(v) in case of death of a consumer, his legal heir or representative; who or which makes a complaint;
(c) "complaint" means any allegation in writing made by a complainant that—
(i) an unfair trade practice or a restrictive trade practice has been adopted by any trader or service provider;
(ii) the goods bought by him or agreed to be bought by him; suffer from one or more defects;
(iii) the services hired or availed of or agreed to be hired or availed of by him suffer from deficiency in any respect;
(iv) a trader or service provider, as the case may be, has charged for the goods or for the service mentioned in the complaint a price in excess of the price –
(a) fixed by or under any law for the time being in force
(b) displayed on the goods or any package containing such goods ;
(c) displayed on the price list exhibited by him by or under any law for the time being in force;
(d) agreed between the parties;
(v) goods which will be hazardous to life and safety when used or being offered for sale to the public,--
(A) in contravention of any standards relating to safety of such goods as required to be complied with, by or under any law for the time being in force;
(B) if the trader could have known with due diligence that the goods so offered are unsafe to the public;
(vi) services which are hazardous or likely to be hazardous to life and safety of the public when used, are being offered by the service provider which such person could have known with due diligence to be injurious to life and safety;”;
(d) "consumer" means any person who—
(i) buys any goods for a consideration which has been paid or promised or partly paid and partly promised, or under any system of deferred payment and includes any user of such goods other than the person who buys such goods for consideration paid or promised or partly paid or partly promised, or under any system of deferred payment when such use is made with the approval of such person, but does not include a person who obtains such goods for resale or for any commercial purpose; or
(ii) hires or avails of any services for a consideration which has been paid or promised or partly paid and partly promised, or under any system of deferred payment and includes any beneficiary of such services other than the person who 'hires or avails of the services for consideration paid or promised, or partly paid and partly promised, or under any system of deferred payment, when such services are availed of with the approval of the first mentioned person but does not include a person who avails of such services for any commercial purposes;
Explanation.— For the purposes of this clause, “commercial purpose” does not include use by a person of goods bought and used by him and services availed by him exclusively for the purposes of earning his livelihood by means of self-employment;
(e) "consumer dispute" means a dispute where the person against whom a complaint has been made, denies or disputes the allegations contained in the complaint.
(f) "defect" means any fault, imperfection or shortcoming in the quality, quantity, potency, purity or standard which is required to be maintained by or under any law for the time being in force under any contract, express or implied or as is claimed by the trader in any manner whatsoever in relation to any goods;
(g) "deficiency" means any fault, imperfection, shortcoming or inadequacy in the quality, nature and manner of performance which is required to be maintained by or under any law for the time being in force or has been undertaken to be performed by a person in pursuance of a contract or otherwise in relation to any service;
(h) "District Forum" means a Consumer Disputes Redressal Forum established under clause (a) of section 9;
(i) "goods" means goods as defined in the Sale of Goods Act, 1930 (3 of 1930);
(j) “manufacturer” means a person who—
(i) makes or manufactures any goods or part thereof; or
(ii) does not make or manufacture any goods but assembles parts thereof made or manufactured by others; or
(iii) puts or causes to be put his own mark on any goods made or manufactured by any other manufacturer;
Explanation. — Where a manufacturer dispatches any goods or part thereof to any branch office maintained by him, such branch office shall not be deemed to be the manufacturer even though the parts so dispatched to it are assembled at such branch office and are sold or distributed from such branch office;
(jj) "member" includes the President and a member of the National Commission or a State Commission or a District Forum, as the case may be;
(k) "National Commission" means the National Consumer Disputes Redressal Commission established under clause (c) of section 9;
(l) "notification" means a notification published in the Official Gazette;
(m) "person" includes,—
(i) a firm whether registered or not;
(ii) a Hindu undivided family;
(iii) a co-operative society;
(iv) every other association of persons whether registered under the Societies Registration Act, 1860 (21 of 1860) or not;
(n) "prescribed" means prescribed by rules made by the State Government, or as the case may be, by the Central Government under this Act;
(nn)“regulation” means the regulations made by the National Commission under this Act;
