Defining Business Insurance Policies

     Insurance for General Liability: All businesses should have at least basic general liability insurance. This is true even if you run a home based business or consultant. Liability insurance policies provide coverage for litigation and damages that are caused as a result of you, an employee, product or service. This includes property damages as well injury to one’s person.

Insurance for Property: A property insurance policy should be purchased to cover your building as well as any business property including office equipment, tools and inventory. Separate coverage should be considered to protect against fire, theft, vandals and such.

Interruption Insurance: This is a policy that can be purchased by business owners that covers the business in situations where there is an interruption that does not allow the business to operate. This insurance protects the potential earning power of the business when service or products are unable to be provided.

Auto Insurance For Commercial Vehicles: As you insure a car for your personal benefit your work fleet also needs coverage. Commercial auto insurance is used to insure vehicles that are used in the line of work from damage as well as collision. When employees use their personal vehicles to complete business related tasks it is important the business owners have insurance that covers the business in case the employee does not have adequate coverage.

Insurance for Workers Compensation: Workman’s comp, as it is often referred to protect employees who suffer from work related injuries or who are hurt on the job. This insurance provides for a replacement of the employees’ wages as well as medical benefits. Workers compensation protect the business owner and company from legal complications. Providing workman’s’ comp benefits alleviate employers risks from future litigation arising from the incident.

Error and Omissions Insurance: Also known as professional liability insurance the policy provides coverage for litigation and damage that is the result of services rendered improperly. This coverage is different from general liability insurance. Professional liability insurance is tailored to specific trades and professions. Services professions such as lawyers, accountants, real estate professionals, insurance agents, hair salons, technology providers and more should all be sure to have adequate error and omissions insurance.

Key Person Insurance: Coverage under key person insurance provides compensation for any financial losses that come about from the death or incapacity of a key member in the business. If one person is responsible for the majority of revenue brought in to the company this coverage is a necessity. If one person’s work, knowledge, skill set or contribution is unique and consider irreplaceable without incurring loss or expense to the business; key person insurance can carry a business through a period of time and financial loss.

When it comes to insurance, policies, protection and coverage needs for your business it is wise to seek advice from a reputable business insurance agent. An agent that is familiar with your industry is more likely to know the needs associate with your company providing the exact bundle of business insurance that is needed. This also helps to ensure that you are not over insuring your company and in turn wasting valuable financial resources.

Is Your Business In Need Of A Tune-Up?

     I’m no mechanic, but I am a certified business coach. Your business is your vehicle. Are you driving it into the ground, or keeping it properly tuned up? Let’s take a closer look.

Engine: Clearly, a vehicle (business) isn’t going anywhere without an engine (brain/you). The engine is the reason you can put the pedal to the metal and go 0-60 in 8 or so seconds. Engines need gas to run. I’m going to go out on a limb here and say the “engine” of your business is what you put into your body to keep yourself fit and healthy enough to “run” efficiently. Do you:

* Eat on the run instead of packing a healthy lunch?

* Choose “convenient” foods over healthy ones

* Have healthy “snacks” nearby for the afternoon “snack-attacks”

Even know what constitutes a “healthy” lifestyle?

I’m not here to give you a dietary plan or a lecture, but you have to properly feed the brain of your business. Everyone’s system (engine) is different, but if you’re chronically tired, stressed, worn out, grouchy, negative, and “not running smoothly”, chances you need a tune up. Sometimes changing one’s diet can solve a lot of problems. You wouldn’t put a soda in your gas tank, would you? Point made.

Stick-shift or Automatic: The question here relates to transmission. How do you transmit? Are you a totally hands-on (stick) person, controlling everything, or have you put systems in place to automate some portions of your business? The fact is, there are things about your business that need and require your hands-on attention; however, there are other parts of your business that can be automated. The most practical things you can “systemize”, freeing your time and energy for other areas of the business that need you alert and present are:

* People and training

* Delivery and distribution

* Testing and measuring

* Systems and technology

Wait! Automate people? What? Make them robots? No, no, no. What I’m talking about here has to do with how you train your team. Do you have employee handbooks in place? Do you offer regular training?

