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Components of a Budget

Last week, we spoke about the importance of business budget for entrepreneurs.  Let’s look at the basic components of a business budget: Sales and other revenues:  These figures are a budget's "cornerstone." Try to make these estimates as accurate as possible, but err on the side of being conservative if you have to. "Everyone would like [...]

By |2017-05-09T01:23:15-04:00June 5th, 2016|Business Tips, DP Services|0 Comments

Importance of Business Budget

It's a basic tenet of business - before you can make money you have to figure out how to spend it. Drafting a budget is a key way to help you turn your dreams for business success into reality. Using this vital tool, you can track cash on hand, business expenses, and how much revenue [...]

By |2017-05-09T02:07:57-04:00May 30th, 2016|Business Tips, DP Services|0 Comments

How do I move from Sole Trader or Partnership to Limited Liability in Trinidad & Tobago..Part 2

As discussed earlier this week, here are the 6 steps to change business operations from a sole trader or partnership to a limited liability as follows: Step 1 Obtain a Notice of Cessation of a Business by a Registered Firm or Individual – Form 9 which can be used by Sole Trader or Partnership Write [...]

By |2017-05-08T00:04:40-04:00May 22nd, 2016|Business Registration, DP Services|0 Comments

When Should a Sole Trader become a LLC in Trinidad & Tobago…Part 1

A client asked me a few days ago, when is the best time to move from a sole trader to a limited liability and what are the advantages and disadvantages of doing this. WHEN With the new V.A.T. threshold increased to Five Hundred Thousand Dollars ($500,000), should wait until your company’s annual income is above [...]

By |2017-05-08T00:27:10-04:00May 15th, 2016|Business Registration, DP Services|2 Comments

Changing Your Business Name in Trinidad & Tobago

Entrepreneurs always ask me can I change my business name after I have registered my business.  You will need the following to proceed forward: Step 1 Obtain a Name Approval/Name Reservation: Form 25 fill out numbers 1 to 6 as normal but in number 7, tick Change of Name and complete No 8 Write a [...]

By |2017-05-07T23:53:38-04:00May 8th, 2016|Business Registration, DP Services|0 Comments

Properly Accounting for Business Expenses with a Home Based Business

HOW DO YOU ACCOUNT FOR BUSINESS EXPENSES when YOU OPERATE YOUR BUSINESS at HOME? Option 1: Calculate the dimensions of your home office or working space as a percentage of your home. This fraction will be used to calculate the exact value of your expense as home which is used by your business: Telephone Electricity [...]

By |2017-05-08T01:12:11-04:00April 25th, 2016|Business Expenses, Business Tips, Taxes|0 Comments

Importance of creating a Business Plan

Many entrepreneurs do not realize the importance of a business plan.  Nor why they should update it even after they have registered their business. Or how often they should revise their business plan as they grow in their business. What is a Business Plan? A business plan is a road map taking you on the [...]

By |2017-05-07T23:59:13-04:00April 12th, 2016|Business Registration, DP Services|0 Comments