(nnn) “restrictive trade practice” means a trade practice which tends to bring about manipulation of price or conditions of delivery or to affect flow of supplies in the market relating to goods or services in such a manner as to impose on the consumers unjustified costs or restrictions and shall include—
(a) delay beyond the period agreed to by a trader in supply of such goods or in providing the services which has led or is likely to lead to rise in the price;
(b) any trade practice which requires a consumer to buy, hire or avail of any goods or, as the case may be, services as condition precedent to buying, hiring or availing of other goods or services;
(o) "service" means service of any description which is made available to potential users and includes, but not limited to, the provision of facilities in connection with banking, financing insurance, transport, processing, supply of electrical or other energy, board or lodging or both, housing construction, entertainment, amusement or the purveying of news or other information, but does not include the rendering of any service free of charge or under a contract of personal service;
(oo) “spurious goods and services” mean such goods and services which are claimed to be genuine but they are actually not so;
(p) "State Commission" means a Consumer Disputes Redressal Commission established in a State under clause (b) of section 9;
(q) "trader" in relation to any goods means a person who sells or distributes any goods for sale and includes the manufacturer thereof, and where such goods are sold or distributed in package form, includes the packer thereof;
(r) "unfair trade practice" means a trade practice which, for the purpose of promoting the sale, use or supply of any goods or for the provision of any service, adopts any unfair method or unfair or deceptive practice including any of the following practices, namely;—
(1) the practice of making any statement, whether orally or in writing or by visible representation which,—
(i) falsely represents that the goods are of a particular standard, quality, quantity, grade, composition, style or model;
(ii) falsely represents that the services are of a particular standard, quality or grade;
(iii) falsely represents any re-built, second-hand, renovated, reconditioned or old goods as new goods;
(iv) represents that the goods or services have sponsorship, approval, performance, characteristics, accessories, uses or benefits which such goods or services do not have;
(v) represents that the seller or the supplier has a sponsorship or approval or affiliation which such seller or supplier does not have;
(vi) makes a false or misleading representation concerning the need for, or the usefulness of, any goods or services;
(vii) gives to the public any warranty or guarantee of the performance, efficacy or length of life of a product or of any goods that is not based on an adequate or proper test thereof;
Provided that where a defence is raised to the effect that such warranty or guarantee is based on adequate or proper test, the burden of proof of such defence shall lie on the person raising such defence;
(viii)makes to the public a representation in a form that purports to be—
(i) a warranty or guarantee of a product or of any goods or services; or
(ii) a promise to replace, maintain or repair an article or any part thereof or to repeat or continue a service until it has achieved a specified result, if such purported warranty or guarantee or promise is materially misleading or if there is no reasonable prospect that such warranty, guarantee or promise will be carried out;
(ix) materially misleads the public concerning the price at which a product or like products or goods or services, have been or are, ordinarily sold or provided, and, for this purpose, a representation as to price shall be deemed to refer to the price at which the product or goods or services has or have been sold by sellers or provided by suppliers generally in the relevant market unless it is clearly specified to be the price at which the product has been sold or services have been provided by the person by whom or on whose behalf the representation is made;
(x) gives false or misleading facts disparaging the goods, services or trade of another person.
Explanation. - For the purposes of clause (1), a statement that is—
(a) expressed on an article offered or displayed for sale, or on its wrapper or container; or
(b) expressed on anything attached to, inserted in, or accompanying, an article offered or displayed for sale, or on anything on which the article is mounted for display or sale; or
(c) contained in or on anything that is sold, sent, delivered, transmitted or in any other manner whatsoever made available to a member of the public,
shall be deemed to be a statement made to the public by, and only by, the person who had caused the statement to be so expressed, made or contained;
(2) permits the publication of any advertisement whether in any newspaper or otherwise, for the sale or supply at a bargain price, of goods or services that are not intended to be offered for sale or supply at the bargain price, or for a period that is, and in quantities that are, reasonable, having regard to the nature of the market in which the business is carried on, the nature and size of business, and the nature of the advertisement.