What about distribution? Do you have systems in place to track delivery and distribution? How about testing and measuring? Wait! You DO test and measure EVERYTHING, right? And that computer system you have. . . how old is it? Is it like looking into your grandmother’s refrigerator (think lettuce isn’t really 98% water? Let it sit for a month and take another look).

It might be time to look at the areas of your business and seriously addressing those things that can be put to a “system”, saving you hours of time, energy, and money.

Brakes: No, not breaks, though those are important to for you to take and for your employees to take as well. The brakes I’m talking about here is recognizing when things are running out of control, or have lost their sense of direction and you simply need to STOP. This is hard for some business owners to do. The business is rolling downhill at a zillion miles an hour, curves are coming up, there’s no railing, and – well, let’s just say that burning rubber smell is getting harder and harder to ignore . . . the point is, there comes a time in every business when you have to simply STOP, regroup, and get back on track.

Electrical System: Let’s just call it nerves and cut to the chase. Stress on your vehicle’s electrical system can cause shorts and if your car is like my colleagues car, it can shut down right in the middle of a busy highway…not good. You can do all sorts of things to reduce stress, including keeping your body healthy, but you can also make your business healthier by putting effective systems in place. A “short” in your business systems can bring everything to a halt. Be wise. Systemize.

Steering: You got 4 ways to go on the road: Right, left, reverse and straight ahead. In business, you can add two more: Up and Down. Steering your business (vehicle) in the right direction takes more than a windshield to look out of, a set of side mirrors and rearview mirror, and a window in back to see where you’ve been and who’s barreling up on you. In business steering takes foresight, hindsight, insight – in other words, it takes being a visionary. That’s where your mission and vision statement come into view. Ya gotta know where you are to know how to get to where you want to go. But, steering isn’t simply turning the wheels; it’s also about navigation (economy, personal challenges, bumps in the road), and how well you can plot a new course should you run up against detours.

Tires: Ah, yes. Try running a vehicle without tires and see how far you get. In business, the tires might be your sales and marketing team. You might have the best tires (team) in the world, but if they’re not all on board, and if the “route” isn’t real clear, they can wear out really fast.

Exhaust System. Without a good exhaust system, pollution can be entering your business and seriously mucking it up. You need a good filtering system that detect viruses that can bring your business to a screaming halt. Of course, I couldn’t mention “exhaust” without also comparing it to your own exhausted self. Filters for human exhaustion include taking regular breaks, exercise, a healthy diet, and planning for your fun. Yes, you read right. When proper systems are put into place in your business, you’ll actually find time, energy, and money to ENJOY your time off. (Yes, Virginia, there is a time-off Santa.)

No vehicle is perfect, just like no business is perfect. That’s where a business coach comes in. A business coach is like your business vehicle’s mechanic, doing the diagnostic and seeing where your business is running well, and where there are leaks, breaks, and problem areas in the system, then helping you get your vehicle back into alignment.

Alignment: Getting straightened out is a beautiful thing. Whether it’s your business or you, proper alignment allows you and your business to function effectively, giving you more time, peace of mind, and yes–money to do the things you’ve been longing to do.

Communication is key. When you really look at all the parts of a vehicle, you’ll see how one part “talks” to another, much like your brain talks to other parts of your body and they in turn talk to your brain, and when everything is running smoothly, that vehicle hums! But when things aren’t running smoothly, that’s a whole different tune. Bottom line, don’t wait. Get your business check up with the best business “mechanic”: a business coach.

Indonesian sports fans and betting

Sports hаνе introduced thеіr recognition in the internet аѕ well. Thеѕе days, the online world is a very gοοd way to check out the world of sports by way of online sharing of info, reports, highlights of the online game and the like. All the information regarding various kinds of sports аrе available in many diverse online spots. Alѕο, announcement on the latest triumphs, mοѕt recent players and latest matches, games and competitions аrе furthermore easily available to be fully beloved in the many spots focused on sports.

The majority of such sport lovers whο еnјοу and dеlіght іn providing οthеr alike sport fanatics with аll the mοѕt recent information аlѕο аrе proud of supplying online gaming possibilities relating to thеіr favorite sport games. Therefore, due to thіѕ аmаzіng choices many hаνе bеgаn investing thеіr time in taking part in online betting at agen sbobet terpercaya. And thіѕ online risk hаѕ become very successful for the business owners. In addition to that, resulting from the ехсеllеnt success made possible with the online sports gambling sites along with web pages offering facts about аll the sports, thеrе hаνе came out online probabilities of betting.

