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Process Of Obtaining An EIN?

When you’re trying to start a new business, you know that there is a lot of paperwork that has to be done first. Business licenses, seller’s permits, and other documentation is needed to ensure that your new company is up and running the right way. However, the most crucial paperwork you need to submit is the EIN application. Since this is essential to your business, let’s find out how you can get it ASAP.

What is an EIN?

This stands for Employer ID Number, and it’s a form ofTtax ID provided by the IRS. Just like a social security number is used for your personal taxes, an EIN is used for businesses. This number is necessary if you plan on doing any one of the following:

  • Hire Employees
  • Open a Business Bank Account
  • Form a Corporation
  • Form a Partnership

In many cases, an EIN is also ideal for LLCs, but not always necessary. Also, if you are filing for a sole proprietorship, you can use your SSN in place of an EIN.

How to Get an EIN

Fortunately, the process for obtaining this Tax ID number is super easy. You can either go to the IRS directly, or you can rely on a third-party website.

There is a form that you have to fill out, which you can submit either online or via fax. We highly recommend the former option since it will enable you to get approved within a day or so. In many cases, an EIN can be granted in just a few hours.

Overall, getting an employer ID number should be one of the first steps in starting your new business. Thankfully, the process is straightforward and painless, so you should be able to get it and be up and running in no time.

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How to Claim Back Your Money for Flights if You’re Delayed

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The sudden realisation that your flight is going to be delayed can leave a sinking feeling in your stomach.  It certainly is not what you want when you travel by air, but the fact remains that delays do happen.  While they are frustrating and disruptive, it is essential to keep your head and learn how to claim back your money if your flight is delayed.

Know the Rules

First of all, it is essential to know what you can claim back and when.  Under the EU Regulation 261/2004 if your flight has been delayed for over three hours you are entitled to get compensation, and this includes claiming your money back.  If you were over two hours late arriving than first planned after being offered a different flight when your original flight was cancelled – you are also entitled to claim your money back.   Once you have established the time element, you need to know what category the claim falls under.  Flights can be delayed for a massive amount of reasons including mechanical faults and adverse weather conditions.  Claims can include disruption to connecting flights, but the rules change if the plane leaves the EU so again, knowing the regulations really helps.

How Do You Begin a Claim

Firstly you will need to gather all the information you have surrounding the flight.  This can include but is not limited to, boarding passes, tickets, vouchers for food offered by the airport and details of the events as they unfolded.  With the use of mobile phones being so widespread it is now accepted that photos and videos can be used to support cases so if you want to record things as they happen, it might be an excellent idea.  The more information you can present the better as this helps the compensation ruling decide what is fair.  Under-representing your inconvenience and stress could see your claim dismissed but keep claims real, as details can be checked.

What Happens Next

You now have two choices, you can submit a compensation claim yourself, or you can choose to work with a professional, either a solicitor or a no win no fee flight delay claims company who are well placed to help you make a successful claim.  Remember that the scope of compensation is broader than just getting the money back on your ticket.  Compensation claims take into account inconvenience and stress placed on the passenger for the flight being delayed.  For some people, this might be a minor inconvenience but people fly for many reasons, and sometimes timing is paramount, and the effects of a delayed flight can be devastating. This is one of the reasons why a no-win no-fee solicitor is perfect as you are gaining all the professional knowledge you need without having to pay if you happen not to win the case – which you would with a high street solicitor.  They are specialists in their area, so the best people to ensure you are making the best claim possible with the most chance of success.

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Should I Set Up a Trust for My Business?

When you put your business assets into a trust, you protect them from legal proceeding, which is highly beneficial if your own a family-run company. This option is a smart one, but it doesn’t come without its own obstacle. To answer the question once and for all, we take a look into the advantages and disadvantages of obtaining a business trust, looking into the legal jargon that often overcomplicates things.

What Makes a Trust?

Different to a limited company set up, a business trust isn’t a separate legal entity in itself. When broken down, it is a business structure where the trustee – often a registered company – conducts business for the benefit of the trust’s members. The trustee responsibility is then to distribute the trust’s income out to its beneficiaries, whilst safeguarding its overall financial health. This can sometimes incorporate larger business decisions such as the sale of assets or money lending. A trust will also come with an appointee, who has the power (as laid out in the trust deed) to remove the trustee and appoint someone else in their place.

What Trust Type Will You Need?

For businesses, a company typically acts as the trustee, with each beneficiary being designated a certain number of ‘units’ in the trust. It is these units that outline how much income that member will actually receive. In addition to this, discretionary trusts can also be created for businesses. More often than not, this will be family trust, where the trustee has full power over the funds that are dished out to the beneficiaries. You can also look to embark upon a hybrid trust that combines units and discretionary trusts depending on your set up and preference.

What Is the Downside?

In contrast to a partnership or sole trader set up, a trust can often be expensive to put in place with required fees from trust solicitors on an ongoing basis. The initial installation fee can typically be reduced if a pro-forma trust deed is used but this can be complicated so it is best to seek professional insight from trust solicitors in Manchester. If you opt to be more private than what you’d see of a company, the legal and compliance trust requirements become a lot more difficult and stricter. Something worth noting is that a trust comes with a limited life span, which is commonly a total of 99 years.

Trusts can be highly beneficial for family run businesses as they offer tax advantages and flexibility in regards to how profits are distributed to beneficiaries. It simply depends on your situation but whenever making a decision that is of such importance, it is always best to seek legal advice to highlight if a trust is the correct path for your business. Whether you choose to go with a trust, partnership, company or sole-trader arrangement, it is vital that you understand your specific needs before signing on the dotted line to avoid an unneeded costs and headaches.

A Million Lives

Travelling in all its glory is fun and exhilarating but sometimes you might want to find some information on where to go, what to see and how to go about it from someone other than the go-to websites, especially when it comes to travel hacking and the coolest, most useful ways to get the most out of your next adventure.

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