A professional degree in Juris Doctor relates to a higher grade of studies in law. With business houses expanding in size and the legal issues gaining higher importance for day to day working of large corporates, demand for Juris Doctor professionals has been increasing. As the business interacts more with the society and their other counterparts need to resolve legal matters emerge simultaneously. All this has given an impetus to students aiming for career in law field. But a purely law background without any corporate experience may not be well accepted by business industry. Top ranked services in companies also demand a graduate in business organization along with lawyer’s degree.
As demand for combined degree in JD and business is being a preferred combination to build a rewarding career in law. Business and law schools at various places have joined hands to impart students with best career courses. At many places Law Schools providing degrees of Juris Doctor and business school providing Master in business administration present a cooperative program for the convenience of aspiring students. This opportunity to avail concurrent degrees in both fields is a stepping-stone for success of students. Students who cannot travel to different places at the same time have a best prospect of finding excellent professional training under one roof.
Surviving in the law field gets tougher from the day one tries to enter the school of law. Getting admission requires fulfilling entire formalities along with earlier creditable basic high school record, clearing the admission test for the law school and even recommendations from people. The same is applicable for business studies a student is required to prove his quantitative skills and efficiency in microcomputers to get admitted. A dedicated and hard work during the courses ensures students with excellent results which in turn to provide better career opportunities.
A law person has various prospects for different types of career that he would like to accept. Depending on his caliber and willingness to work hard a lawyer can decide upon practicing law in an exclusive law firm or he may choose to be an in house lawyer. An exclusive law firm requires an extensive knowledge of one particular area in law where as an in house lawyer is required to deal with entire aspects of legal issues that relate to the particular company in which he is involved.
While undergoing training in one of the law schools a student would learn about different aspects of law like civil law, criminal procedures, constitutional law, contracts, property, professional responsibility, basic federal income taxation, legislative and administrative interpretation and many others. The syllabus is cautiously devised to ensure that students receive exhaustive training to deal with maximum situation in the professional front. Similarly Masters Degree in Business administration imparts education in business for global society, corporate finance, managerial accounting, information resource management, strategic management, master’s project and other similar relevant courses. Anyone pursuing both law and business studies simultaneously has an advantage of studying some courses that are counted towards both degrees and hence a considerable amount of work is reduced for these students.
Thinks You Should Know Before You Bid On A Business
Whatever your reason for going out on your own, you must keep your reason in the forefront of your mind. If you forget your reason for starting your own home business, you will not be working for yourself for long.
Self-motivation is the key to success when you start a home-based business. You need to possess the ability to push yourself ahead. Your drive and determination will be reinforced with every new sale.
Remember --- your own business is a lot like a real job. Some people go to work to play, some go to socialize, and others --- most often those who are paid in a commission or tip environment --- go to work to work and to make money. When you work for yourself, your salary is directly proportional to your productivity.
In every home business, there are certain processes that we do over and again, please factor in the most important element concerning the cost of your promotions.
What element is that? Your time!
Value your time at a certain dollar amount, and figure in your time into the cost of your promotional accounting. Because too many promoters lose sight of this concept and spend 20 hours to generate one sale while using free advertising.
The level of success that you will achieve greatly depends on the time and effort you are willing to plow into your new home business. Your organization, planning and marketing skills, will all be put into practice when you embark on your liberating journey.
Most people have a misconception about having to spend lots of money in order to advertise their home business. When you start out, you honestly will not have much money available for advertising, and if you do, you should still spend it wisely.
It is important to understand what you expect to gain from your advertising
In order to make good decisions concerning how to spend your advertising budget, you must first have a good understanding of the different types of advertising and promotion available and what can be expected to be achieved by each.
However you choose to spend your advertising dollars, you should always track the results of your promotional efforts. No business can survive the long run without some form of consistent advertising.
Self-motivation is the key to success when you start a home-based business. You need to possess the ability to push yourself ahead. Your drive and determination will be reinforced with every new sale.
Remember --- your own business is a lot like a real job. Some people go to work to play, some go to socialize, and others --- most often those who are paid in a commission or tip environment --- go to work to work and to make money. When you work for yourself, your salary is directly proportional to your productivity.
In every home business, there are certain processes that we do over and again, please factor in the most important element concerning the cost of your promotions.
What element is that? Your time!
