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Starting a Business With a Friend: 4 Things to Consider

The ultimate question: Could you and your friend make the perfect business duo? The answer may be more complicated than you think. You love spending time with your friend and the idea of becoming entrepreneurs together. Why not fulfill your dreams with each other? Companies like Airbnb and Ben & Jerry’s had success in this area — they all started from friendships.

But much more goes into starting a business with a friend. You may make great business partners, or you could wish you had taken your venture solo. Before making any financial decisions, analyze the pros and cons and ask hard questions. For example, will you equally invest? Who will take on which tasks and responsibilities? Sift through the easy and hard questions to see where your business friendship lies.

To help you and your friend make a confident and informed decision, skip to our flowchart or keep reading.

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Questions to Ask Before Going Into Business With a Friend

Before jumping into your business plan, ask the hard questions. These can be tough to ask and answer, but they could save your friendship from a business relationship gone sour.

Question 1: Do You Share the Same Values?

Depending on your life stage and goals, your values could differ greatly from those of your potential business partner. You may appreciate living a relaxed lifestyle that gives you the financial freedom to do what you love, while others may value a fast-paced lifestyle filled with activities and long workdays. Differences in values could spark tension in your business relationship.

Ask yourself: Do you and your potential business friend have the same values? If so, great! If not, note your differences and if they’re worth working through.

Question 2: Do You Share the Same Business Goal?

To make sure you’re on the same page, schedule a brainstorming session with your friend. Map out your one-month, six-month, one-year, and five-year goals for your startup. Is your goal to make a certain amount of revenue? To hire a certain number of full-time employees? Or to take your business idea global?

If you have the same intentions, move on to question three. If any of your goals contrast, there may be trouble in paradise. See if you can work through your differences before investing your time and money.

Question 3: Do Your Skills Complement Each Other?

You and your friend each have your own strengths For example, you may be good at time management while your friend is better at sales. For skills you’re both lacking, think about how you’ll fill in the gaps. If you and your friend’s startup plan has a budget for hiring freelancers, or one of you has the dedication to learn something new, this may not be a concern. No matter what, especially if you’re bootstrapping your business idea, it’s essential to talk through it.

If you don’t compliment each other’s needed skills, who will step up and learn them?

Question 4: Do Your Career and Lifestyle Habits Align?

Depending on your business goals, this could be a make or break question for a professional partnership. For instance, one friend may be a morning person while the other’s a night owl. One can take over morning meetings and emails while the other’s responsible for evening website development and customer service.

If one friend’s lifestyle habits don’t suit the other, it may be best to opt for other business opportunities. While starting a business could adjust your habits, it’s easy to fall back into old ones from time to time.

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The Pros and Cons of Doing Business With Friends

Before entering any business arrangement, it’s reassuring to weigh the pros and cons. Could your new business idea benefit or hinder your future relationship and career?

Pros: You Have a Friend Through the Ups and Downs

Starting a business with a friend is similar to marriage — you’re there for each other through the good and bad. Whenever you’re having trouble, you know who you can go to for help. And you’ll be able to do most tasks together. For example, approaching investors as a team vs. going solo could put your nerves at ease.

Cons: You Know the Same People

Instead of getting together for your weekly catch-ups, you could spend all day together! While this can be exciting, it can also be hard to leave work at work. When you both hang out with the same people, there may be little room to disconnect from each other and your business.

Pros: You Understand Each Other’s Strengths and Weaknesses

You likely already know how each other operates and your strengths and weaknesses. Instead of learning the way a new business partner functions, you already have the upper hand. On day one, you and your partner could delegate tasks that fit everyone’s strengths best.

Cons: Your Friendship Could Turn Strictly Business

Your current friendship can be hard to separate from your new work partnership. Taking your work too seriously could stiffen your current relationship. Even after your work’s done, “friend” time may slow down. To have the best of both worlds, over-communicate throughout your entrepreneurial adventures.

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Pros: You Feel Comfortable Communicating

You may have been friends for months, years, or even decades. Having a strong friendship foundation helps bolster your communication in the workplace. Plus, you most likely know how your friend may react to a situation gone wrong. Take note of your friends’ communication habits and foster them throughout your business relationship.

Cons: It’s Easy to Let Emotions Get the Best of You

Be careful not to let your emotions dictate your business decisions. A situation could happen in your friend group that makes its way into the office. To avoid any personal matters in the workplace, come to an agreement — no drama. If situations arise, take some time off to clear your mind, rest, and come back more motivated and inspired.