Betting presently is of high demand in both the real world and the world wide web. Out of a very wide range of betting online places some of them can be announced аѕ ripoffs and frauds οnlу taking your hard earned cash. Generally a few of them аrе truly renowned on the web. Alѕο, thеrе аrе 1 οr 2 such spots known and trusted in еνеrу different country. For instance you сουld take Indonesia.

Thеrе is one really famous website called ibcbet that is utilized by countless Indonesian sports fans еνеrу day. It supplies information on many different betting programs аlѕο recognized in the online place.

Make sure to explore the sbobetberry site in addition to take into account the sbobet agent for betting options plus the mοѕt recent news of your favourite sport οr players. High quality reports you can examine аѕ far аѕ you reach the website mentioned previously. It wіll supply you with the needed detailed information on some οthеr sbobet and 338A and ibcbet webpages and the advantages and benefits of being аblе to view them on a day to day basis.

Five Steps To Raise Your Rates AND Get New Clients

     Copyright (c) 2014 Fabienne Fredrickson

Have you been thinking about raising your rates? That can be both exciting and nerve wracking for business owners. On one hand, you’ll produce more income from the same amount of work. On the other hand you may be concerned by the risk of losing clients due to higher rates. While this may be true, there are best practices for handling a rate increase that, if done well, can get you new clients!

1. Give prospects on your list advanced warning. I recommend that you announce a coming rate increase two-three months in advance. This gives you a great reason to check in with prospects and see how they are doing on their own and if they might be ready to work with you.

2. Use a variety of communication methods to announce the rate hike. Sometimes you have everyone on your email subscriber list. Other times you may have phone numbers or a physical addresses. It’s perfectly alright to make this announcement in several ways. You can email, call and send hand-written notes to prospects – whatever way you have to communicate with them, do it. You can even consider sending the information multiple ways to people to catch their attention.

3. Explain getting “grandfathered” in at old rates. Let people know that if they choose to work with you before the increase, they will be covered by the old rate like your current clients. This can help incentivize prospects to become clients in two ways. They don’t feel trapped because you’ve given them plenty of notice and it makes people get off the couch a little faster so you get clients.

4. Ask questions to create the need to work with you now. Sometimes prospects think they don’t need to work with you even though their current situation demands change. To help people open up to the idea, ask them what’s not working right now. This can plant a seed and inspire prospects to work with you now due to a current need and to avoid a price hike.

5. Tell new prospects about increased rates. As you meet new prospects, share your new rates with them. For those who choose not to work with you, add them to your subscriber list. Then announce your coming price increase in an email, which tells everyone including your newest prospects how they can still get in at the current rates. This can act like a back-door incentive for newer prospects, motivating them to get started now before prices go up.

Your Assignment: When was the last time you raised your rates? If you’ve had the same pricing for more than one year, you may want to consider taking an increase. By following the five steps listed above, you can actually get clients while raising your prices. This process has worked for me and many of my students. So have no fear about the price increase you are dreaming of.

Virtual Office For Your Business

Arе you looking to expand your business in Indonesia, bυt aren’t quite sure hοw to get it done? Do you lack the finances to establish a physical office in a business district just to hаνе a high-еnd professional business address? Arе you sick of using a P.O. Box that businesses don’t really pay аnу attention to οr take seriously? If you’re experiencing аnу of thеѕе issues, it’s time to find out what a virtual office hаѕ to offer. To be hοnеѕt, thеrе аrе very few people that hаνе the capital to establish a physical business office to rent in south of jakarta, bυt what if wе tοld you that you don’t hаνе to physically establish аn office, bυt simply pay a small fee for a virtual office service.

Thіѕ is exactly what a trυе virtual office service provides. You’ll get everything you need for your business bυt you don’t hаνе to own anything relating to a physical office. Choosing a virtual office is much more thаn a business address to attach to a letterhead οr business cards, it’s more thаn just a mailbox – a mailbox service is not a virtual office. A trυе virtual office allows you to meet with clients in a professional meeting room environment at the location on a аѕ-needed-basis. That’s rіght, you can be anywhere in the world and still hаνе аn office business address location with meeting room facilities in Jakarta. You don’t hаνе to own аnу real estate, you don’t hаνе to hire employees to rυn your office, and you don’t hаνе to pay costs and fees associated with running a physical office address in a Jakarta office building.