Value your time at a certain dollar amount, and figure in your time into the cost of your promotional accounting. Because too many promoters lose sight of this concept and spend 20 hours to generate one sale while using free advertising.
The level of success that you will achieve greatly depends on the time and effort you are willing to plow into your new home business. Your organization, planning and marketing skills, will all be put into practice when you embark on your liberating journey.
Most people have a misconception about having to spend lots of money in order to advertise their home business. When you start out, you honestly will not have much money available for advertising, and if you do, you should still spend it wisely.
It is important to understand what you expect to gain from your advertising
In order to make good decisions concerning how to spend your advertising budget, you must first have a good understanding of the different types of advertising and promotion available and what can be expected to be achieved by each.
However you choose to spend your advertising dollars, you should always track the results of your promotional efforts. No business can survive the long run without some form of consistent advertising.
You May Have A Successful Small Business Idea
You surely know that a small idea can lead to a great business success. The first movement is to think of an idea that would be suitable for the business market. After coming up with the idea, the next step is to put that idea into action. Of course, this is a very difficult step and having the idea is only the start of the journey. After that you will have to face many obstacles before being able to carry on with your business project. This is just the beginning of this process and there is a lot of questions you will have to answer before even start.
Some of the main aspects you have to concentrate on when you have business ideas are the abilities and gifts you can pour into the business. It is very important for you to be identified with your business project. Those ideas should be based on activities and actions you take pleasure in doing. For example, if we suppose that you dislike working in the open, landscaping business would not suit you. On the other hand, if you like working with children, setting up baby-sitting or tutoring business would be an excellent idea. In this case, without any doubt you business will be more successful because you will have put your mind, effort and also your heart on it.
Another vital step is to analyze the needs of a specific product or service in your region before setting up your business. Do people of your area need your product? Are there other business like the one you are planning to start? You should ask yourself whether or not you are the only one offering that service or product. If you are not, you will have to analyze the competence you will have to face. You have to think whether the service you are offering is one that customer would repeat, or if it is a one-time specialized service. Obviously, the former are more likely to succeed than the latter.
There are other aspects you have to take into account. These aspects are described below:
- One of them is that if the idea is unique, you will reign the market. But if there is much competition, it will be difficult to enter into the market.
- A second point would be if you can offer quality from the very beginning, otherwise, you won't succeed.
- Finally, you have to think about your capital to start your own business. There are many business ideas that require little investment and bring great profit. Some demand research, such as daycare service, and others need a large amount of money to begin the business. So take this recommendation into account before investing all your money in a small business idea.
Some of the main aspects you have to concentrate on when you have business ideas are the abilities and gifts you can pour into the business. It is very important for you to be identified with your business project. Those ideas should be based on activities and actions you take pleasure in doing. For example, if we suppose that you dislike working in the open, landscaping business would not suit you. On the other hand, if you like working with children, setting up baby-sitting or tutoring business would be an excellent idea. In this case, without any doubt you business will be more successful because you will have put your mind, effort and also your heart on it.
Another vital step is to analyze the needs of a specific product or service in your region before setting up your business. Do people of your area need your product? Are there other business like the one you are planning to start? You should ask yourself whether or not you are the only one offering that service or product. If you are not, you will have to analyze the competence you will have to face. You have to think whether the service you are offering is one that customer would repeat, or if it is a one-time specialized service. Obviously, the former are more likely to succeed than the latter.
There are other aspects you have to take into account. These aspects are described below:
- One of them is that if the idea is unique, you will reign the market. But if there is much competition, it will be difficult to enter into the market.
- A second point would be if you can offer quality from the very beginning, otherwise, you won't succeed.
- Finally, you have to think about your capital to start your own business. There are many business ideas that require little investment and bring great profit. Some demand research, such as daycare service, and others need a large amount of money to begin the business. So take this recommendation into account before investing all your money in a small business idea.
Pay Your Children to Work for You with the Blessing of the IRS
Save on Taxes by Hiring Your Children
You've heard that you can't have your cake and eat it, too. But hiring your own family is one case when you can. Pay your minor or adult children to work for your business, then write it off as an expense.
Many people are confused about whether it's legal to hire their children and grandchildren. Follow my advice to satisfy both the IRS and employment laws - while saving on your own taxes. Assuming it's a true payment for services performed (and the paperwork is handled properly) it's totally legal and acceptable to pay family members.