Explanation .—For the purpose of clause (2), "bargaining price" means—
(a) a price that is stated in any advertisement to be a bargain price, by reference to an ordinary price or otherwise, or
(b) a price that a person who reads, hears or sees the advertisement, would reasonably understand to be a bargain price having regard to the prices at which the product advertised or like products are ordinarily sold;
(3) permits—
(a) the offering of gifts, prizes or other items with the intention of not providing them as offered or creating impression that something is being given or offered free of charge when it is fully or partly covered by the amount charged in the transaction as a whole;
(b) the conduct of any contest, lottery, game of chance or skill, for the purpose of promoting, directly or indirectly, the sale, use or supply of any product or any business interest;
(3A) withholding from the participants of any scheme offering gifts, prizes or other items free of charge, on its closure the information about final results of the scheme.
Explanation. — For the purposes of this sub-clause, the participants of a scheme shall be deemed to have been informed of the final results of the scheme where such results are within a reasonable time, published, prominently in the same newspapers in which the scheme was originally advertised;
(4) permits the sale or supply of goods intended to be used, or are of a kind likely to be used, by consumers, knowing or having reason to believe that the goods do not comply with the standards prescribed by competent authority relating to performance, composition, contents, design, constructions, finishing or packaging as are necessary to prevent or reduce the risk of injury to the person using the goods;
(5) permits the hoarding or destruction of goods, or refuses to sell the goods or to make them available for sale or to provide any service, if such hoarding or destruction or refusal raises or tends to raise or is intended to raise, the cost of those or other similar goods or services.
(6) manufacture of spurious goods or offering such goods for sale or adopts deceptive practices in the provision of services.
(2) Any reference in this Act to any other Act or provision thereof which is not in force in any area to which this Act applies shall be construed to have a reference to the corresponding Act or provision thereof in force in such area.
3. Act not in derogation of any other law.—The provisions of this Act shall be in addition to and not in derogation of the provisions of any other law for the time being in force.
New Announcements
Sparton Corp. Announces Board of Directors Change
Sparton Corp. announced that Mr. Bradley O. Smith, director and former chairman of company, has notified Sparton's board of directors that he will not seek re-election as a board member at the company's upcoming annual shareholders meeting later in 2009. Additionally, Mr. James N. DeBoer has announced his retirement from the board of directors upon completion of his term on the same date. Mr. Smith had served on the board of directors since 1998 and was chairman from 2000-2008.
Allied Nevada Gold Corp. Appoints Deborah Lassiter as Director, Corporate Environmental Affairs
Allied Nevada Gold Corp. announced that Deborah ('Debbie') Lassiter has joined, effective August 1, 2009, as Director, Corporate Environmental Affairs. Debbie's primary responsibility will be to manage the Environmental Impact Statement ('EIS') which will cover the expanded oxide resource and ultimately the large sulfide resource at the Company's wholly owned Hycroft mine, located near Winnemucca, Nevada. She will also be responsible for implementing and managing environmental management programs, ensuring the Company meets or exceeds compliance with environmental standards. She joins Allied Nevada from JBR Environmental Consultants, Inc. where she was Project Manager providing consulting advice to industry professionals and governmental associations worldwide. Debbie will be based in Reno and will report directly to Mike Doyle, Vice President, Operations.
(by the businessweek.com)
Sparton Corp. announced that Mr. Bradley O. Smith, director and former chairman of company, has notified Sparton's board of directors that he will not seek re-election as a board member at the company's upcoming annual shareholders meeting later in 2009. Additionally, Mr. James N. DeBoer has announced his retirement from the board of directors upon completion of his term on the same date. Mr. Smith had served on the board of directors since 1998 and was chairman from 2000-2008.
