Obtaining Trucking Permits To Operate Your Trucking Company: Necessary And Daunting

If you’ve decided to open your own commercial trucking company (and congratulations if you have!) you’re going to need to acquire several trucking permits before you can haul your first load.

Once you’ve decided on your company name and what kind of company you want to be (sole proprietor, Limited Liability Corporation, etc.), you’ll need to register your company’s name in the state in which you reside. You also will need to get a Federal ID number for your company.

Then you’ll need to get your Federal Motor Carrier Safety Administration (FMCSA) Authority for Trucking. This also is known as your Interstate operating authority. Depending on the scope of your business, you may need to acquire several operating authorities based on what kind of cargo you may carry and the area in which you want to operate legally.

These operating authorities also will determine what kind of insurance and financial responsibility your trucking company will have to maintain.

Some additional trucking permits you’ll need to acquire are a Department of Transportation (DOT) number and Unified Carrier Registration (UCR). You’ll also need to obtain your IFTA (International Fuel Tax Agreement).

The IFTA is an agreement among states to report fuel taxes by interstate motor carriers. To register for your IFTA, you’ll need to have established a place of business in the state in which your trucking company will be performed. Your fleet’s operating records must be maintained (or made available) in that state. Mileage also must be accumulated in that state. You also must operate in at least one other IFTA area.

The trucking permits above are just a few of the permits you’ll need to acquire to start or operate your trucking company. Obtaining these can be daunting and delays are common — you’re dealing with government entities, after all. An “authority service” can help you with these many details.

A well-established authority service knows the ins and outs of the transportation bureaucracy and will make it a point to always be up to date on the latest laws and changes to existing laws and the requirements to obtain trucking permits.

An authority service also will be able to help you determine the considerable insurance coverage your trucking company will need to purchase. A well-established authority service can be a great “partner” to have as you start, operate and build your trucking business.

Source by: David Judge


Cash is a vital component of any profit-generating organization. An organization’s assets generate revenue, which in turn generates cash inflows. These cash inflows are used for several purposes: to pay creditors, compensate employees, reward shareholders, provide asset replacement, and provide for growth.

Cash is unique because it’s the single asset that is readily convertible into any other type of asset. Therefore, it’s also the most widely desired asset. However, cash is also the asset that is most susceptible to fraud and abuse. Therefore, management has to ensure that adequate controls and safeguards are in place to eliminate any unauthorized transactions with cash.

Fortunately, there are ways management can safeguard the cash generated by its organization. Each of the following methods will help an organization prevent losses due to human error or theft:

  • Monthly bank reconciliation
  • Segregation of duties over cash handling
  • Accountability for cash shortages
  • Authorized cash disbursement
  • Internal audits

Monthly Bank Reconciliation. Monthly bank reconciliation will help ensure that the amount of cash generated by an organization is consistent with bank records. In addition, an independent review of the reconciliation by management will provide an additional safeguard. Independent verification of bank reconciliation acts as a check to make sure the reconciliation was done properly and ensures there is no abuse of the organization’s cash.

Segregation of Duties Over Cash Handling. Every organization must make sure that there is adequate segregation of duties over cash handling. Separating the duties of cash receipts and disbursements prevents an individual from committing and concealing embezzlement.

Accountability for Cash Shortages. Management should hold supervisors accountable for cash shortages. If supervisors know that they’ll be held accountable for a cash shortage, they’ll be motivated to keep a close eye on how cash is used within their departments.

Authorized Cash Disbursement. Management should allow cash to be disbursed only through checks issued by authorized signers, which will provide a method for tracking cash usage. In addition, your organization should require signatures on all checks in order for them to be valid.

Internal Audits. Every organization should arrange to have internal audits conducted on a regular basis. Whether the auditors come from an internal audit staff or an outside auditing firm, auditing an organization’s accounting system can identify how effective and accurate the operation is and whether or not any improvements need to be made.


QuickBooks allows more than one user to access company files. (Conceptually, an unlimited number of users may have access to the company’s data files, but only five users may work with the data at the same time.) When multiple users will have access to the company’s QuickBooks data files, it generally is necessary to create a control environment that protects the data from unauthorized use. For example, some users may not need access to sensitive payroll data, while others may not need access to accounts receivable and sales information.

One of the best ways to prevent errors when posting transactions in QuickBooks is to limit access to specified users. If passwords and access permissions are not assigned, users have unlimited access to all areas in QuickBooks. When setting up QuickBooks, one user should be designated as the QuickBooks Administrator.