Minor Children Save the Most Taxes
Child labor restrictions don't apply to a parent (unless it's in manufacturing, mining, or any hazardous occupation defined by the Department of Labor) - even under 16. I hired my own daughters from the ages of 7 and 9 without a hitch.
You need not pay withholding income taxes, payroll taxes (including Social Security) and Workmen's Compensation (in most states) until the child turns 18. Just remember to complete quarterly payroll tax returns, as you must for any employee. Forget about paying federal unemployment taxes until the child turns 21.
However, if your business is an S or C Corporation, you must pay Social Security and Medicare taxes regardless of their ages.
To Survive IRS Scrutiny
1. The children actually have to work
2. Pay them consistently
3. Pay them according to what you'd pay someone else
4. Keep detailed records
5. Issue a W-2 at year end and file a tax return for the child, even if no tax is owed
Example:
Wages paid to 13 year old child $6200
Less: Standard deduction for 2005 (5000)
Taxable income $1200
Tax Due (10% x $1200) $ 120
While for the parents:
Wages paid to the child $6200
Tax Savings (40% x $6200) $2480
For a net savings to the family of $2360
The income tax standard deduction is $5000 for every person in the country, including each of your minor children. So unless you pay them more than that, they won't have any tax obligation at all. And since they really earned it, the "kiddie tax rules" do not apply.
When hiring adult family members you can justify larger salaries. And they can participate in benefits like qualified retirement benefit programs and fringe benefits (like medical insurance and childcare).
Working for You Teaches Children about Managing Money and Saving
The income has to be earned by the child, so the amount needs to reflect the value of what's done. And the money does belong to them, even if it's being saved for college.
Many of the benefits of involving your children in your operation aren't tax-related at all. They're gaining practical experience, learning the value of work, and maybe how to carry on the family business down the road.
If you're wondering whether to trust my advice, I've sat on both sides of the desk. I worked for the IRS, and since leaving there have conducted almost a thousand seminars on financial planning and taxes. I speak to real estate and banking professionals all over the country, and have found that everyone wants to learn smart strategies that bring reliable financial returns - without getting them into tax trouble. In my opinion, hiring your family is one of them.
Don't hesitate to put the troops to work. When you hire your children you're teaching them skills they'll be able to use for the long haul. They're learning the value of a dollar - and how hard you have to work to earn them. And bottom line, it makes good financial sense as well.
© 2005, Chris Bird
You've heard that you can't have your cake and eat it, too. But hiring your own family is one case when you can. Pay your minor or adult children to work for your business, then write it off as an expense.
Many people are confused about whether it's legal to hire their children and grandchildren. Follow my advice to satisfy both the IRS and employment laws - while saving on your own taxes. Assuming it's a true payment for services performed (and the paperwork is handled properly) it's totally legal and acceptable to pay family members.
Minor Children Save the Most Taxes
Child labor restrictions don't apply to a parent (unless it's in manufacturing, mining, or any hazardous occupation defined by the Department of Labor) - even under 16. I hired my own daughters from the ages of 7 and 9 without a hitch.
You need not pay withholding income taxes, payroll taxes (including Social Security) and Workmen's Compensation (in most states) until the child turns 18. Just remember to complete quarterly payroll tax returns, as you must for any employee. Forget about paying federal unemployment taxes until the child turns 21.
However, if your business is an S or C Corporation, you must pay Social Security and Medicare taxes regardless of their ages.
To Survive IRS Scrutiny
1. The children actually have to work
2. Pay them consistently
3. Pay them according to what you'd pay someone else
4. Keep detailed records
5. Issue a W-2 at year end and file a tax return for the child, even if no tax is owed
Example:
Wages paid to 13 year old child $6200
Less: Standard deduction for 2005 (5000)
Taxable income $1200
Tax Due (10% x $1200) $ 120
While for the parents:
Wages paid to the child $6200
Tax Savings (40% x $6200) $2480
For a net savings to the family of $2360
The income tax standard deduction is $5000 for every person in the country, including each of your minor children. So unless you pay them more than that, they won't have any tax obligation at all. And since they really earned it, the "kiddie tax rules" do not apply.
When hiring adult family members you can justify larger salaries. And they can participate in benefits like qualified retirement benefit programs and fringe benefits (like medical insurance and childcare).
Working for You Teaches Children about Managing Money and Saving
The income has to be earned by the child, so the amount needs to reflect the value of what's done. And the money does belong to them, even if it's being saved for college.
