January 2016 Banking Tips FROM PAGE 1


team focused on small business lending who can help you identify other useful bank products and services. They may also be able to refer you to others who can help your business, such as professionals in selected fields or local trade groups (great for networking).


Deposit Accounts


Consider a separate account for your business transactions. The Internal Revenue Service recommends that you have a business checking account that is separate from your personal account(s) because doing so can make recordkeeping for tax time easier. It may even be essential depending on your corporate structure. The need for separate accounts generally increases as a business grows or becomes incorporated.


Comparison shop for a business


checking account. You may incur fees even with a "free" business checking account if you exceed a certain number of deposits or other transactions


in


a given month. In addition to cost, consider what features and services may best meet your needs. For example, many, but not all, banks allow small businesses to scan and deposit checks without making a trip to the bank, perhaps using a smartphone or a special terminal.


protected by FDIC insurance. Under FDIC rules,


Know if all your deposits are all


deposits


by a corporation, unincorporated


entity partnership


owned or


(including


a for-profit or a not-for-profit organization) at the same bank are added together and insured up to $250,000, separately from the personal accounts of the owners or members. The deposits of a sole proprietorship — an unincorporated business owned by one individual using a business name — are insured together with any personal funds the owner may have at the same bank in the single-ownership insurance


category, up to $250,000


in total. If you need assistance with determining your insurance coverage, you can speak to an FDIC Deposit Insurance Specialist


at 1-877-ASK


FDIC (1-877-275-3342) or use our Electronic Deposit Insurance Estimator (EDIE), an interactive calculator.


Payments


Review how you allow customers to pay for goods. Businesses can consider ways to make it easier for customers to pay for purchases. For example, while many small businesses do not accept


Loans


Establish a good payment record for your business. Just as credit bureaus maintain a record on your personal credit history, several companies track how businesses handle their finances. Making on-time payments to suppliers is one good way to show reliability. Also ensure that your personal credit report is accurate because a lender will likely review it when your business applies for financing.


Review the options for borrowing money to help your business operate or grow. Possibilities include:


Business lines of credit or


business credit cards. "Lines of credit may be well-suited to help make up for gaps in cash flow, but they often are short-term financing tools and may not be the best choice to finance costly, long-term investments," Reynolds explained. "Business credit cards may be an option, particularly for smaller, more routine purchases, but they may be more expensive."


Business term loans. With these loans, your business agrees to repay a set sum of money, plus interest, in predictable installments over multiple years.


Consider using them for


major purchases, such as machinery or equipment that can benefit your business for several years.


Personal lines of credit, such as your own credit cards. "Entrepreneurs just getting started may think of using their personal credit accounts first, but there can be drawbacks," noted Reynolds. "For example, credit card interest rates can be high, making it more difficult to pay off the amount borrowed. You could lose any collateral securing the loan if you cannot pay the debt back. And if you guarantee a loan to your business or use a personal loan or credit card for business purposes, your own credit rating may go down if the debt is not repaid." Also be aware that some personal credit card agreements require that the card not be used for business purposes.


Avoiding Losses


Don't assume that the same rules apply to business cards and personal cards. Your liability for unauthorized transactions on your personal credit and debit card accounts is generally capped by federal regulations — $50 for credit cards and $50 or more for debit cards (depending on when you notify the bank). While federal law doesn't protect


business debit credit cards, perhaps


because of the costs (including processing fees), many others do. "Allowing customers to pay with smartphones may be another option," said Luke W. Reynolds, chief of the FDIC's Outreach and Program Development Section.


Shop around for debit and credit card processing services because the costs vary. For tips, visit the Federal Trade Commission website's "Play Your Cards Right" page.


Be familiar with the rules from the card networks that govern different aspects of your credit or debit card acceptance.