The QuickBooks Administrator has unlimited access to all areas of QuickBooks and assigns passwords and access permissions to other users. The name and password for the QuickBooks Administrator can be set up by selecting “Set Up Users” from the “Company” menu. The QuickBooks Administrator must be set up before any other users can be set up. Although QuickBooks does not require the use of passwords, the QuickBooks Administrator should set up and use a password since anyone logging in to the company’s QuickBooks files as the administrator has full access to all areas in QuickBooks. After setting up a name and password, the QuickBooks Administrator should click the “Closing Date” button in the “User List” window and enter the date through which books are closed in the “Accounting” preferences dialog box. The administrator can also password-protect the closing date (requires single-user mode). When this feature is enabled, QuickBooks requires users to enter the password before they can make changes to periods that have been closed.

The QuickBooks Administrator is the only user who can:

  • Set up other users.
  • Change other users’ access permissions.
  • Set up a company file using the “EasyStep Interview.”
  • Change company information (such as company name, address, fiscal year, tax year, tax form, and federal identification number).
  • Change company preferences.
  • Condense data.
  • Import and export data.
  • Apply for QuickBooks Merchant Account Services.

Note: Since the QuickBooks Administrator has the ability to password-protect the entire company’s files, has access to all accounting functions, and assigns access to all other users, the company should carefully consider whom to select as administrator. The person selected should have an understanding of the importance of this position on the internal control of the company. Some companies designate the controller or Chief Financial Officer as the QuickBooks Administrator because those individuals normally do not have direct interaction with the software.

The QuickBooks Administrator can set up additional users and specify the areas to which each person has access. To do so, select “Company” from the menu bar and “Set Up Users.” Then click the “Add User” button in the “User List” window. Assign a user name and password for the new user. Even though QuickBooks does not require the use of passwords, each user should be set up with a password that must be used when logging in to the company’s QuickBooks file. (An unlimited number of users can be added, but only five can have access to the company’s data file at the same time.)

After setting up the user name and password, the administrator then specifies whether the user will have access to selected areas of QuickBooks or all areas of QuickBooks. The user should not be given access to all areas of QuickBooks since that permission essentially establishes a second administrator allowing users to access the following:

  • Sales and accounts receivable.
  • Purchases and accounts payable.
  • Checking and credit cards.
  • Inventory.
  • Time tracking.
  • Payroll and employees.
  • Sensitive accounting activities such as bank transfers, general journal entries, and online banking.
  • Sensitive financial reports.
  • Changing or deleting transactions.
  • Changing closed transactions.

Note: Even if users need access to most of the preceding areas, they should not be allowed to change closed transactions.

Rather than giving users access to all areas of QuickBooks, the QuickBooks Administrator should give users access to selected areas. In that case, the QuickBooks Administrator specifies whether the user should be given no access, full access, or selective access to each individual area listed in the preceding paragraph. If the user is given selective access in a particular area, the QuickBooks Administrator also must specify whether the user can (a) create transactions only, (b) create and print transactions and forms, or (c) create transactions and create reports.

Sensitive Accounting Activities.
Users generally should not be given access to sensitive accounting activities. Such activities include:

  • Maintaining the chart of accounts.
  • Working in the account register for balance sheet accounts.
  • Reconciling accounts.
  • Making journal entries.
  • Using the “Accountant’s Review.”
  • Transferring funds between accounts.
  • Using online banking.
  • Creating budgets.
  • Printing registers.
  • Condensing data.

Even if users are given full or selective access to sensitive accounting activities, they cannot create financial reports (with the exception of the “Payroll Report”) or change or delete previously recorded transactions. Those permissions must be assigned separately, as discussed in the following paragraphs. The QuickBooks Administrator generally should be the only user with access to sensitive accounting activities.

Sensitive Financial Reports.
Users generally should not be given access to sensitive financial reports (such as the balance sheet, profit and loss reports, budget reports, cash flow reports, income tax reports, and audit trail reports). That access allows users to create all reports and graphs available in QuickBooks. However, even users with access to reports cannot change or delete transactions included in the reports. That permission must be assigned separately, as discussed in the following paragraph. The QuickBooks Administrator generally should be the only user with access to sensitive financial reports.

Changing and Deleting Transactions.
Even if QuickBooks users have full access in a particular area, they cannot change or delete transactions in that area unless they are given that permission in the “Changing or Deleting Transactions” window. For example, a user with full access in the sales and accounts receivable area cannot change invoices or sales receipts unless they are given permission to change or delete transactions. However, even if users do not have permission to change or delete transactions, they can change or delete transactions they entered in the current QuickBooks session so that quickly identified data entry errors can be corrected. Users that are given permission to change or delete transactions can alter transactions only in areas in which they have access. For example, users that have access to the inventory area but not to the payroll area cannot alter payroll transactions even if they have permission to change or delete transactions. The QuickBooks Administrator generally should be the only user with permission to change or delete historical transactions.