Allied Nevada Gold Corp. Appoints Deborah Lassiter as Director, Corporate Environmental Affairs
Allied Nevada Gold Corp. announced that Deborah ('Debbie') Lassiter has joined, effective August 1, 2009, as Director, Corporate Environmental Affairs. Debbie's primary responsibility will be to manage the Environmental Impact Statement ('EIS') which will cover the expanded oxide resource and ultimately the large sulfide resource at the Company's wholly owned Hycroft mine, located near Winnemucca, Nevada. She will also be responsible for implementing and managing environmental management programs, ensuring the Company meets or exceeds compliance with environmental standards. She joins Allied Nevada from JBR Environmental Consultants, Inc. where she was Project Manager providing consulting advice to industry professionals and governmental associations worldwide. Debbie will be based in Reno and will report directly to Mike Doyle, Vice President, Operations.
(by the businessweek.com)
Friday, August 14, 2009
THINKING
the more you think in business the more experience you get about business and you start getting big big thoughts about what you will become?in which field you will spend your profit for further business?how much will you spend in your new business?how much will you earn adding the profit of old business and new business. then you will think that your earning will be double then triple.
whatever you have thought can be true. believe me you will get it. if you have some values like punctuality, hard work ,group work, taking risks etc.
punctuality will let you do your work on time.
hard work is that what you need everytime. sometimes to acheive a good profit you have to work a little more hours then that of regular/usual times(8 hours).
Group work:- when you appoint a meeting you discuss views about what you have to do upnext.what will you do if you get a profit in that business and discussions will also go to the same on the opposite side like what will happen if you go into a loss and different types of answers and differents types of views and opinions will make things go accurate and make your company pass hurdles and competitions with leading companies and also make your company achieve a good name for itself.
Taking risks:-this is the most important topic as discussed in first post too and this is the thing which no man love but taking risks is the most important thing in business.
for eg: if you are going to take a business and you are not sure whether it will work or not, you should not look behind or walk back you have to take risk to see whether it works or no. walking back will always make you a failure. but if you take a risk and if you are at a loss then also you will get an experience at what you were wrong and why you got failed in that business and when you will try this same business the next time it will surely pass. As said "A GOOD JUDGEMENT COMES FROM A GOOD EXPERIENCE BUT A GOOD EXPERIENCE COMES FROM A BAD JUDGEMENT".
ALWAYS REMEMBER:THERE IS A DIFFERENCE BETWEEN A GOOD BUSINESSMAN AND A CHEAT.
Do right comments to make this blog more accurate.
Consumers
In TODAY'S life products are more important then money for consumers. they need a good
quality of product with a branded name so the only way out is to yourself and your company you have to make advertisements and show your presence in the market as a huge branded name and show the quality of your product you are going to give them. As said "Consumers are the KING of the market" you have to look what they need and what they dont need. The things that they need should not be neglected and you should try to make more nice, accurate, more useful and other types of modifications should be done in that case. The things that they dont need should be totally neglected and should be totally removed from the product.
for eg:Nobody sees the design made on the biscuit because they just eat the biscuit so it is useless to spend money on it. Instead of that design you should use aluminium foil to cover the biscuit and keep it good.
Opening a company/business
Opening a company or a business is a big problem faced by the presen generations/ages of people. There is no harm in opening your own business but the problem is money. Money is a very important thing in opening you own business but if you have the will to take risks then you can do it. If you have less money then also there is no problem. The problem and solution are included in points
PROBLEM:You need a place before opening a business. Buy a place
SOLUTION:No problem. If you don't have a place. Just rent a place.
PROBLEM: You need a lot of money before opening a business.
SOLUTION:No problem. Take loan from the bank.
PROBLEM:You need a branded name.
SOLUTION:No problem. Just make a little advertisement of your product and show the consumers your presence in the market.(one more thing. the old your company becomes the more consumers you get.)
PROBLEM:you need to buy a good quality product.
SOLUTION:No problem.A good businessman should buy a good quality product. if you dont have money to buy a good quality product then buy a little less quality product but you also have to cut your price with that product your profit will also be a little less but in 6 months or a year you will be able to buy a good quality product and your profit will also be a little high.