Many of the benefits of involving your children in your operation aren't tax-related at all. They're gaining practical experience, learning the value of work, and maybe how to carry on the family business down the road.
If you're wondering whether to trust my advice, I've sat on both sides of the desk. I worked for the IRS, and since leaving there have conducted almost a thousand seminars on financial planning and taxes. I speak to real estate and banking professionals all over the country, and have found that everyone wants to learn smart strategies that bring reliable financial returns - without getting them into tax trouble. In my opinion, hiring your family is one of them.
Don't hesitate to put the troops to work. When you hire your children you're teaching them skills they'll be able to use for the long haul. They're learning the value of a dollar - and how hard you have to work to earn them. And bottom line, it makes good financial sense as well.
© 2005, Chris Bird
FOUR SIMPLE STEPS TO BETTER RESULTS WITH YOUR RESUME
Is every job description you read the same? No.
Is every job you submit your resume to the same? Of course they aren’t.
If all these job descriptions are different, why do you submit the same resume?
Every day, people send the same generic resume out as though each position was identical and each employer was attempting to hire identical skills and attributes. Too often, the results they receive are like the broken watch that is right twice a day—hit or miss success.
They list their name, address, phone numbers and email address, list an objective, education, and chronology of experience with dates of employment. The resume includes some successes or accomplishments. This is their resume.
In the days prior to computers when changing a resume required you to re-type different versions, this made sense. Today, when computers allow you to customize, spell and grammar check documents so easily, you are missing out on opportunities and costing yourself money by being lazy and not tailoring your resume for each opportunity you are interested in.
Here are several steps that you can do to improve your resume and get better results.
1. Each employer will be interested in different attributes of your experience. They often indicate it by the items they describe in their job ad. Emphasize the experiences that you have that relate to the skills being sought and the functions you will perform in the job they will ask you to perform. If you are applying for a staff position, emphasize your staff experience and minimize your management experience. If you are being hired to be a leader, write about your recent leadership.
2. Employers are more interested in recent work, rather than work you did many years ago. Use more space in your resume to highlight recent experience, rather than things you did before George W. Bush became President.
3. Like setting a goal where you make them specific, measurable, achievable within a specific period of time, describe your successes or achievements concretely. Reducing costs is a nice start but it is more powerful to describe something as reducing operational costs globally by 2%. Increased departmental sales by 27% resulting in . . . You get the idea. Use action verbs wherever possible
4. Ask someone you trust to critique what you’ve written. Too often, people believe that they can do everything by themselves without asking for help. Ask a friend in your industry to critique what you’ve written to insure you’re on target and aren’t missing the mark.
Is every job you submit your resume to the same? Of course they aren’t.
If all these job descriptions are different, why do you submit the same resume?
Every day, people send the same generic resume out as though each position was identical and each employer was attempting to hire identical skills and attributes. Too often, the results they receive are like the broken watch that is right twice a day—hit or miss success.
They list their name, address, phone numbers and email address, list an objective, education, and chronology of experience with dates of employment. The resume includes some successes or accomplishments. This is their resume.
In the days prior to computers when changing a resume required you to re-type different versions, this made sense. Today, when computers allow you to customize, spell and grammar check documents so easily, you are missing out on opportunities and costing yourself money by being lazy and not tailoring your resume for each opportunity you are interested in.
Here are several steps that you can do to improve your resume and get better results.
1. Each employer will be interested in different attributes of your experience. They often indicate it by the items they describe in their job ad. Emphasize the experiences that you have that relate to the skills being sought and the functions you will perform in the job they will ask you to perform. If you are applying for a staff position, emphasize your staff experience and minimize your management experience. If you are being hired to be a leader, write about your recent leadership.
2. Employers are more interested in recent work, rather than work you did many years ago. Use more space in your resume to highlight recent experience, rather than things you did before George W. Bush became President.
3. Like setting a goal where you make them specific, measurable, achievable within a specific period of time, describe your successes or achievements concretely. Reducing costs is a nice start but it is more powerful to describe something as reducing operational costs globally by 2%. Increased departmental sales by 27% resulting in . . . You get the idea. Use action verbs wherever possible
4. Ask someone you trust to critique what you’ve written. Too often, people believe that they can do everything by themselves without asking for help. Ask a friend in your industry to critique what you’ve written to insure you’re on target and aren’t missing the mark.
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