If a user is given permission to change or delete transactions in areas in which they have access, the “Changing or Deleting Transactions” window also asks whether the user should be able to change or delete transactions recorded before the closing date. The QuickBooks Administrator always should deny users access to such transactions by selecting “No” in response to that question. Even when “No” is selected, users can view prior-period transactions in QuickBooks areas to which they have access. If “Yes” is selected and the administrator sets a password, the user will be required to enter the password.

Viewing Data.
QuickBooks allows the QuickBooks Administrator to limit a user’s access to creating sensitive financial reports or creating and printing sensitive reports. Companies can use this feature to allow the Controller, Chief Financial Officer, or another person independent of the accounting function the ability to oversee the accounting operations. Because many companies frequently have small accounting staffs, this increased oversight can mitigate some of the risk to the system of internal control created by having limited segregation of duties.

Source by: Leigh Ann

Benefits of Using Uninterrupted Power Supply (UPS)

In many organization whether its small or large organization, they use Uninterrupted Power Supply (UPS) to protect their systems. Not only the systems it could be anything like machinery, refrigerators, servers, computers or any other electronic gadgets to protect their work from the loss of the data in the event of a power failure. Because they work continuously and they do not shut any of their machines for a single minute, if they do they have to suffer a huge loss so for this reason they use battery. Battery comes into different sizes and the units and as per the use or the need of the batteries. Batteries work same as generator but they are better than the generators. They continuous supply power to your systems in case of power failure. Generator may cause your systems but there is no chance you lose your data in uninterrupted power supply. There are many companies who manufacturers UPS like HP, Dell, Shenzhen Santakups Electronic, cyber Power systems, APC, etc. And it comes into variety of ranges, previously UPS were very expensive. Each UPS has been developed by the company comes into different units, prices and so on. These companies understand the actual need of the UPS. In today’s globalised world, each and every organization works with computers, uses computers. No organization is maintaining books for any records; it is time consuming as well as expensive and it saves lots of time of the company. So, every company whether it is small or large use software for maintaining records. Whether it’s a business centers, data centers, servers or the manufacturing processes they demand power which can be supplied by installing high units of Uninterrupted Power Supply. Now a day’s the Online Uninterrupted Power Supply is considered to be the most expensive and advanced form. No doubt they are noisy, contain cooling fans and require some planning if you want to establish in small office or at home. The main benefit of the Uninterrupted Power Supply is when there is a power cut; UPS switch to its battery and start loading whereas generator takes some time to load. When there is bad power supply, UPS decides that the power is bad and its load remains on the batteries. UPS either switched to the main input or simply dies depending upon the UPS design, units and upon the company.

Source by: lazy submit

Non Traditional Financing And Funding

Non-traditional financing generally refers to funding resources that are not provided by traditional lenders, such as banks, credit unions, and the Small Business Administration. This means of financing usually includes cash loans, advances, and factoring, and are provided by independent financial companies. These funding options are generally only used for short-term working capital needs.

Cash loans are non-traditional financing options usually chosen by individuals with poor credit histories. Because the providers of these loans are willing to take on high-risk borrowers, cash loan interest rates can be higher than a traditional loan. The approval process is relatively easy, as cash loan providers do not require as much financial documentation as other lenders. Applicants must have proof of employment or income, a valid bank account, and cannot have outstanding cash loans or advances. Applications are available online or at the lender’s place of business, and they only take a few minutes to complete. Approvals can be made in as little as a few hours. Once approved, the lender deposits the funds into the borrower’s bank account.

Cash advances work a little differently. Instead of taking out a loan, the applicant uses his or her next paycheck as collateral for the funds. The requirements and approval process are generally the same as with cash loans.

Factoring allows businesses to sell their accounts receivables to another company, called a factor. In order to qualify, a business must process credit card orders and must have been doing so for a length of time specified by the factor. Once approved, the factor accepts the payments to the business’s accounts until the amount is paid off.

Non-traditional funding generally refers to financing resources that are not provided by commercial banks, credit unions, or the Small Business Administration. These sources are usually funded by independent financial companies or individuals that specialize in a particular type of funding. The most common types of non-traditional funding are factoring, private investors, and cash loans.