ALWAYS REMEMBER:THERE IS A DIFFERENCE BETWEEN A GOOD BUSINESSMAN AND A CHEAT.
Do right comments to make this blog more accurate.
Bussiness man's thoughts
Before taking any business plans you should first think of 2 things
first thing is that it should consist of less economy (means less money) but the products you are buying should be more
and the 2nd thing is that it shuld be a very good quality product so that the consumer should be in profit after you sell the product and the consumer should buy only your product and consumer should buy only yours other than that of even thinking of buying any other's product.
for eg: if you buy a good quality of rice from the village which costs you only 21 or 22 rupees(indian national rupee)and then you build a company and sell these rice in packages for 27 rupees then you get a profit of 3 rupees(cutting the travelling,vat taxes,etc)compared to the market prices of rice such as 42 rupees per kg. you give them in 27 rupees per kg. So the consumers buy a good quality of rice in cheap price and they will forget about buying a bad quality of rice in 40 rupees and will buy a good quality of rice in 27 rupees and consumers buy your product again and again.
ALWAYS REMEMBER:THERE IS A DIFFERENCE BETWEEN A GOOD BUSINESSMAN AND A CHEAT.
Do right comments to make this blog more accurate.
taking business
Before taking any business plans you should first think of 2 things
first thing is that it should consist of less economy (means less money) but the products you are buying should be more
and the 2nd thing is that it shuld be a very good quality product so that the consumer should be in profit after you sell the product and the consumer should buy only your product and consumer should buy only yours other than that of even thinking of buying any other's product.
for eg: if you buy a good quality of rice from the village which costs you only 21 or 22 rupees(indian national rupee)and then you build a company and sell these rice in packages for 27 rupees then you get a profit of 3 rupees(cutting the travelling,vat taxes,etc)compared to the market prices of rice such as 42 rupees per kg. you give them in 27 rupees per kg. So the consumers buy a good quality of rice in cheap price and they will forget about buying a bad quality of rice in 40 rupees and will buy a good quality of rice in 27 rupees and consumers buy your product again and again.
ALWAYS REMEMBER:THERE IS A DIFFERENCE BETWEEN A GOOD BUSINESSMAN AND A CHEAT.
Do right comments to make this blog more accurate.
first thing is that it should consist of less economy (means less money) but the products you are buying should be more
and the 2nd thing is that it shuld be a very good quality product so that the consumer should be in profit after you sell the product and the consumer should buy only your product and consumer should buy only yours other than that of even thinking of buying any other's product.
for eg: if you buy a good quality of rice from the village which costs you only 21 or 22 rupees(indian national rupee)and then you build a company and sell these rice in packages for 27 rupees then you get a profit of 3 rupees(cutting the travelling,vat taxes,etc)compared to the market prices of rice such as 42 rupees per kg. you give them in 27 rupees per kg. So the consumers buy a good quality of rice in cheap price and they will forget about buying a bad quality of rice in 40 rupees and will buy a good quality of rice in 27 rupees and consumers buy your product again and again.
ALWAYS REMEMBER:THERE IS A DIFFERENCE BETWEEN A GOOD BUSINESSMAN AND A CHEAT.
Do right comments to make this blog more accurate.
Thursday, August 13, 2009
Be an Enterpreneur
Starting a business is difficult enough when the economy is
strong but when you decide to start a business amid a 9.7
percent unemployment rate--while foreclosures are at an all-time
high and bankruptcies are reaching epic proportions--the odds
for success seem hopeless.
For startups willing to defy the odds, there are many advantages
to starting a small business during a recession, and it can even
be done without burring yourself in debt. Experts will tell you
that the absolute best time to start a business is during a
recession, and several well-known, highly successful businesses
were launched during weakened economies.
Why did these companies succeed against the odds? They succeeded
because the founders recognized a need in the market and filled
it. Identifying that market need is the key to success for any
business--regardless of what the economic climate is when those
market needs are fulfilled.