Pros: You Get to Spend More Time With Each Other

You get to spend countless hours talking and doing business activities together. You could spend all day tackling business tasks and wrap up the workday chit-chatting about your lives. It’s an amazing opportunity to spend more time with your friend without letting other responsibilities slip through the cracks.

Cons: Friendship Failure Could End in Financial and Business Failure

When tension builds in the workplace, it could damage your business outcomes. Not wanting to attend a meeting with your partner could halt business productivity, or worse, end it. To avoid losing profits on your friendship and investments, you should both outline an exit plan if things go wrong.

Tips for Starting a Business With Your Friend

Before toasting to your other half and investing in your passions, properly prepare yourself. Show up to your new business like you would a new job. Have your plan documented before building your business empire.

1. Nit-Pick Your Business Plan

Small issues could grow months or years after starting your business. To avoid future problems, talk through small and large inconsistencies with your partner. Having different lifestyle habits may not be an issue now, but could be difficult after a year of working together.

2. Communicate Often

About one third of projects lack proper communication. Avoid project or business failure by finding a communication method that works for you and your partner. Daily catch-up meetings or weekly email updates are a few examples. Make it enjoyable by sipping your favorite coffee or eating your lunch while playing catch up.

3. Establish and Honor Boundaries

Eliminate tension in the workplace by setting a rubric for working hours. Avoid talking about personal matters until you step away from your work tasks. If you and your partner need to establish additional boundaries, clearly outline them as they come up.

4. Make it Official With Contracts

Once you’ve worked through any complications, put it all in writing. If things were to go wrong, documents and written statements can be referenced in court. To do this, contact a lawyer and draft up a business plan. Any business promises you make should be in writing for any miscommunications. Compensation rates, profit shares, investment contributions, and business accounts are a few things that should be listed on this document.

Before investing your time, energy, or money into your startup dreams, make sure you’re fully prepared. Could you and your friend be great business partners? Take our quiz below to find out. Don’t forget to keep track of your budget and investments throughout the startup process.

Starting a Business With a Friend: 4 Things to Consider appeared first on MintLife Blog.

Source: mint.intuit.com

A Guide To Everything You Need To Know About Home Ownership Costs [Free Download]

Along with the excitement of purchasing a new home, comes the additional costs that you will be expected to pay as a homeowner. Apart from covering the mortgage of your home, you’ll have additional expenses – such as home insurance – that you will be expected to cover. If you’re looking to budget for a home purchase, it’s important that you consider these costs as they can add up to thousands of dollars each year.

To help you make educated decisions when budgeting, we’ve compiled a list of the major home ownership costs in one free, downloadable guide. Get the Home Ownership Costs to Consider guide here.

Home Insurance

Home insurance policies help protect against serious damage and destruction, like fires, leaks, floods, or break-ins. It also protects a homeowner from personal liability. Some banks may offer home insurance products, although you can typically purchase a home insurance policy through a home insurance agent or broker. 

Tip: You may get better rates if you use a broker or agent. It’s also important to keep in mind that policies typically renew on an annual basis.

Condo Fees

The cost of maintenance fees should be taken into account when you’re buying a condo. This recurring cost is in addition to your mortgage and impacts how much home you can afford. 

Your mandatory monthly fee will vary by your building and square footage. It typically covers:

  • Utilities (such as water and garbage collection)
  • Building insurance
  • Maintenance of common areas (such as the gym, pool, front desk, hallways, landscaping)
  • Building reserve fund (covers emergencies and long-term maintenance projects such as a new roof or elevators repairs)

What Are Status Certificates?

If you’re looking to purchase a condo, you’ll want to look into obtaining a status certificate so that you have as much information about the building and your unit as possible before buying. A status certificate provides valuable information about the condo corporation and its financial

situation. It includes details on the budget, legal issues, the reserve fund, maintenance fees, and any fee increases expected in the future. 

Tip: You’ll want to carefully review your status certificate with your lawyer before making a purchase.

Property Tax

Property taxes are paid annually by homeowners to their municipality. These taxes are ongoing and are separate from your mortgage. Your annual property tax can often be paid in installments.

Tip: It’s important to remember that this cost is not due at closing, but is a recurring cost.

How Are Property Taxes Calculated?