Factoring allows a business to receive immediate cash without incurring debt on the balance sheet. To qualify for factoring, a business must process credit card purchases and must have been doing so for a certain amount of time. The business then sells its accounts receivables to another company, called a factor. Once approved, the factor collects the payments to the accounts until the amount is repaid. Factoring is not a loan, and the funds may be used for any business purpose.

Private investors are another type of non-traditional funding. These individuals will contribute a certain amount of money to a business in exchange for a portion of its profits. Business owners usually try to attract private investors because the majority of them do not require the funds to be repaid. Instead, investors supply a business with equity that does not carry debt.

Cash loans are a type of non-traditional funding typically used by businesses with bad credit. Cash loans are easy to obtain because they require little or no financial documentation. However, these funds are usually only for small amounts of money that must be paid back within a short time period. Their interest rates typically are higher than traditional loan rates.

Source by: benjamein.moore

Employee Incentive Programs – The Basics (Part I)

What is an Employee Incentive Program?

A true Incentive Program is a reward system that’s designed to motivate employees. A good incentive system can propel even marginal performers to success.

Incentive Programs are widespread in some areas of business.  For example, in many industries it is quite common to pay manufacturing staff a bonus based on production levels. Other common Incentive Programs are found in executive management and marketing.   While sales commissions do act as an incentive, for the purposes of this discussion, we will consider commission sales to be a form of regular compensation, not part of an employee Incentive Program.

In recent years, an increasing number of small and medium size businesses have turned to Incentive Programs, often with mixed results.  Examples of remarkable success are many… but so are examples of disastrous outcomes.  When problems occur with Incentive Programs, it is usually the result of a poorly planned or managed program, as we shall see later.

Why are Incentive Programs Used?

In a small business, employee incentive Programs generally have one or more of these general objectives:

1.  Hiring Key Staff in a Competitive Employment Market

The most common of these programs are “Signing Bonuses”.  They are widely used in industries from professional football to the defense industry.  These programs are very effective at recruiting but only if your “reward” is better than your competition’s reward.  These hiring programs have two drawbacks:

•  They offer little on-going motivation, and
• They provide the rewards “up front”, before the new employee makes any real contribution.

2.  Retaining Key Employees

Retention programs are aimed at retaining senior or “key” employees.  To be effective, the rewards must be attractive enough to overcome the benefits of taking a new position with a new employer.

3.  Improving Short-term Performance (most common)

Incentive programs are most effective at improving short-term performance.  Even the typical “annual company incentive program” stretches the length of time during which most employees can be effectively motivated.  In addition, for Performance Incentive Programs to be effective, the employees must clearly see a direct connection between their efforts and the established program goals.

Employee incentive Programs are powerful tools but they do have limitations…

Effectiveness over Time.

As stated earlier, most Incentive Programs are effective for short time periods.  As time passes, the connection between performance and reward becomes less and less clear to most employees.

Incentives vs. Base Pay.

To be effective, incentive Programs must either:

•  Be perceived as additions to a competitive compensation base or;
•  Be perceived as very significant where the base compensation is viewed as being marginal.

Negative Consequences.

One of the common, recurring problems of Incentive Programs is that they may create “negative consequences”.  For example, an incentive Program might create an environment where production of shirts increases by 20% but serious flaws in quality increase by 25% due to a “push” to increase quantity.

In addition, Incentive Programs almost always prove unsuccessful if:

•  The workforce is unhappy or distrustful;
•  Management is inadequate;
•  Communications are poor, and
•  The Program is poorly designed or implemented.

The Successful Employee Incentive Program.

While Employee Incentive Programs are widely used in large businesses, their effectiveness is open to question.  However, in small businesses, there is little doubt that an effective program can be a major factor in short-term profitability and success!

The key is that the program must be effective.  If you review the experiences of companies with programs that failed and companies with successful programs, the clear difference is planning!

In almost every case, successful programs were developed following a four phase approach as follows:

Phase I – Program design

•  Define company goals
•  Define Program goals

Phase II – Program development

•  Define Program characteristics
•  Develop program rules

Phase III – Program modeling

•  Test program
•  Revise Program as required

Phase IV – Program operation

•  Implement Program
•  Communicate and monitor progress

Part II of Employee Incentive Programs will discuss the four main program categories:

•  Piecework
•  Profit Sharing
•  Position Bonus
•  Subjective Bonus

Source by: Brian Bijdeveldt

The Importance of Logo in Branding

Logo symbolizes your business and creates an image of your business in the eyes of your customers. Logo, is one of the many important elements of business branding. Sadly, it’s importance is often transparent to many. Either the business doesn’t even have one or it’s not good enough.

