Looking to sell your company and retire off the proceeds? Think again. Because of these recessionary times, banks are unwilling to lend cash – meaning that it’s harder and more challenging to sell your company simply because buyers generally cannot borrow more than sixty percent of the selling price.
Everyone is skittish. And numerous company owners aren’t rueful of not having sold when they had that proverbial chance. It is harder than ever just to stay in business, and while the actual value of your company may not have declined much, if declined at all, it’s merely an extraordinarily bad time to be in business – or to try to sell one, even a successful one.
And unfortunately for many owners, they increasingly have to work out alternative payment schedules, more akin to a loan except where profitability is concerned. However, all is not lost if you’re determined to sell your company.
For one thing, the tax rate right now is at historical lows, though many professionals expect it to go up, to twenty percent from the current fifteen capital gains rate, in another year or so. This means that your after-tax profit from a sale right now could be higher than if you wait for the economy to improve and take a hit from greater taxes.
Of course, it’s tough to let go of the notion that your business is still worth what it was during the economic boom years of just five years ago. But it’s important to cut your losses, as it were, while you still can and get out before you put any more time, or even money, into a company when all you want to do nowadays is retire to the good life. After all, isn’t that why you’d worked so hard through the years?
From Greek vases to Italian marble statues, people just can’t get enough of quality museum replicas for their homes and offices. It is small wonder, of course, that folks should wish to surround themselves with timeless classic beauty. Indeed, museum replicas can lend style and even authority – the authority of tradition, the gravitas of high culture – to any setting, imbuing a sense of importance to one’s own endeavors in such an environment.
Bronze sculpture is also popular among museum replica connoisseurs for just those reasons. Don’t laugh; it’s true. Such showpieces symbolize one’s erudition and, even, personal nobility. Art definitely communicates those qualities, anyway, on behalf of their owners. And here’s the curious thing: it all sounds so crass, ironically, given the high-minded perception that normally surrounds art!
The very act of wishing to link oneself with some past glory seems pretentious at best and downright absurd at worst. Yet it’s a fine line between true aesthetic appreciation of the informed sort and mere fashionable accessorizing of one’s residence or workplace.
Museum replicas let us all to play the part of a refined collector of antiques – not “antiques” in the now commonly debased sense of someone’s grandmother’s grandmother’s quilt abandoned at a yard sale, but treasures of the ancients now ours to enjoy. The pottery of ancient Greece is not only stunning but bear witness to one of the most intellectually remarkable civilizations of mankind.
And who has not gasped at the workmanship of a David, an Augustus Caesar, or an Ecstasy of Saint Teresa? These are some of the most prized examples of Italian inspiration anywhere, for all time, and owing one puts us in touch with the human capacity for imagination, the cultural heritage of our species. They lift us from the everyday into a realm of the spirit.
Taxes and all of those forms… Why don’t we face it, tax forms can in most cases be perplexing. There are a number of questions people today ask when they receive or need to send out tax forms. One of the more famous questions is, if you receive a W9 form request, just what should you do with it?
Well if you get a W9 request then in accordance to the Internal Revenue Service you absolutely need to reply to it, given that that person seeking it is responsible to give you a 1099 form (this is an information return). If they are not required to give you a 1099 form (information return), well that is a whole different story.
So what happens if you don’t respond to the tax form W9 request?
If you never reply to the tax form W9 request you will be subject to a penalty of fifty dollar plus future backup withholding. Backup withholding? you might ask, well if select not to give the information needed to a required filer of an 1099 Form (information return, not to be confused with a 1040 form) they are required to withhold up to 28% which is remitted to the government.
With media attention as a rule focused on foreclosed homeowners, this article will take a brief look to consider the impact on homebuilders such as Isaac Toussie.
Embittered homeowners who have been foreclosed upon have taken to trashing the premises before getting kicked out, with anecdotal estimates by real estate agents putting the number of such vandalized properties at up to fifty percent of all such units. But given all the media coverage of foreclosed homeowners, it’s time to take a look now at how the same crisis is affecting homebuilders like Isaac Toussie. After all, many of the small-time businessmen had to take out loans in order to finance their housing developments. Of course, there are no such developers out on the street, and their cases, unfortunate in themselves, are not anywhere near comparable to that of homeowners who have nowhere to go at all. But it’s interesting to see how things can turn out for businessmen and women caught up in the same economic tsunami, and how reactions can differ – or not.
For example, many small homebuilders have had to dip into personal savings just to keep their companies afloat, a familiar dilemma to many homeowners. Buyers were disappearing with cash deposits of several thousand left on the table, proof that local residential property markets had turned ice-cold. Even more unfortunately, many homebuilders have proceeded since then to file for bankruptcy protection, with vast sums owed not only to their lenders but also their subcontractors and workers. But still worse yet, these small-time builders have often financed their businesses with so-called recourse debt which allows banks to seize homes, cars, and other personal assets in case of default – again, quite a familiar scenario comparable to that faced by many homeowners.