A virtual office wіll allow you the flexibility and functionality that you’ve become used to in a regular business. Your company wіll еnјοу higher credibility due to the address location and you wіll be аblе to provide professional services to аll those that аrе driven to your new virtual office address. You wіll be аblе to provide a new physical office address, mail collection, mail forwarding, a live phone receptionist, voice mail, fax capabilities, with your own prestigious 212 area code and phone number, facilities for meetings, and a professional office location to receive payments, documents, οr іmрοrtаnt files οr papers that may be required in your everyday business functions. A virtual office address from is much more thаn a number you can print on a business card. You hаνе the ability to υѕе the office address for аll your business needs, and the best thing about it is you can manage it from anywhere you like. You сουld be on vacation somewhere and continue to receive those іmрοrtаnt calls, payments, documents, οr anything еlѕе that needs to be taken care of just аѕ you wουld in a regular business office. With a virtual office you can now ѕtοр worrying about hοw to grow your business, and bеgіn to focus on bringing more clients in from different areas around the country οr world.Regardless of where you’re based, you wіll find that a south of jakarta office wіll allow you to do business with Indonesia based customers and companies rіght in thеіr own back yard. You wіll аlѕο hаνе the ability to provide a professional business address in a renown and trendy business district for аll your clients, allowing them to experience the importance of your business.

Six Key Challenges for the Chief Customer Officer

     Copyright (c) 2014 Curtis Bingham

The Chief Customer Officer (CCO) role is still quite new to the c-suite. After the CCO has managed to gain employment, the clock is ticking. The average tenure of the CCO is only 29.6 months, often falling casualty to the “Results right now!” syndrome. There is no HBR treatise or field guide to being a CCO and the role is still, unfortunately, very poorly understood even amongst the c-suite and especially amongst customers.

While CCOs are faced with a wide array of challenges, the problems can be addressed. The CCO Council identified the following challenges as the greatest for the CCO and makes recommendations on approaches to overcoming them.

Creating strategic imperative and clearly defining CCO contribution: Customer centricity is often viewed as a “nice to have” rather than a strategic imperative. In many organizations, the CCO contribution to this imperative is poorly defined. As a result, a commonly heard concern of CCOs is the need to continuously explain and defend their value to the organization. Many CCOs spend between 20% and 50% of their time defending their position. This is clearly time wasted because it is not time spent with customers.

Recommendation: The CEO and Board must recognize the growing body of proof that customer centricity is the new basis for competitive advantage with demonstrable business results and make the CCO a part of this strategic imperative. The CEO and CCO should clearly define the expected contributions of the CCO and then socialize them across the organization.

Establishing organizational clout and credibility: The most successful CCOs recognize and leverage the three sources of CCO Authority, starting first with either positional authority or authority borrowed from the CEO and quickly earning such authority on their own. Without such clear authority, cultural resistance to change, conflicting priorities, and a host of other obstacles prevent CCO success.

Recommendation: The CEO must provide to the CCO significant “borrowed” authority. The CCO must “earn” authority rapidly by providing value, demonstrating results at all levels, and effectively communicating the business impact of those results.

Obtaining resources: Often there is limited understanding of the type of resources required to successfully convert an organization to customer centricity. Given the relative immaturity of the CCO role and the lack of clear roles and responsibilities this challenge is not a surprise. The CCO of one enterprise company chose to report into Marketing as a strategy to gain greater access to staffing and expertise.

Recommendation: CEOs and Boards of Directors must have realistic expectations of the resources required for a CCO to be successful and make a commitment to supply those resources.

Creating customer strategy: The CCO is uniquely positioned to help align with the most profitable customer segments to maximize the value delivered to and derived from each customer. Gathering customer data is easy, but converting it into action is much harder especially as the complexity of customer purchases and interactions increases. Many CCOs struggle to move beyond the voice of the customer and triage to create and implement customer strategy.

Recommendation: Implementing customer triage and issue resolution processes are critical first steps for CCOs. CCOs must enlist everyone to aid in such resolutions. But then the CCO needs to make powerful allies and initiate cross-functional initiatives to create workable customer strategy that cuts across business units to improve the overall customer experience.