The design of the logo and the process of creating one are similar to creating your brand. Your logo has to go together with your brand, with the ability to deliver positive values to your customers. Your logo should also be unique and meaningful so you will shine your market. Proper logo design creates similar effect as proper branding; it is essential to have one for branding purposes and gives your business an identity.

Have you thought of just grabbing one of the “free” logos that you can find on the Internet? Don’t go through that road! You need to be serious about your logo. By having a professional designing it for you at the first place will save you a lot of hassle in the long run.

Some people might oppose the importance of logo in branding. This is because you don’t necessarily have to have a logo to establish your brand. However, you will look a lot more professional and unique if you have a logo attached to your brand. A logo will help you significantly in building your image and identify along with your brand. That’s what’s important about having a logo. After all, humans are visual species!

A logo is successful when it allows the immediate recognition of the business and represents the business’ character or attitude. A successful logo is a guaranteed marker.

Question: I can’t find a logo that people could remember, such as McDonalds.

Answer: Doesn’t matter how good or how appealing your logo is, without proper marketing, professional products or services, and excellent customer service, people will NOT remember your logo. In another words, build a great company and people will remember your logo.

Once when you have your logo created, you should be consistent with the logo – place it wherever possible: business card, letters, emails, website, products, invoices…etc. This is also why proper logo design at the first place is very important, because changing your logo will have an impact on your business’ identity, professionalism, and credibility.

The Business Minder Logo and Brand

Our Brand: Business Minder

Our Brand Tag Line: Business Minder, Business In Mind

Our Logo: Looks like a human shape, representing a business man. The dot and the checkmark on the top part of the logo are in different colours: the checkmark symbolizes successful and the dot symbolizes “mind.” Business Minder focuses on helping business owners to develop their unique business mindset(s), assisting them to succeed in their business journey(s).

Source by: Aaron Lee

Types Of Packaging Tape

There are lots of different types of packaging tape available and knowing which to choose if are just setting up a company that posts products can be confusing. There is custom packaging tape, vinyl tape, double sided tape, coloured tape, cloth tape, masking tape, filament tape, tamper evident tape, gummed paper tape, hazard warning tape, barrier tape and floor marking tape.

Custom printed packaging tape can be printed with your logo and message to build brand awareness and give information or instructions. Custom packaging tape can be printed on a white background tape or a coloured background.

Vinyl tape is very strong, tear resistant and waterproof. It offers superior performance for sealing cardboard boxes and other packaging. Vinyl packing tape comes in 75mm and 50mm widths and is resistant to extreme temperature fluctuations.

Coloured tape is ideal for sealing your cardboard boxes and colour coding them all in one go. This saves time and money not having to put separate labels on the boxes.

Cloth tape is waterproof with a strong and reliable performance. Due to it’s industrial grade it is ideal for duct work, general repair, reinforcement and export packaging. It is widely available in black or silver at 50mm width.

Double sided tape is made from polypropylene with adhesive on both sides of the tape and a silicon release paper. With widths of 25mm or 50mm the tape can hold very heavy weights.

Masking tape is made of creped paper and is largely used in the automotive body building and repair trade, building and construction and many other industries. It is easy to tear and removes cleanly from the surface of the product it is used on.

Filament tape is used for packing heavy consignments. It is cross woven with glass filaments to provide high tensile strength. Suitable for heavyweight strapping applications, export packing and bundling.

Tamper evident tape gives you some protection from people tampering with your packages. The polypropylene security tape is designed to reduce pilferage and unauthorized opening of packages.

Gummed paper tape provides a secure, tamper evident seal. It forms a complete fibre bond with the sealed carton and is unaffected by extreme temperatures of -50 to 100 centigrade. It is ideal for export and deep freeze.

Hazard warning tape can guard your workforce against accidents. It is suitable for use both indoors and out. Red and white tape is used for fire hazards, extinguisher locations etc. Green and white tape is used for safety equipment and emergency exits etc and black and yellow tape for hazardous areas and obstacles.

Barrier hazard tape is used extensively by local authorities, road maintenance contractors and police etc. for restricting access to excavations, accident sites or work areas temporarily out of bounds.

Floor marking tape is made of strong plasticised pvc and is used for lane identification and floor marking in sports halls etc.

Source by: Kevin Thomas

How to Properly Charge Late Fees in a Mobile Home Park

Mobile home park tenants are not rich. Most of them live from paycheck to paycheck. As a result, they frequently don’t pay their bills on time – sometimes at all. To motivate these tenants to pay their lot rent on time, you must enact a late fee for rent that is not received by the due date. However, enacting such a plan is a lot more complicated than most park owners recognize. And messing up the plan can cause extreme legal and financial penalties. Here are a few initial points to consider:

How much to charge the tenant.

