The above words, uttered by Benjamin Franklin, may have started out as a satirical look at life but have proved to be painfully true, particularly of late. Every news item in the media covers reports of doom and gloom in the financial and criminal sectors of society today and people are full of uncertainty about so many things.
Quite tellingly, one young woman has recently one 7 pounds million on the lottery and is undecided about where she can safely put it, given that all the banks are collapsing and people are losing their savings left, right and centre. So, saving our money and investing our money are all issues that are on shaky ground. No such problem with our taxes - for some reason these are all still taken religiously.
Of course, there are the necessities of life that our tax money pays for such as the emergency services and the services of the council but when you get news reports of 'bin police' it certainly can feel like they are wasting our tax money! So, our tax money is taken and used to less positive effects, people are losing their savings and homes are being repossessed due to extortionate bank charges and interest rate hikes.
Of course, not so long ago, many people could be pretty sure of a relatively nice next egg when their family passed on. There would either be a family home or some money to be inherited but with the massive charges in inheritance tax and the fact that many are selling their homes to pay for care in their old age, these things are no longer certain either.
However, there is light at the end of the tunnel. You can find a wise place to invest your money that, later on, will leave you with either a home to live in that is safely paid for or a decent amount of money to retire on. The answer is leaseback property.
Buying up French property that can be used for rented accommodation to students, the elderly or business people, is an investment that is subject to a great tax saving which the French government have implemented to help restore the balance between property available and tenants looking for a home. This is the leaseback scheme.
The tax savings that accompany leaseback properties are enormous. Tax paid on the price of a property can be claimed back and virtually every penny that is made whilst renting out leaseback accommodation can have the tax paid back to you.
You do not have to be a resident of France to take advantage of this scheme either. Anybody can do it and if you do not wish to live in France, you can employ a management service to oversee the running of the property. The only stipulations are that you need to have a reception and laundry service on site. If these are in place and you are renting to the needy, such as students, then you can claim the property to be under the leaseback scheme.
When you are ready or when the mortgage is paid, you then have a property that you can take over and live in, paid for without forking out for the painful taxes and retire in peace and security.
Just putting your design on paper before you open your doors for trade is simply not enough. There are lots of other things to consider as an business owner. I think most people would agree with me that opening a company is not an easy task. The tasks to consider are not only detail oriented but also could be difficult to prioritize.
However tedious and trivial some may seem could be the reason why most lenders decline your loan application for a company loan if you ignore them. Did you know according to a study done by the U.S. government small companies indicates that out of 15.7 million loan applications only 3% were approved.
I'm here to tell you if you're thinking about opening or already have a company, then building your business credit should be a major priority. If you find it too difficult or time consuming to achieve this task, then you should seriously consider hiring a good company specialist to help guide you step-by-step on how to build your company credit.
One of the biggest mistakes most company owners make is not being able to structure their company properly to acquire a credit rating. Act now! Don't wait until you need financing. In this article, I'm going to give you some tips of what you need to consider and point out some major pit-falls to avoid when building your business credit.
Why is it important to establish excellent business credit?
I can think of many valid reasons why you should establish your company credit. First of all, you want to do everything you can to separate your company credit from your personal credit. You may want capital for costs or perhaps merchant credits for equipment and supplies; or credit cards for monthly miscellaneous expenses; maybe you're just tired of personally guaranteeing every loan you apply for.
As a reminder, your ability to have a loan of money does not necessarily mean you have to burden your company with debts. The idea is to have the ability to grow, make sound decisions to give you the upper hand to stay ahead of the fight.
Not having company credit is exactly the same as not being able to get financing. Your company credit history begins on the day you establish it. This rule is constant even if you've been in business for many years. No matter how victorious your company maybe, company credit does not happen automatically.
When you go to the lender and apply for a loan the lender places your company on a scale and rates it on several different areas. This rating covers everything within your company. There is no exclusion. The lender will decline your application if you're missing just 1 item in your rating.
How do you know what your company is being rated on? If you send us your information we will send you a free Ebook that discusses the rating procedures.
Both Shaun Parker & Richard Noah are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Shaun Parker has sinced written about articles on various topics from Online Marketing, Auto Insurance and Wedding Bells. Shaun Parker is a leading financial expert with many years of experience in the property industry. Find out more about at. Shaun Parker's top article generates over 246000 views. to your Favourites.
Richard Noah has sinced written about articles on various topics from Tax, Management and Legal Matters. ? 2008 Copyright Richpie2. All rights reserved worldwide. - Pierre Hippolyte, The Business Solutions Guy, has consulted and helped thousands of people and their companies throughout the U.S. successfully establish company credit and obtain company loans.. Richard Noah's top article generates over 3600 views. to your Favourites.