For example, the card


networks (including Visa, MasterCard, Discover and American Express) have decided that, as of October 1, 2015, merchants that do not use chip-card readers (for added security with in-store purchases) may bear the cost of losses due to stolen or counterfeit cards. Learn more from the SBA about


cards


liability for unauthorized transactions, your bank account agreement


from and


state laws could limit your liability. And, if a credit card issuer provides 10 or more credit cards to a company for employee use, it may require the business to assume unlimited liability for unauthorized transactions. If fewer than 10 credit cards are issued to the company, the $50 limit will only apply to unauthorized use by someone other than an employee of the corporation. The bottom line: Notify your bank immediately of any problems because state


laws, industry standards and


your deposit agreements may provide certain protections.


Guard against fraud and scams. Examples include unauthorized withdrawals from a bank account as well as fraudulent


offers and


counterfeit bills. An auditor may be able to help you identify and minimize risks. To learn more, including how to


create customized cybersecurity


plans, go to OnGuardOnline.gov. The Federal Trade Commission also offers tips for small businesses.


BY JASMINE BLACKWELL Photo by Vinni Ratcliff


Beloved chart-topping R&B


singer Natalie Cole, daughter of jazz legend Nat King Cole, died at age 65 on New Year’s Eve.


Cole died at Cedars-Sinai Medical Center in Los Angeles due to ongoing health issues and complications, her family said in a statement.


“Natalie fought a fierce, courageous battle, dying how she lived … with dignity, strength and honor. Our beloved Mother and sister will be greatly missed and remain UNFORGETTABLE in our hearts forever,” read the statement from her son Robert Yancy and sisters Timolin and Casey Cole.


her own right, Cole topped the charts with


A Grammy winner and star in hits


like “This Will Be (An


Everlasting Love)”, and “Our Love”. However, her biggest success came after


she re-recorded her father’s


classic hits, for the multiplatinum album “Unforgettable . . . With Love” earning her multiple Grammy Awards, including album of the year.


Cole had previously battled


with hepatitis and had other health concerns that forced her to receive a


www.hamptonroadsmessenger.com


the transition to cards with computer chips.


The Hampton Roads Messenger 3


Grammy Winning Singer Natalie Cole Dies at Age 65


kidney from an anonymous donor. She then became the spokesperson for the University Kidney Research Organization


(UKRO), a group


dedicated to the prevention, treatment, and eradication of kidney disease.


“UKRO is heartbroken by the passing of our friend, spokesperson, and member of our Board of Directors, Natalie


Cole. the


perseverance, and commitment to the cause of eradicating kidney disease through


creation of the USC/


UKRO Kidney Research Center will inspire us always,” read a statement by Kenneth Kleinberg, President of UKRO, on their website. She was and shall remain unforgettable.”


In the wake of Cole’s death, many


celebrities have taken to social media to pay respect to the late singer.


“#NatalieCole, sister beloved &


of substance and sound. May her soul rest in peace. #Inseperable,” Rev. Jesse Jackson tweeted on New Year’s Day.


Other celebrities such as Jordin Sparks, Russell Simmons, Lenny Kravitz, and Tony Bennett paid tribute to the late singer by sharing photos on Instagram.


It is apparent that Cole has


touched many and left behind a body of work that will live forever.


You are cordially invited to attend...


City Council meetings... Norfolk - regular meetings are held on the first and fourth Tuesday at 7:00 p.m. and the second and third Tuesday at 2:30 p.m.


Chesapeake - regular meetings are held on the second, third and fourth Tuesday of each month at 6:30 p.m.


Newport News - regular business meetings are held on the second and fourth Tuesdays of each month at 7:00 p.m.


Suffolk - regular meetings are held on the first and third Wednesday of each month at 7:00 p.m. Hampton - typically take place on the second and fourth Wednesday of every month at 7:30 p.m.


Virginia Beach - meets on the first four Tuesdays of each month. In July the meetings are scheduled on the first two Tuesdays only. Formal session begins at 6 p.m. Portsmouth - meeting dates are the second and fourth Tuesday of each month at 7:00 p.m.


Her class, talent,


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16