There is a law in most states as to the maximum late fee you can charge. It is not left up to your discretion. You are not allowed to charge a punitive amount. For example, if the lot rent is $150 per month, your late fee cannot be $100. The law is very specific on what you can and can’t charge. Don’t know the maximum amount allowed by law? You’ve got to get this data before you can go forward.

How much to charge the tenant as long as it is within the law.

You do not want anyone to ever be late. As a result, you should charge the maximum amount allowed by law to definitely get their attention. If the maximum is $50, then charge $50. I’ve toyed with this as much as anyone, but I’ve found that you have to make it absolutely not an option to be late, or the tenant may rearrange his payment plan and pay for that needed car repair/case of beer/cell phone bill before your lot rent. I cannot think of any reason not to go for the full amount allowed by law.

When do your charge it?

You should charge the late fee after a certain grace period. For example, if the rent is due on the first of the month, then you might have a grace period of the 5th. Any rent paid between the due date and the grace period (and obviously before the due date) would not be assessed any type of late fee. However, any rent received after the grace period would receive a late fee. In our example, any rent received on the 6th or later would be charged a late fee.

How do you prove when you got it?

The best way to do this is by postmark, assuming that you have the rent sent in to a P.O. Box as we do. If the postmark is after the fifth, then you will charge a late fee. What if the postsmark is on the fifth? Well, in some areas, if you sent it on the 5th, it can still reach its destination theoretically by that afternoon. So you are much safer just using the day after the end of your grace period for the postmark definition of late rent. And obviously, you want to save every late postmarked envelope as Exhibit A if you have to go to court over it. No judge is going to rule against you if the postmark is later than the grace period end date.

What about a late fee system that increases with every day? 

These systems, and we’ve tried them, are just too complicated. Although you may feel like it is going to motivate the customer, we’ve found that it really doesn’t – they don’t think that strategically. Basically, if they have the money in hand they’ll pay you, and if not they can’t. It’s not like you are reminding them. Normally, if they miss the first of the month, they don’t get paid again until the 15th, and as a result can’t pay you again until the fifteenth, no matter what the penalty. Just keeping track of a daily escalating late fee will cost you way more in time than it is worth.

How do they know they owe a late fee for next month? 

The best system is to send a monthly invoice, showing the rent plus a late fee, if they have one. Obviously, you have to have some kind of notification system if you want to be paid. If you let the tenant pay the rent in person at the park office, then the manager will need to keep a list of who owes it and collect at that time. If you send the rent to a P.O. Box, then there will have to be some type of system in place or you will never get your late fees. They can’t pay it if they don’t know they owe it. And don’t imagine that they should know themselves – it doesn’t happen in the real world. They always dream that somehow they got around the system, or you screwed up and forget to assess it.

Am I being mean charging a late fee?

No. On the contrary, you are being a bad landlord if you don’t. If the general tenant base starts delaying or stops paying altogether their rent, then the property will either go bankrupt or into disrepair. Neither scenario is for the good of the community. You must maintain order and keep the bills paid for these folks to have a home. And a late fee is the magic ingredient to help keep them paying, and at least create a small buffer if they don’t. Would you rather charge a late fee or kick them all out on the street, because that’s basically the choice you are making over the long run.

Can I forgive the late fee once assessed?

Legally you can. However, if you do that for one individual, then word will spread, and you will be besieged by folks wanting the same perk. You are far better off to stay uniform in your treatment of tenants. If you want, you could spread the late fee over several months to make it less painful, The only exception would be for extremely mitigating circumstances concerning a tenant who has never been late. For example, an elderly gentlemen who was put in the hospital on the 29th and released on the 7th. Even then, I would come up with a spin on it like you kept the late fee, but gave him an early payment discount for the next month of the same amount.

Other considerations?

It has been our experience that the total late fees in a stabilized, seasoned tenant base equals the amount of bad debt. This is very important, as it theoretically eliminates your line item of bad debt, when offset by late fees. Without late fees, you will never have perfect collections. With late fees, you scientifically can. And that’s essential for hitting your budget.


Late fees are an essential part of being a good landlord. And it is very important that you do them the right way for them to be fair and accurate. In addition, you have to build a system to assess the fees that it simple, consistent and not time consuming.

If you follow the system shown in this article, you will see an immediate improvement in your income and general happiness of your customers in your mobile home park.