Hewlett Packard was started in a garage during the Great
Depression with startup costs of just $538. It was the first
technology company to exceed $100 billion in revenue and is
currently operating in almost every country worldwide. Burger
King got its start during the recession of 1954; the Whopper was
added to the menu during the recession of 1957. Microsoft was
started during the 1975 recession. Bill Gates dealt with
primitive computer languages until the creation of MS-DOS, which
IBM Corp purchased, starting the company's climb to fortune.
Tips for Starting a Business In a Recession
The high risk of failure during recession requires that the
start up costs are kept as low as possible. Businesses that
start and survive during a recession are in the best position to
take advantage of the inevitable economic upturn. Businesses
that postpone launch until the economy shows signs of
strengthening are that much further behind, and give a head
start to competitors who took the risk of starting during a
recession. Keep starting costs low by:
Keeping your day job. If you're lucky enough to still have a
job, try starting your business in your off-hours. You'll have
the steady income from your existing job to pay your living
expenses and can focus on making your new business profitable
without the risk.
Not buying, leasing or renting office space. Most businesses can
be started right from your home. Don't waste money on an office
space or retail storefront before absolutely necessary. Use your
kitchen table, home office, basement or garage as office space.
Some businesses will never need to venture outside the home.
Not hiring employees. If you need help from other people, use
contract workers and issue 1099s instead of hiring employees.
Not wasting money on advertising. There are countless ways to
advertise your business, product or service without spending
money. If you--the maker of your product or provider of your
service--can't sell yourself, no one else can, either.
Recession Proof Industries
Whenever possible, you should look at starting businesses in
industries that are considered “recession proof”. These are the
industries where consumers will still pay for the products or
services offered even when money is tight. Recession proof
industries tend to be:
Food
Health care, including psychology and substance abuse
Computers and IT--especially fixing other peoples computers.
People aren't buying new equipment; they're fixing what they
have to save money.
Security / criminal justice / police
Education--adults go back to school when they lose their jobs;
more high school graduates will go to college because they can't
find jobs out of high school
International business--just because the economy is bad in the
US doesn't mean it is everywhere else
Finding Your Niche
When starting a new business, whether you create a product or
provide a service, you need something that distinguishes you
from everything else that's already available. Your long-term
success is defined by your ability to be both unique and better
than your competition, by adhering to these principles you’ll
fill a void in the marketplace.
(from the enterpreneur.com)
Shares
In the investment world, a share of stock (also referred to as equity share) represents a share of ownership in a corporation (company).
In the plural, stocks is often used as a synonym for shares especially in the United States, but it is less commonly used that way outside of North America.
In the United Kingdom, South Africa, and Australia, stock can also refer to completely different financial instruments such as government bonds or, less commonly, to all kinds of marketable securities.
TYPES OF STOCK
Stock typically takes the form of shares of either common stock or preferred stock. As a unit of ownership, common stock typically carries voting rights that can be exercised in corporate decisions. Preferred stock differs from common stock in that it typically does not carry voting rights but is legally entitled to receive a certain level of dividend payments before any dividends can be issued to other shareholders.[1][2] Convertible preferred stock is preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Shares of such stock are called "convertible preferred shares" (or "convertible preference shares" in the UK)
Although there is a great deal of commonality between the stocks of different companies, each new equity issue can have legal clauses attached to it that make it dynamically different from the more general cases. Some shares of common stock may be issued without the typical voting rights being included, for instance, or some shares may have special rights unique to them and issued only to certain parties. Note that not all equity shares are the same.[1][2]
Preferred stock may hybrid by having the qualities of bonds of fix return and common stock having voting right. They also have preference in the payment of dividend over prefer stock and also have given the preference at the time of liquidation over common stock. they have other features of accumulation in dividend.
Buying
There are various methods of buying and financing stocks. The most common means is through a stock broker. Whether they are a full service or discount broker, they arrange the transfer of stock from a seller to a buyer. Most trades are actually done through brokers listed with a stock exchange, such as the New York Stock Exchange.
