Article Abstract:
Nine basic errors most commonly committed in negotiating a financing or any major deal are enumerated and discussed. These pertain to insufficient preparation for a transaction, poor follow-up, neglecting standard lending criteria, insufficient legal and accounting advice, non-documentation of requests, a large gap between initial interest and closing, a non-compromising negotiating stance, last-minute requests and inadequate knowledge of the workings of the money market.
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Article Abstract:
The intial meeting in a business negotiation is vital. Negotiators should be informal, cooperative, understanding and certain of their company's needs. Major issues should be avoided at the first meeting as this may be perceived as too aggressive. The closing of a deal is just as important and requires a sense of good timing. Those who draft the contract have an advantage as protective clauses can be included. The contract needs to be clear, succint and credible.
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Article Abstract:
Business owners should ensure that adequate documentation is in place to defend themselves from any action the IRS may make against them. Without proper tax records, the IRS can disallow deductions, establish zero cost basis on capital assets, audit for intermingling of funds, reorganize taxable income and assess negligence and accuracy penalties. Penalties and assessments for late filing, late payments and frivolous returns should also be avoided.
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