Such cases have increased and are now considered commonplace across the country. Many a builder has been left with unsold units and land, falling behind on interest payments and facing foreclosures. And in a very bad sign of the extent of the destruction involved, even very large homebuilders are in trouble, with legendary builders such as Levitt & Sons, founders of Levittown, New York on Long Island, famous for epitomizing postwar suburbia, forced into bankruptcy like some small ill-fated start-up.
It’s gotten so bad that once solid partnerships and friendships have frayed as an every-man-for-himself mentality creeps into the proceedings. Contractors and subcontractors have had to take out liens on the property they build in order to protect themselves. And it is in this manner that the experiences of homeowners and homebuilders differ: the latter have almost no hope of any governmental assistance whatsoever, despite being affected by the same subprime mortgage industry shenanigans that’s made owning a home so suddenly burdensome.
Legal Disclaimer: Be advised that such information as has been presented so far only constitutes mere opinion and should under no circumstances be misconstrued for professional advice of any kind whatsoever! Always consult those properly licensed and/or otherwise qualified when it comes to making business decisions of any financial importance.
Are you currently an eBay purchaser? if that’s the case, you perhaps have considered buying a used Macbook there. But before you find your next Macbook on eBay here are some very helpful tips.
Take your time previous to ordering:
There is no need to hurry into anything. This is a good sized purchase and you should take the time to study your used or refurbished Macbook deal. You will want to make sure you are truly getting a deal and that it is really what you are looking for and never forget to calculate in the shipping costs.
Locating the right seller:
Look for sellers with many of positive feedback. Be wary of sellers with negative, low, or zero feedback.
Look at the description:
Read the description very attentively. Make sure all the components that you will need, such as the power cable, are included.
Ask questions:
If you are hesitant about anything, ask questions. Be sure to ask any questions prior to bidding on the product. Just remember once you bid you are bound to the bid.
Headaches? Squinting? It can be signs of failing vision. So what do you do next? You set off to see an eye doctor (of course) and it could be that you will need eye glasses or contact lenses. Now there is always the option of laser surgery but this posting will not talk about that.
Go for the glass? Specs have been around for a long time – think Benjamin Franklin, an iconic wearer of eyeglasses. Eye glasses are either manufactured from plastic or glass. The frames for them also come in a variety of materials. And, if you are concerned about not finding the proper frames, don’t worry they currently have frameless styles. And if you are one of those individuals who can’t even contemplate putting their finger in their eye and flinch at the notion of it, eye glasses may be your best plan.
On the other hand contact lenses offer you some advantages over eye glasses. One benefit, the rain, I imagine you know what happens. Two, fog, eye glasses tend to fog up. Three, falling down your nose any time you perspire, etc.
Whichever you go with, the most critical issue is the fact that you see clearly.
When selecting real estate, articles generally comment on what is recommended by industry experts such as Isaac Toussie. But learning from failure is as important as learning from success; indeed, the two are symbiotically connected. And thus, following up on the previous installment’s discussion of desirable but still affordable New York City neighborhoods, we will consider the worst of the worst here by way of steering you to properties elsewhere!
A borough-by-borough run-down concludes as follows:
Staten Island: generally speaking, the areas closest to the ferry terminal will be the worst, with crime, noise, and other social ills most prevalent.
Manhattan: a much more diverse set of circumstances here, but a good rule-of-thumb principle holds that areas north of Central Park should be avoided (though gentrification has made many such areas much better than previously was the case). With the exception of Chelsea and Upper East and West Side areas like Lincoln Center, avoid all areas with a public housing project.
Bronx: the whole borough should be avoided (but for Riverdale on the west coast and Throgg’s Neck on the southeastern one).
Queens: the most complex situation in the whole city, with many neighborhoods fairly mixed ethnically, racially, and socio-economically. But clearly inferior places include vast tracts of Jamaica and surrounding areas, especially towards points south near Brooklyn. Ravenswood is another problem area, next to Astoria in Long Island City. Roosevelt Island is deliberately mixed, but as is always the case, the bad will drive out the good, and it’s quite a debate whether gentrification can work there. East Elmhurst (but not all of Elmhurst proper) should also be avoided for the mix of noise, crime, and other social ills presented by many of its denizens. Jackson Heights is on the borderline, once a nice nabe but now host to a vast illegal immigrant community.
Brooklyn: another complex case, though rather more clear-cut than that of Queens described above. Sunset Park is gritty and working-class but at least somewhat safe, relatively speaking. Definitely avoid Bushwick and surroundings, as well as Flatlands and even, nowadays, Canarsie. Bedford-Stuyvesant and Crown Heights are not very desirable areas and have a history of violence, as is the case with Ocean Hill and Brownsville. East New York should be avoided like the plague. Coney Island is also often bad, though the City of New York is finally committed to a wholesale revitalization effort.
Tough stuff? Scarcely. One cannot be too truthful when it comes to the persisting pockets of urban blight. For those new to New York, such “color” is commonly thrilling. But for many others, peace and quiet is desired above all for thinking, studying, and enjoyment of being.