There are many different stock brokers from which to choose, such as full service brokers or discount brokers. The full service brokers usually charge more per trade, but give investment advice or more personal service; the discount brokers offer little or no investment advice but charge less for trades. Another type of broker would be a bank or credit union that may have a deal set up with either a full service or discount broker.
There are other ways of buying stock besides through a broker. One way is directly from the company itself. If at least one share is owned, most companies will allow the purchase of shares directly from the company through their investor relations departments. However, the initial share of stock in the company will have to be obtained through a regular stock broker. Another way to buy stock in companies is through Direct Public Offerings which are usually sold by the company itself. A direct public offering is an initial public offering in which the stock is purchased directly from the company, usually without the aid of brokers.
When it comes to financing a purchase of stocks there are two ways: purchasing stock with money that is currently in the buyer's ownership, or by buying stock on margin. Buying stock on margin means buying stock with money borrowed against the stocks in the same account. These stocks, or collateral, guarantee that the buyer can repay the loan; otherwise, the stockbroker has the right to sell the stock (collateral) to repay the borrowed money. He can sell if the share price drops below the margin requirement, at least 50% of the value of the stocks in the account. Buying on margin works the same way as borrowing money to buy a car or a house, using the car or house as collateral. Moreover, borrowing is not free; the broker usually charges 8-10% interest.
Selling
Selling stock is procedurally similar to buying stock. Generally, the investor wants to buy low and sell high, if not in that order (short selling); although a number of reasons may induce an investor to sell at a loss, e.g., to avoid further loss.
As with buying a stock, there is a transaction fee for the broker's efforts in arranging the transfer of stock from a seller to a buyer. This fee can be high or low depending on which type of brokerage, full service or discount, handles the transaction.
After the transaction has been made, the seller is then entitled to all of the money. An important part of selling is keeping track of the earnings. Importantly, on selling the stock, in jurisdictions that have them, capital gains taxes will have to be paid on the additional proceeds, if any, that are in excess of the cost basis.
Business with twitter
Twitter is a medium for posting very short messages (140 characters or less). Even with that limit, businesses are using Twitter to:
- market products,
- run promotions,
- engage customers,
- talk industry associates,
- monitor their brand,
- ...and more!
Are you or your business on Twitter? If you are, how are you using Twitter to help your business?
If you're not yet on Twitter, now is a good time to get started.
Taking risks
The most common question that you could have would be how you can improve your performance by risk taking. Being worried about taking risk is not wrong, however to completely refrain yourself from taking risk to propel your career is also not wise. You should be well aware what the term "risk" stands for and what would be its positive or negative implications on your job or business. Basically there are two types of risks.
Calculated and planned risk
Unprofessional and impractical risks
The only way you could improve your performance is by taking (a) calculated and planned risk. Going for (b) impractical risks would damage your business and could result in a downfall of your career.
To guide you and illustrate how you can improve performance by taking risks the following tips are very useful
You can improve your performance by taking smart risk. You should carefully analyze the impact of the risk and the amount of profitability you would attain if your risk is successful. After care full evaluations proceed with the risk and wait for the result. No matter which business you are running, if you have taken a reasonable risk than most probably you would achieve the desire result. If for some reason the risk don't pay of then learn from your misjudgments and try to be more careful in the future.
You can improve your performance by being valuable to your business or employment by taking risks that pay-off and bring more business to your organizations. Having doubts about risk is natural but fearing risks is not. The fear of risk only hold you back while having doubts let you analyze the risk and consequently propel you to adopt the risk for the betterment of your career. Therefore try to overcome you fears and concentrate on analyzing the risk properly.