Overcoming cultural resistance to change: Implementing change is challenging for most organizations and resistance to change is human nature. CCOs find that resistance to change is their greatest challenge requiring a significant amount of time and effort. A company with a mature workforce that has “always done things in the same way” is going to be more resistant.

A number of companies have successfully initiated incentives to employees, ranging from the introduction of customer metrics to bonus opportunities. When employees have skin in the game they are more likely to embrace change. Traditional methods for cultural change including bonuses and penalties help mitigate the resistance to change. Actively engaging employees in the process of change will move the culture from compliance to engagement. A variety of culture change strategies can and should be employed.

Recommendation: The CCO must accurately evaluate the company’s appetite for change and adjust expectations and program design accordingly.

Measuring and demonstrating results: Many organizations are adept at measuring transactions and discrete events. Customer emotions and behavior are harder to measure. Measuring the impact of the CCO in ultimate terms of revenue and profit is a challenge. This difficulty in measurement is perhaps the single, greatest reason for the CCO’s role being the most fragile in the c-suite. CCOs also tend to struggle with self-advocacy. A balance must be struck between bragging and bringing attention to successes; allies can be a great source of “selling” the CCO’s accomplishments.

Recommendation: The CEO, Board, and CCO must agree upon metrics and measures that balance revenue, profit, and customer loyalty. The CCO must effectively communicate and market the value of customer-centric change to the organization to gain further support and adoption.


Whether you are an experienced or new CCO, addressing these challenges head-on can help you drive more profitable customer behavior, create customer-centric cultures, and increase the value you deliver to your customers. There are no guarantees of success, even in a more established position, but knowing where the really challenges are will put you or your company’s CCO in a position to succeed and even thrive as the voice of the customer.

Agen Judi Bola Online Indonesia

Sepak bola merupakan olahraga terfavorit di dunia bahkan di indonesia. membicarakan tentang dunia sepak bola memang tidak ada habisnya. Mulai tentang klub, suporte, pemain bahkan sampai ke pasangan para pemain bola. Sebagai negara besar di Indonesia banyak sekali klub-klub bola dan liganya pun diselenggarakan sampai tingkat bawah atau junior. Indonesia terkenal dengan supporternya yang fanatik ketika membela timnas Indonesia di kancah internasional.

Akhir-akhir ini judi bola dan agen bola online semakin meningkat dan marak di indonesia. Kita bisa lihat semakin banyak nya banner-banner iklan judi bola online di website-website berbahasa Indonesia yang sebelumnya jarang sekali ada. Ada banyak keuntungan yang kita dapatkan ketika kita melakukan judi bola secara online kalau di bandingkan dengan offline. Diantaranya kita tidak perlu susah-susah untuk menghampiri bandar bola secara langsung yang tentunya sangat beresiko untuk tertangkap polisi. Dengan judi online kita akan terhindar dari persoalan itu, karena semua di lakukan secara online, sehingga susah untuk di lacak.

Bagi yang tertarik untuk ikut taruhan bola secara online, anda hanya membutuhkan koneksi internet, lalu mencari agen sbobet yang terpercaya. Silahkan melakukan registrasi secara gratis, deposit uang anda kedalam website tersebut dan anda sudah siap untuk melakukan taruhan. Untuk tata cara atau panduan cara melakukan taruhan bisa anda temukan di menu yang di sediakan websites tersebut. Apabila anda ingin meng-explore lebih dalam tentang tips dan trik taruhan bola online, anda bisa mencari artikel di beberapa website yang bisa anda temukan di mesin pencari. Yang terakhir, lebih baik anda melakukan judi bola secara online daripada offline jika di lihat dari sisi keamanan nya di sisi hukum, selamat bertaruh dan semoga sukses.


How to Spot a Reputable Personal Injury Lawyers?

     It cannot be denied in the majority of major cities, personal injury lawyers have poor reputation. There are people who refer them as ambulance chasers. If someone gets in an incident with injuries, then a junior level lawyer is not far behind. Maybe she is already in the hospital waiting for injured victims due to an incident. Even so, some personal injury lawyers aren’t similar to this. Unfortunately, people who do “chase” ambulances present individuals who don’t chase ambulances a bad name. At this moment in time, having these accusations is the very last thing needed by attorneys like us. Others feel that we’re getting the worst image as attorneys.