Your property tax rate will vary depending on the value of your property as assessed by your provincial assessment authority. This is then multiplied by a rate that falls between 0.5% to 2.5%.

How Do You Pay Property Taxes?

You can pay your property taxes either through your mortgage provider or directly to your municipality. 

Your Utility Bills

When you purchase a home, you’ll have to set up or transfer your utility bills to your new home. If you live in a condo, these costs may be included in your monthly maintenance fee. Your utility bill will include:

  • Hydro (electricity)
  • Heat
  • Water and Garbage
  • Internet, Phone, Cable

For the full details on the home buyer’s journey including examples, advice, pictures and sample calculations, download a copy of our free Home Ownership Costs to Consider Guide here.

The post A Guide To Everything You Need To Know About Home Ownership Costs [Free Download] appeared first on Zoocasa Blog.

Source: zoocasa.com

ADA Compliance: What Renters Need to Know

You may dream of owning your home or place of business, but renting is more affordable. Plenty of other people are in the same position, so this is a booming business. Part of a landlord’s responsibilities is creating a usable space for all tenants, which means complying with the Americans with Disabilities Act (ADA).

What is the Americans with Disabilities Act (ADA)?

The ADA became law in 1990 to protect both tenants and renters in cases that could involve disability discrimination. Before you sign your next lease for your home or business, check out what every tenant should know about ADA compliance. Renters are responsible for more than you might think, so it’s essential to fully understand what you’re walking into.

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1. Both parties are responsible

People with disabilities are protected by the ADA, specifically when it comes to Title III. This requires landlords to make rental spaces accessible for anyone with a disability so they can access the property equally. They must modify their properties to meet current ADA regulations, which was last updated in 2010.

In the case of renting a commercial or residential unit, both parties are responsible for ensuring they meet ADA requirements. Before signing on the dotted line, discuss any needed additions or renovations and who’s responsible for paying for them. It’s supposed to be a team effort, which can result in liability exposure for the landlord if they don’t comply.

2. Auxiliary aids are included

Hearing and vision impairments sometimes get overlooked during building construction, but they’re part of Title III. Depending on the agreement with your landlord, they may cover most or half of the bill for aids like notetakers, Braille additions or signs in larger print.

3. Accessibility modifications may count

Your landlord may try to fight against paying for accessibility modifications if they want to cut corners. Still, they must pay the full bill if the changes count as reasonable modifications, like installing a ramp to get into the unit. Vertical lifts and elevators may also join the accessibility options list, depending on the renter’s disability.

Reasonable modifications are mostly defined by how inexpensive and quick the projects are, but the landlord should pay the total bill if they haven’t provided an accessible property.

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4. Both parties designate responsibility

Most commercial leases leave room for tenants and landlords to allocate responsibility before they become official. Depending on the tenant’s financial capabilities, the two parties will decide what they’ll pay for regarding unmet ADA compliance. The finer details, if any, will vary depending on the lease.

Even after both parties agree on their responsibilities, tenants may have to go a step further. Read through your lease to see if there’s language indicating you need to provide your landlord with a lawyer if they’re the subject of an ADA lawsuit. They’ll still legally have to meet their agreed-upon responsibilities, but tenants could have to pay for their legal representation if it’s outlined in the lease.

5. Landlords deal with common areas

Even though your rental space may be ADA compliant, the areas surrounding it could be challenging to access. Because spaces like sidewalks and parking lots aren’t included in your lease, landlords are responsible for them.

If you have any issues accessing your rental unit because these areas don’t have the disability modifications you need, your landlord should fix them at no cost to you.

6. Injunctive relief is common

Some renters may seek financial compensation for their time or efforts in dealing with inaccessible spaces, but most of the time, that’s not possible. The majority of states won’t allow plaintiffs to receive monetary damages or compensation under Title III. Still, you may be responsible for attorney fees and costs after the case gets settled in court. The majority of cases end with injunctive relief, where one or both parties work to solve the issues at hand.

The only time plaintiffs might get damages at the end of a case is if the U.S. Attorney General files an action based on a pattern of discrimination on the part of the landlord. The fines then may include financial compensation or back pay as needed.

Get everything in writing

Both tenants and landlords should get everything in writing as they work to come to an agreement about who’s responsible for which ADA compliance issues. If something goes wrong in the future and one party files a complaint in court, documented terms and signed paperwork will help sort through the problem and come to the best solution for everyone.

