The US Department of Commerce Minority Business Development Agency recently provided our center with a powerful market analysis tool. It can show you, down to the city blocks, valuable information on your target market. Complete demographic descriptions are included. It also pinpoints where your competition is, and whether your chosen business site is a promising one. You can see it all on custom designed maps!
Come in and see where your business stands, and how you may be able to better market your goods and services, once you really know where your competition is. Call us today for more information at 215-569-3500.
New Director at PMBDC
Another Satisfied Client
Another minority entrepreneur seeking financing experienced a great trial in patience, even after loan approval. This client, using a PMBDC prepared plan and forecast, received $50,000 in foreign investment and a $210,000 bank loan approval. Unfortunately, "his" lender left the bank, delaying the borrower's loan settlement several months. Again the "small" deal had no other person at the bank to pick it up and run with it. Finally with our intervention the bank moved forward and settled the loan. The shop, A Men's Clothing Store, is now expected to have it's grand opening in late spring 2000.
New Clients... New Plans
A funeral director who has managed a Philadelphia funeral home for many years will use a PMBDC prepared loan proposal to secure financing to purchase an existing funeral home in Chester county.
PennDOT Opportunities
This year the Greater Philadelphia Business Expo will be held on Thursday May 11, 2000 from 9:30 a.m 5:00 p.m. at the Pennsylvania Convention Center, located at 12th & Arch Streets Philadelphia, PA.
Approximately 400 vendors will be on hand to showcase their products and services.
Keynote speakers will be presenting information on topics such as technology, investing, and e-business.
Educational seminars will be offered that will include topics such as networking strategies,
Using Microsoft 2000, Web development, and more.
Don't miss this chance to Network with thousands of people.
More detailed information is available on the internet at www.businessexpo2000.com
You may also call the convention center directly at (215) 418-4800
In The Know
The determination of whether an employer is to withhold and remit income taxes on remunerations for services rendered by a worker depends on whether the worker is an employee or an independent contractor. An employer is required to withhold federal income taxes, withhold and pay social security and Medicare taxes and pay unemployment taxes on wages paid to an employee. A business does not generally have to pay or withhold any taxes on payments to independent contractors.
To determine whether an individual is an employee or an independent contractor the relationship of the worker and the business must be examined. The IRS stresses that the determination is made on a facts and circumstances basis and that all evidence of the degree and control exercised by the employer must be considered. Facts that provide evidence of the degree of control and independence fall into three categories: behavioral control, financial control and the type of relationship of the worker and the business.
Behavioral control exists if the business has the right to direct and control how the worker performs the tasks he is engaged to do. An employee is generally subject to business control if he is instructed when, where and how to work, the tools to use and the workers to hire or assist with the work. Financial control exists when the facts demonstrate that the business has the right to control the business aspects of the worker's job. The facts which support this control include whether the worker has unreimbursed business expenses (independent contractors are more likely to have unreimbursed business expenses), the extent to which the worker provides services to other businesses (independent contractors generally perform services for multiple employers), how the business pays the worker (independent contractors are generally paid a flat fee where workers are generally paid a wage or hourly amount). Facts that show the party's type of relationship include written contracts describing the relationship, the permanency of the relationship (independent contractors are generally hired for a specific period or project) and whether the employer pays employee type benefits. If, after applying the guidelines noted above, the employer is still unclear about its relationship with workers, the employer may request the IRS to determine the nature of the relationship by filing form SS-8, "Determination of Employee Work Status for Purposes of Federal Employment Taxes and Income Tax Withholding"