Source by: Frank Rolfe

Translation – Things To Consider While Translating

The art of expressing in the “target” language what has been expressed in the “source” language is known as translation. Although it may seem simple to a common man, however, translation services include a lot more than mere writing something in a different language. All those who are in this profession, from any part of US like Renton (Washington) and Seattle (Washington) would say that you require plenty of skills to become a successful translator.

When customers wish to translate a text to some other language, like from English to Spanish, it is very important to ask some vital questions to themselves. This actually eases the job of the person who provides translation services and also helps to avoid probable misunderstandings. Some of these questions are:

1. What type of text is the source?

2. What kind of audience is it meant for? ( general public or some specialized section)

3. Which country is it aimed at? (US, Spain or Latin America)

4. The source text that is provided, is it the final version or does it require further editing?

5. What is the context of the text?

6. In case of any questions whom to contact?

Expert translators from US cities like Seattle (Washington) and Kirkland (Washington) would always say that for people who provide translation services it is very important to remember numerous aspects while performing their job. Some of these may be:

1.The cultural aspects affecting the target and the source language.

2.The structure that is followed while writing the source text. At the same time, maintaining the same structure in the target text in order to keep the same meaning.

3.Using the same terminology that is used in the source language.

4.The writing style in the source text.

5.The audience that the translation is addressed to.

6.The register in the source text that should be reflected in the target text.

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Source by: melvillejackson

Wto and its impact on small scale industries in india


The small-scale industries sector plays a vital role in the growth of the country. It contributes almost 40% of the gross industrial value added in the Indian economy. It has been estimated that a million Rs. of investment in fixed assets in the small scale sector produces 4.62 million worth of goods or services with an approximate value addition of ten percentage points.

The small-scale sector has grown rapidly over the years. The growth rates during the various plan periods have been very impressive. The number of small-scale units has increased from an estimated 0.87 million units in the year 1980-81 to over 3 million in the year 2000.

From 1947 to 1994, General Agreement on Trade and Tariff (GATT) was the forum for negotiating lower customs duty rates and other trade barriers.  The World Trade Organization (WTO) was established on 1st January 1995. When the GATT came into WTO’s umbrella, it has annexes dealing with specific sectors such as agriculture and textiles, and with specific issues such as State Trading, Product Standards, Subsidies and Actions taken against dumping. The WTO has 148 members, accounting for over 97% of world trade. Around 30 others are negotiating membership.

WTO aims to develop the country’s economy by encouraging its export among the member countries. Further, it facilitates for availing new technologies from various countries at a lower cost. In this connection, this paper focuses on the positive role played by the WTO in the globalization scenario.


Small Scale Industries (SSIs) are the pillars of India’s industrial economy. The SSIs’ chief aims are:

  • To Remove the regional disparities
  • To facilitate for the Equitable distribution of national income and wealth
  • To earn the Return on Investment in shorter period
  • To produce some consumption goods and essential commodities.

As the SSIs consume local resources, the growth of SSIs was quite appreciable at the dawn of new century. It is evidential from the fact that there were over 32 lakhs Small Scale Units in the organized sector as on 31st March 2000 (Naik: 2002) & (Economic Survey: 2001).

SSIs require comparatively a smaller investment and avails the financial support of various financial institutions. There have a number of schemes of direct and self -employment. The employment through SSIs has been tremendously increased from 119.6 lakh during the year 1989 – 90 to 178. 5 crore during the year 1999 – 2000. In succeeding years also in the well grown in all areas.  But it


The World Trade Organization (WTO) was established on 1st January 1995.  The ‘Marrakesh Declaration’ of 15th April 1994,  affirmed that the results of the Uruguay Round would ‘Strengthen the world economy and lead to more trade, investment and employment and income growth throughout the world. The WTO is the embodiment of the Uruguay Round Results and successor to the GATT. From 1947 to 1994, General Agreement on Trade and Tariff (GATT) was the forum for negotiating lower customs duty rates and other trade barriers. When the GATT came into WTO’s umbrella, it has annexes dealing with specific sectors such as agriculture and textiles, and with specific issues such as State Trading, Product Standards, Subsidies and Actions taken against dumping. WTO aims to develop the country’s economy by encouraging its export among the member countries.

Key subjects in WTO

WTO not only frames rules regarding the marketing of produces in  agriculture, textiles and clothing sectors, but also it fixes international standardized labour wages and working conditions, globalizes the trade and weeds out the corruption at Government level in Government procurement policies. Further, it facilitates for availing new technologies from various countries at a lower cost.

Problems facing the SSI sector

The SSI sector confronts several problems despite its strategic importance in any industrialisation strategy and its immense potential for employment generation.