The post ADA Compliance: What Renters Need to Know appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

COVID-19 Gives a Boost to Estate Planning: How You Can Get a Will Done—and Fast

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Here’s the macabre truth: With hundreds of thousands of confirmed cases of COVID-19 across the country—and the death toll steadily rising—estate planners are reporting an increase in calls and transactions by people wanting to put their affairs in order in case of their death.

But estate planning isn’t just for those with a life-threatening diagnosis. In fact, if you’ve never considered who will inherit your assets, or whom you’d appoint to be your power of attorney, now’s probably a good time. We spoke with several experts to find out everything you need to know about quickly securing your assets during the pandemic—or beyond. Keep reading for all the details.

Estate planning with a lawyer vs. online

If you’re panicked about getting your estate planning done quickly, maybe you’ve wondered: Can’t I just do it online?

While many lawyers advocate for working with a professional, there are situations in which it might make sense to take the do-it-yourself online approach.

“If you’ve already taken stock of your assets and decided on how it should be managed, creating an estate plan is rather straightforward,” explains Felix Sebastian of Legal Templates. “An attorney can draft one up for you in a matter of hours, or you can do so yourself by using forms provided by your state government.”

For those with relatively simple estate planning goals (i.e., a limited number of assets and beneficiaries, and no special circumstances), online services can be a great option, with the added perk of having an incredibly fast turnaround time.

“We have streamlined the process to make it easy and efficient,” says Patrick Hicks, head of legal at Trust & Will. “Most people finish in 15 to 30 minutes, but the process is driven by the individual, so anyone can take more or less time as they desire.

“Our process is much like TurboTax,” he adds. “One easy question at a time, and each question will then lead you through the process to collect and synthesize all of your information and decisions. Most people can complete it all with no preparation and no other documents needed.”

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Watch: Our Chief Economist’s View on the Pandemic, Mortgage Rates, and What’s Ahead

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The downsides of DIY estate planning

If this sounds good to you, you wouldn’t be alone. Hicks says their service has seen a 50% increase in activity even compared with other busy times of the year, and Mary Kate D’Souza, founder of online estate planning service Gentreo, reported a 143% increase in membership over the past week alone.

And while there are certainly potential perks of using an online service (e.g., getting documents faster or saving money on lawyer fees), just be sure you understand what you’re actually getting: a set of unnotarized forms that will likely not include any sort of legal advice.

“Creating an estate planning document such as a will only gets you halfway there,” Sebastian says. “Pretty much every single state and territory of the U.S. requires that these documents be signed by witnesses and/or notarized.”

And on that note: While putting your online forms together can be done relatively quickly, it may end up taking you much longer to get those forms notarized, even if you have the option to do so remotely.

Lawyers urge clients not to delay their wills and trusts

If you’re considering working with a lawyer for your estate planning, the experts are advising you get to it—and fast.

“Since the COVID-19 outbreak, we have experienced a 30% increase in calls from people wanting us to draft powers of attorney, health care powers of attorney, and wills,” says family law and estate planning attorney Chelsea Chapman of McIlveen Family Law Firm.

Plus, beyond those new clients, estate planners are trying to juggle their existing roster of clients, too—who are, understandably, concerned.

“With the COVID-19 outbreak, we’re receiving an exponentially greater number of existing-client calls than usual,” says Judith Harris, an attorney and co-chair of the Estate Trust and Tax Group at Norris McLaughlin.

Although many law offices typically take several weeks to complete estate planning packages, exceptions can be made for emergency situations.

“In the event of an emergency, we can get documents done in 48 hours,” says Eido Walny, founder of the Walny Legal Group. “That’s one heck of a rush job, however, and would require skipping over a lot of other people in the process. As a result, clients who ask for that kind of turnaround should expect to offer all the cooperation that is asked of them and also to pay a hefty premium for the service. But it can be done.”

The final word

Ultimately, however you choose to get your estate planning done, there’s one key takeaway.

“Don’t wait,” Walny says. “Get the planning process started now. Estate planning is not death planning—these documents will help you during life, during illness, and also in death. Hopefully this crisis will pass, and when it does, these documents will continue to be valuable, unlike the 1,200 rolls of toilet paper hidden in the basement.”

The post COVID-19 Gives a Boost to Estate Planning: How You Can Get a Will Done—and Fast appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

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