Fortunately, even to this day, some personal injury lawyers who have respectable reputations are still on the surface. Our trustworthy legal services have always attracted the interest of numerous clients. It is true that we’re satisfied with exactly what we have, but the salary pay as well as reputation will not be like this if it were not for our hard work and trustworthiness of our services. We wouldn’t be in business long if we were slimy and terrible.

Consequently, how to search for a personal injury lawyer if you’re involved in the accident itself? In cases similar to this, it is greater to talk to your trusted friends who have experienced such sort of situation. Frankly speaking, it won’t be as simple as it appears especially if you want a quick solution, even so it is one of the easiest course of action.

The second easiest way to find a dependable accident lawyer after an incident is to “let your fingers do the walking”, other than the yellow pages might not be as easy as it was previously. This is where you can make use of the web. On the other hand, you may don’t have much time for you to browse websites and ads on the net, but obviously it is one of the easiest way to obtain the right lawyer.

During online search, search for a law firm with a lot of reviews. If the website just has a couple of good reviews, it is advised that you find some other firms. In the same manner, law firms with overwhelming satisfactory reviews are a better choice. Maybe, you are thinking about the five negative reviews. It is just practical to comprehend their points, but take into account the majority more. Why? That is because there are clients who expect for more from what a law firm could probably do. Still, it will all depend on your choice. Nevertheless, choosing a law firm that has extremely high ratings will always prove to be a good decision in the end.

When it comes to dealing with these law firms, make sure that questions are answered appropriately. It is anticipated that the lawyer will be asking you information with regards to your case. That’s perfectly normal. Furthermore, if the lawyer you have called won’t be asking information regarding the case, then maybe the law firm is not interested to deal with such case. Why are they doing it? Think about it. How can a legal representative be effective without full knowledge of the case they are dealing with? If I was the client, I would surely protest against it.

Company Formation Turkey

     At Ketenci&Ketenci we regularly assist foreign corporations and investors to form new companies and branches in Turkey. Thanks to the Turkish Direct Foreign Investment regulation; foreign investors can incorporate or participate in all types of companies in Turkey which are available for local investors in accordance with the equal treatment principle

In General

There are two kinds of limited liability companies in Turkey. There are certain similarities and differences between these two forms, namely Anonim Sirket (“AS”) and Limited Sirket (“LS”).

Similarities and differences are as follows;

Both AS and LS are actually limited liability companies where the liability of shareholders of both the AS and the LS are limited to their respective capital commitment in the company.

Both AS and LS can be established by sole shareholder.

Under the current Turkish Commercial Code numbered 6102 (the “TCC”), minimum capital required for LS is 10,000.00 Turkish Liras (approximately €4,249.- EUR as of 18.01.2013) and a minimum capital of 50,000.00 Turkish Liras (approximately €21,250.- EUR as of 18.01.2013) is required for the incorporation of an AS. However, for the AS companies which accepted the registered capital system, it is a requirement to have a minimum capital of 100,000.00 Turkish Liras.

An AS is managed by its board of directors. It is possible to have a single person within the board of directors. An LS does not have board of directors but is managed instead by its general manager and shareholders. All authorities of the shareholders relating to the management of LS can be granted to a general manager or one of the shareholders.

Call for an assembly, general assembly without any calls, minutes, right to call and to make proposal of the minority, agendum, unauthorized attendance subjects which are held under articles relating to AS under TCC, shall also be applied to an LS in comparison when required.

Companies pre-defined by the Councils of Ministers shall be subject to an independent external auditing. A draft has been announced but yet not entered into force. Financial data included in the annual reports of executive organs shall be subject to auditing for the abovementioned companies as well to state if they are in parallel within the overseen financial statements. On the other hand, the board of directors’ members of an AS is empowered to review and audit the accounts, transactions, commercial books and such of the company.

It is significant to note that LS shareholders, unlike AS shareholders, may be personally liable for amounts owed by the LS to government authorities for taxes, duties and charges if the company cannot make the required payments. Therefore, the liability of the shareholders of LS, in this respect, is not limited to their own capital contribution in the company. However, in an AS, the legal representatives of the company may be liable for the non paid aforementioned public receivables.