The problem which continues to be a big hurdle for the development of the sector is lack of access to timely and adequate credit. The Abid Hussain Committee on SSIs (1997) examined the problems of the SSI sector and recommended a package of policies to restructure the industry in the context of current global economic changes. The Expert Committee was of the view that the existing institutional structure for delivering credit to SSEs needs a thorough overhaul. It endorsed the recommendations of the Nayak Committee and urged the RBI to implement the same. The Committee recommended restructuring of financial support through SFCs and SIDCs, tapping of other sources of funding for SSEs, extending credit rating servcies to small units, and addressing the credit needs of tiny units to ensure that they are not bypased by the commercial banking system. The overall credit availability for SSIs during 1991-1996 amounts to only 13% of the value of production.

The Nayak Committee had recommended a desirable norm of 20% of the value of production to be made available by way of working capital through term-lending institutions and commercial banks A norm of 75% was set for fixed capital assets whereas actual availability is only 55%. Lack of finance has been one of the major causes of sickness in the SSI sector, blocking access to technological modernisation and other growth possibilities. There is an urgent need to enlarge flow of credit to the SSI sector from institutional sources. The creation of a facilitating environment for SSIs will centre on access to credit. The Ninth Five Year Plan (1997-2002) estimates additional working capital funds at Rs. 1420 to 1460 billion for the small sector. Lowering interest-rates, specifying a time-frame to clear loan applications and adherence to norms set down by the Nayak Committee are some of the minimum measures that need to be taken.

Legislative measures have a role to play with regard to funding and financing of small scale units. There are measures which can basically ensure that impediments to credit availability are removed. These measures include:

  • Right to reasonable credit from commercial banks as per RBI guidelines framed after consultation with representative Board
  • Protection against non-normative demands for security
  • Appeal and enforcement by Ombudsman/Board
  • Access to public funds by way of debentures, deposits, securities
  • Government guarantee for loans from banks

The measures to support Marketing and Competitiveness are as follows:

  • State to exempt from contract security
  • Prompt return of contract securities in case of others
  • Prompt payment measures
  • Protection against undue bundling of contracts by the state
  • Protection against restrictive and monopolistic trade practices
  • Ombudsman/arbitral services for enforcement

Positive impact of WTO on SSIs

After the origin of WTO, the SSIs in India enjoy the following privileges:

  • Enabling India to export goods to the member countries of the WTO with fewer restrictions. Reduction of tariffs on the export products to India i.e., Tariff based protection has become the rule.
  • Export in India has been increased from Rs.13883 crores in 1992 to Rs.53975 crores in the year 2000 in SSI sector.
  • Prospects in agricultural exports as a result of likely increase in the world prices of agricultural products due to reduction in domestic subsidies and barriers to trade.
  • Greater Market orientation
  • Radical trade in SSI sector opened new investment opportunities thereby the acceleration of economic growth.
  • Availability of modern technologies from the other countries at reduced cost.

In India, there has been a significant and absolute gain in trade under WTO. Exports increased marginally from $ 30.63  billion during the year 1995 to $ 44.2 billion in the year 2000 though share in the global trade increased marginally from 0.6 to 0.65 percent. India has been a net gainer, though in a limited way. Growth in India’s exports has been marginally above the growth in world exports. This shows that WTO has made significant contribution to the expansion of world trade (Somayajulu & Venkataramana: 2002).


WTO plays positive role in strengthening the SSIs. On the other hand, it is feared that many rules of WTO are biased and in the favour of developed countries; they are formulated to force the developing countries to open their economy which would benefit the developed countries and many indigenous industries of developing countries might fail as they will not be able to compete with the international enterprises. This may cause adverse effect on the employment opportunities in the country.

High investment; High return! Though it is the reason for the handicaps of our SSIs, It can be confronted by the innovativeness, novelty in products and the development of lean technologies in the manufacturing sector. Number of Innovative entrepreneurs having strong need for achievement can surely ensure success and tackle the challenges of open competitions at global level.


  1. Naik S.D. (2002), Small – Scale Industries: Preparing for the WTO Challenges, The Hindu Business Line, July, 12, 2002.
  2. India – Business Year Book (2005), Vikas Publishing House Pvt. Ltd., p. IV-23.
  3. GOI (1981) to (2007), Economic Survey.
  4. Somayajulu G. & Venkataramana V. (2002), ‘Impact of  Exim policy – 2001 – WTO on Small and Medium Enterprises’, Southern Economist, April, 1 – 15.

Source by: m.vasan