If you are a good risk taker you would successfully improve your performance as you would be quicker to adapt the changing environment. In the modern world the business and employment strategies changes regularly and to cope with the changes you must posses the ability to take risks and move along with the world. If you stick to your old methods of doing business than you won't be able to market your talents in the market and would not have the desire success
Unlike regular business pronouncement, the risk taking decisions have much more rewards stored for the initiator if the risk is successful. A risk improves performance as it has direct result. If your risk is successful you would achieve the desire result without any hassle. This advantage of risk taking gives it risk initiators enough motivations to carefully analyze the risks and then implement it without much hesitations.
One reason why people don't take risk is because they are not able to deal with the anxiety and tensions associated with risk taking. They feel peaceful in the available settlement of the business and fear that any risk would only distort the peace of their careers. This is totally false and to improve your performance you must get your facts straight. Although taking risks you are moving from your comfort zone and are entering a new phase in your business, but it pays off much more as compare to doing nothing and taking no risk at all.
Define Finance?
Finance is the science of funds management. The general areas of finance are business finance, personal finance, and public finance. Finance includes saving money and often includes lending money. The field of finance deals with the concepts of time, money and risk and how they are interrelated. It also deals with how money is spent and budgeted.
Finance works most basically through individuals and business organizations depositing money in a bank. The bank then lends the money out to other individuals or corporations for consumption or investment, and charges interest on the loans.
Loans have become increasingly packaged for resale, meaning that an investor buys the loan from a bank or directly from a corporation. Bonds are debt sold directly to investors from corporations, while that investor can then hold the debt and collect the interest or sell the debt on a secondary market. Banks are the main facilitators of funding through the provision of credit, although private equity, mutual funds, hedge funds, and other organizations have become important as they invest in various forms of debt. Financial assets, known as investments, are financially managed with careful attention to financial risk management to control financial risk. Financial instruments allow many forms of securitized assets to be traded on securities exchanges such as stock exchanges, including debt such as bonds as well as equity in publicly-traded corporations.
Central banks act as lenders of last resort and control the money supply, which affects the interest rates charged. As money supply increases, interest rates decrease.
Skill to know before taking up business
The business plan you will be going to take is very simple. It is very easy to understand and to
act on your business ideas.
Your small business plan should be easy and practical.
The plan should be specific. Its objectives should be concrete and measurable.
It should include specific actions and activities, each with specific dates of completion, specific persons responsible and specific budgets.
The business plan you are going to take should be realistic.
The sales goals, expense budgets, and milestone dates should be realistic.
Nothing stifles implementation like a business plan with unrealistic goals.
The plan should be complete. It should include all the necessary elements.
The right business plan should be full of resources, including free sample business plans and business plan softwares too Requirements of a business plan vary, depending on the context.
There is no guarantee, however, that the plan will work if it doesn't cover the main bases.
Define Business ?
A business (also called a company, firm and enterprise) is a
legally recognized organization designed to provide goods
and/or services to consumers.Businesses are predominant in
capitalist economies,most being privately owned and formed to
earn profit that will increase the wealth of its owners and grow
the business itself The owners and operators of a business have
as one of their main objectives the receipt or generation of a
financial return in exchange for work and acceptance of risk.
Notable exceptions include cooperative enterprises and state-
owned enterprises. Socialist systems involve either government
agencies, public ownership, state-ownership or direct worker
ownership of enterprises and assets that would be run as
businesses in a capitalist economy. The distinction between
these institutions and a business is that socialist institutions
often have alternative or additional goals aside from maximizing
or turning a profit.
The etymology of "business" relates to the state of being busy
either as an individual or society as a whole, doing
commercially viable and profitable work. The term "business" has
at least three usages, depending on the scope — the singular
usage (above) to mean a particular company or corporation, the
generalized usage to refer to a particular market sector, such
as "the music business" and compound forms such as agribusiness,
or the broadest meaning to include all activity by the community
of suppliers of goods and services. However, the exact
definition of business, like much else in the philosophy of
business, is a matter of debate.
Business Studies, the study of the management of individuals to
maintain collective productivity to accomplish particular
creative and productive goals (usually to generate profit), is
taught as an academic subject in many schools.
(from the wikipedia)
Subscribe to:
Posts (Atom)