Any transfer of shares in LS must be approved by shareholders representing the simple majority of the company and the share transfer document must be notarized and registered with the Trade Registry Office and published in the Turkish Trade Registry Gazette. A share transfer in AS does not need to be in compliance with aforementioned requirements. However, in an AS, the board of directors may object the share transfer in certain circumstances designated in TCC.

At this point, it should also be noted that AS is recommended where shareholders with potentially conflicting interests come together, such as in a joint venture, since it is possible to establish classes on the shares of AS. On the other hand, the LS may be preferable when the sole objective is to establish a wholly owned subsidiary of a foreign parent company with minimum capitalization and administration requirements.

Steps for the Establishment of a Limited Liability Company in Turkey:

Preparation of the AoA

Pursuant to Article 575 of the TCC, the AoA shall be in writing, signed by each of the shareholders of the Company. Moreover, signatures of all of the signing shareholders shall be notarized by a Turkish Notary Public.

Under Article 576, paragraph 1 of the TCC, it is mandatory to state the address of the head office of the company in the AoA.

Because the trade names of the legal entity merchants are protected in Turkey, it is a must that the determined trade name has not previously been registered with any Trade Registry Office.

Following taxes and charges shall be applicable in connection with the execution and certification by a Turkish Notary Public of (i) the AoA, and (ii) the lease agreement of the head office of the company;

(i) For the AoA;

Pursuant to the Stamp Tax Law, a stamp tax, which is calculated at the rate of 5‰ of the face value of the AoA is levied on the AoA. Such stamp tax shall be due on the date of the execution of the AoA. However, the documents with respect to the establishment of a company are exempt from the stamp tax. Therefore, no stamp tax is paid for the AoA.

Pursuant to Schedule 2 of the Law of Charges, a notary public charge, which is calculated at a rate of 1.13 ‰ of the face value of the AoA is levied for each signature put on the same. However, the documents with respect to the incorporation of a company are exempt from the payment of such notary public charge.

Only the certication fee will be paid to the Notary Public for the execution of the AoA.

(ii) In case of a lease agreement for the registered office;

Pursuant to Stamp Tax Law, a stamp tax, which is calculated at the rate of 1.89 ‰ of the total value of the rentals to be determined in accordance with the term of the lease agreement, is levied on the lease agreement for the head office of the company. Such stamp tax shall be due on the date of execution of the lease agreement. Pursuant to Schedule 2 of the Law of Charges, a notary public charge, which is calculated at the rate of 1.13 ‰ of the face value of the lease agreement is levied for each signature put on the lease agreement.

Registration with the Local Chamber of Commerce and the Trade Registry

The company must be registered with the relevant Trade Registry where its registered office will be located, and the notice of incorporation, the AoA and the signature circular containing the authorized signatories of the company must be published and announced in the relevant Trade Registry Gazette in order to put third parties on notice of the establishment thereof. Pursuant to Article 588 of the TCC, the company shall be deemed established upon its registration with the relevant Trade Registry.

Documents to be filed by the founders of the Company

After executing the AoA of the company before a Turkish Notary Public, the founders of the company or their duly authorized representatives shall apply to the relevant Trade Registry Office within thirty (30) days following the execution of the AoA before the Turkish Notary Public.

Following documents shall be attached to the application letter which shall be filed with the relevant Trade Registry Office:

Incorporation Notice Form;

Notarized AoA (four (6) original copies one of which must be original);

Signature declarations of the managers of the company under the company’s trade name drafted by the Turkish Notary Public,

Commitment letter which is pursuant to Article 29 of the Registry Regulation dated 08.02.1957, a commitment letter is required from real persons or legal entities that apply for the registration of its company or the trade name of the company or from their representatives. The commitment letter must include; the trade name, capital, address, commencement date, the actual scope of activity of the company.

Original of the receipt of Türkiye Halk Bankas_, Corporate Branch of Ankara evidencing that 0.04% of the capital of the company has been paid to the account of Competition Authority;

For each manager a notarized copy of his/her identity card or passport copy;

For each foreign legal entity shareholder, the original and the notarized translation of the “certificate of activity” which will be issued by the industrial and/or commercial registry with which such shareholder is registered or by the competent courts. The certificate of activity must be certified by the relevant Turkish consulate or apostilled in accordance with the Hague Convention.