The neighborhoods listed are anathema to those values, peopled as they are by those of a disposition, whether cultural or otherwise, towards noisy commotion and even physical violence. Yet because the city bursts with new arrivals each day, industry observers like Isaac Toussie agree that property prices and rent will still be very expensive, even when compared against more desirable spots in the same city. For example, Kingsbridge and Bedford Park in the Bronx, ghetto to the core, can still command rents only a couple of hundred less than those in premier places like Riverdale or Throgg’s Neck!
We should have brought a backpacking tent along. Instead, being young guys we relished in challenging ourselves and flirting with danger. We cavalierly enjoyed our mountaintop landscape even as the sun threatened to dip, and by the time we had turned home we could scarcely go another thousand yards before we realized that we could not see very well.
Real hikers would have just quickly pitched or otherwise put together a backpacking tent but obviously we didn’t have one because we were novices and in no way imagined we’d need one. This was meant to have been a casual day-hike, after all. And yet, here we were at the end of the day and barely began on our descent. What we did not count on was how incredibly fast darkness could grow in a forest.
Though light was still in the sky, it wasn’t getting to us because of the thick canopy of leaves. Even during high noon the ground would be mostly shaded, never mind now, right before nightfall. And in one of the most amazing experiences ever, I saw my own hand disappear right in front of me, literally in seconds, melting away into the enveloping darkness like some movie fade-out.
Except that it was happening all to me; We were still almost two thousand feet up from the trail head; and we did not even have a backpacking tent!
Luckily, friends below summoned local volunteer park rangers and we were eventually rescued. But not before spending six or seven hours shivering in the cold and dark! Although it had been a humid summer day, it felt more like late autumn in rural New York at night. When I started to finally shiver and shiver I thought it was going to be the end of me! So never,never,never – ever – go hiking without a tent or sleeping bag.
I had some online CPE courses to do the other day. As a lawyer, it is mandatory that we take continuing professional education. Online CPE courses are fantastic, because I usually get do attend on my own schedule. There are some courses which are available live only, nearly the same as a normal course taken at a college except conducted over the internet, taking advantage of that medium’s exponentially greater reach but little else.
But these are quite the exception, and typically only available this way because of copyright concerns. I generally avoid these kinds of continuing professional education courses unless the lecturer happens to be some hot-shot lawyer or the material is especially interesting to me.
To me, the main advantage of online CPE courses is how it is possible to go at one’s own pace. And as a third-year associate at one of the largest corporate law firms in the world, believe me when I say how much I appreciate that convenience! I work sixty to seventy-hour weeks, including weekends of course, and that’s not even considering all the years of studying I’ve already gone through: by now I have twenty-some-odd years of schooling – significantly a lot more than two whole thirds of my life!
So anything at all that lets me take it easy a little is most desired, and being able to pursue continuing professional education over the worldwide web makes a bad situation a little better.
I mean, I really do not want to do it – but it’s a requirement for periodic relicensing as an attorney, and I’m not ready to quit the profession just yet, if ever – so being able to at least take my time with it takes some of the onerousness out of it all. Plus, sometimes it’s free if it’s a pilot course, an experimental course for which I receive free CPE credits in exchange for offering some feedback, making things even less onerous!
It is crucial to do your research when it comes to investing in New York properties. New York City is a very diverse place, and even adjacent neighborhoods can be drastically different, never mind those in different boroughs. According to industry experts such as Isaac Toussie, nothing is as it seems, and if you are looking for residential property that you plan on living in yourself, you might even want to arrange to spend a few nights on the premises to really know first-hand what it’s like. For example, many peaceful-looking places are actually not peaceful at all but deadly, ridden with crime and pollution and a host of other social ills. Even when it comes to commercial real estate, things may not be as they seem. Developers like Isaac Toussie are everywhere in this town, and to stand out from the crowd you need to be known for something more than just a hole in the ground of an empty lot.
New York realty markets are unique in many categories, including population density. As an investor you want to thoroughly investigate them all before proceeding to a decision of any financial significance. It is often useful to think of different neighborhoods as cities or towns in themselves, which was indeed actually the historical case. Such an artificial view of the city would not suffice long-term, but it can be usefully dabbled in from time to time for specific purposes. For example, it is not uncommon to find the direst poverty fairly close to some of the most opulent luxury. As an investor in New York property you want to be aware of this possibility so as to not miss any good opportunities simply on account of ignorance.
When looking for property in New York City, you must consider the people, especially when it comes to homes for yourself or potential tenants. Ultimately, the people are what will determine the quality of life. Will it be a noisy place? Full of trash? Or does the local community take some pride in itself, without any kids running around making mischief?
Even when it comes to the commercial side of things such considerations are important. If you have space for rent but the neighbors are lower class people, you probably won’t get any upscale businesses looking to sign a lease with you, even with all the governmental encouragement there is, such as tax breaks and the like.
It’s a delicate balance, which is part of the reason why rents are so high in the city. But what to do as an investor?
Watch. And learn. You can never learn enough about such an exciting, dynamic city, and you never can tell just when such knowledge may be put to good use. Why not bicycle around to get a good feel for a place? New York City has ambitions to become one of the most bicycle-friendly municipalities in the country, and this is one of the best ways to transport yourself through different places in order to get a personal feel for them.