In addition to the abovementioned documents, the local chamber of commerce also requires the following documents to be submitted therewith:

Chamber Registration Statement: The Statement must bear the shareholders’ photographs and must be filled in.

If the founding shareholder of the company is a legal entity, decision regarding the participation to the company.

If the founding shareholders of the company are legal entities and their head offices are not located in Istanbul, in addition to the above-mentioned participation decision, signature circulars of the founding shareholders approved by a notary public based on the decision of the recent appointment of the board of directors, in case the founder shareholders are AS and the decision of the Shareholders’ Assembly, regarding the election of directors, in case it is an LS.

Pursuant to Article 39 of the Law numbered 4054 which was incorporated with the Article 29 of the Law numbered 5234 on 17.09.2004, the partners of the LS and the shareholders of AS shall pay 0.04% of their capitals at the incorporation and in case of capital increase, the increased amount of capital to the Competition Authority. This is a condition for the registration of such companies. The partners must give bank slip to the competition authority for official registration.

Notifications regarding the foreign investors

There are no approvals and/or authorizations required for a foreign investor in addition to the ones required for a local company in establishing a company or participating in an existing one in Turkey.

However, under Article 4 and 5 of the Direct Foreign Investment Implementation Regulation some notification obligations have been amended for the foreign investors and the companies within the scope of the regulation which shall be made to the Incentive Application and Foreign Capitals General Directorate under Ministry of Economy (“FCGD”).

Documents to be provided by the local chamber of commerce:

Under Article 4 of the Regulation, the local chamber of commerce shall provide the FCGD with the following documents:

A copy of the Incorporation Notice Form,

A copy of the amendments to the AOA of such companies which have to be registered with the trade registry and published in the Trade Registry Gazette,

List of partners or list of attendees which will be issued to the chamber of commerce by these companies.

In light of the foregoing information, the relevant Chamber of Commerce shall provide the FIGD with a copy of the Incorporation Notice Form, which will be filled out by the founders of the Company.

Documents to be provided by the investors:

Under Article 5 of the Regulation, the companies shall provide the FCGD with the following documents:

Annual “Activity Information Form for Direct Foreign Investments”, which has to be issued latest in May of each respective year.

“Capital Information Form for Direct Foreign Investments”, which has to be issued within one (1) month after the payment of the capital.

“Share Transfer Information Form for Direct Foreign Investments”, which has to be issued within one (1) month after the transfer of shares.

In light of the foregoing information, for the establishment of the company, the company shall provide the FCGD with the Capital Information Form for Direct Foreign Investments issued within one (1) month after the payment of the capital.

Payment of the Capital

Although the TCC does not require the subscribed capital to be paid in at the time of incorporation, pursuant to relevant instructions, at least 25% of the subscribed capital of the company must be paid in prior to the registration of the company. Such payment shall be completed by the submit of the AoA duly notarized to a authorized bank. In this respect relevant bank shall open a blocked account for the capital to be paid (at least 25% of the total capital). Procedures to be completed with the bank shall be finalized after the issuance of a letter of bank guarantee to be submitted to the trade registry. Upon the registry of the letter of bank guarantee to the Trade Registry, the abovementioned obligation of Payment of Capital shall be executed duly. The blocked account shall remain blocked for 3 months and the payment of the balance capital (if the partial payment has been made) will be determined by the resolution to be announced of the general assembly. In case partial payments to be made in an amount of at least 25% of the total capital, the balance shall be paid within 24 months of the registration.

Further Procedural Steps

The company will have been registered with the relevant Commercial Registry Office and thus will have gained its legal entity status.

Following steps will be taken at this last stage:

A withholding tax number, value added tax number and a tax identification plaque shall be obtained from the local tax office where the head office of the company is located.

A social security number shall be obtained from the relevant Social Security Administration and employees of the company shall be registered with such administration.

A registration number shall be obtained from the relevant Labor Office and employees of the company shall be registered with such office.

The Ministry shall be notified of the establishment of the company by the Trade Registry Office.

According to the article 623 of the TCC at least one of the shareholders of the company shall be appointed as a director within unlimited acting capacity and managerial power.

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