Just Blogging

November 20, 2009

Colorado Auto Insurance Minimum Coverage Requirements

Filed under: Insurance — Tags: , — admin @ 6:24 pm
James J. Robinson asked:




Are you aware of the Colorado auto insurance minimum coverage requirements? The minimum levels of auto insurance coverage requirements are set by CO lawmakers. Driving without the required insurance is a very serious matter and can result in penalties and unwanted hassle.

Bodily Injury Liability

As a Colorado driver, you must have at least $25,000 in individual bodily injury liability insurance in place. This type of insurance pays for the medical expenses of a person injured in an automobile accident where you are considered the at-fault driver. Your policy must also have a cap of at least $50,000 to pay the medical bills for two or more people injured in the same accident.

Property Damage Liability

The property damage liability portion of your policy pays for damage caused to objects, such as the other driver’s vehicle, a mailbox, a fence, or a shed. The minimum level of coverage required by law in CO is $15,000.

Please keep in mind that the minimum levels of insurance coverage set out here are just that. Drivers in Colorado do have the option of buying more coverage if they want to. Before you make a decision about what level of coverage to buy, you will need to keep in mind that if you at the at-fault driver in an accident, you will be responsible for paying for damages above your policy limits.

It makes more sense to insure your vehicle properly and not take the chance that you will have to consider tapping into your savings or liquidating your assets after an accident. Your insurance company or agent can help you to figure out how much coverage you should have in place.

Find Colorado Auto Insurance Coverage Today

Now that you know what the Colorado auto insurance minimum coverage requirements are, why don’t you get take the next step and make sure you have enough protection for your needs? Spend a few moments comparing rates from some of the top companies and you can be on your way to the best Colorado car insurance in a jiffy!

November 7, 2009

Protecting Your Limited Partnership

Filed under: Legal — Tags: , , — admin @ 6:33 am
Michael Potter, J.D. asked:




The use of the Limited Partnership has grown in popularity over the last 25 years as both a way to limit liability and reduce exposure and risk as well as a tax and estate planning tool. Like any other business or investing tool, it can be used properly for its intended purpose or it can be misused, resulting in problems.

PRACTICAL LESSONS LEARNED

Though the Limited Partnership has been adopted in all states of the USA, not all limited partnership statutes are created equal. Some are much better than others, and some are worse. It’s important to be in compliance with state law requirements, remembering of course that some states have far more formality requirements than do others. Here are some useful suggestions.

As a preference, make use of those jurisdictions where the LP statute is not invasive of every partner’s privacy. Some states want each partner’s name and address, even if they are not the (managing) general partner. Other states are far more respectful of privacy and only require the contact information of the General Partner. Be sure to file any Annual Report. In the better jurisdictions, this is normally just a statement of who the general partner is, along with their address. In others, it is more detailed and requires a financial report. Use the Limited Partnership for its intended and proper purpose. It should have a ‘business purpose’, i.e. controlling and holding investment assets such as the stock of corporations, limited liability company ownership interests, investment trading accounts, mutual funds, etc. The Limited Partnership should not be treated as if it’s your personal piggy bank. Ensure that the Partnership Agreement states one or more specific and well-drafted business purposes. Have the Partnership Agreement drafted by a licensed attorney with experience in this area of the law. There are business entity filing providers (incorporators) who don’t know what they’re doing and they tend to provide a ‘generic’ agreement that is a gross disservice to their customers.
AVOIDING IRS PROBLEMS

A series of IRS cases (the Strangi cases) examined the misuse of Limited Partnerships, particularly as to their misuse claiming deep tax discounts where the founder of the Partnership basically treated the assets of the Partnership as his own despite claiming to transfer them to the FLP. To avoid IRS problems, here are some ‘lessons learned’ to consider:

Don’t set up an FLP primarily for tax reasons. That is not a legitimate ‘business purpose’. Doing so only asks for trouble. The IRS considers it abusive to put all of your personal assets into the Partnership. Keep a sufficient amount of funds and accounts outside the Partnership that will provide for your lifestyle. The cost of your estate administration should be paid for out of your Living Trust or personal financial accounts, not out of the Limited Partnership. The same goes for estate taxes. It might be prudent to have a life insurance policy sufficient to cover anticipated estate taxes. That should be held separate from your family’s Partnership. It’s very unwise to put your personal residence into the family’s Limited Partnership. It can easily be deemed to be abusive by the IRS. In the Strangi case the IRS was very critical of Mr. Strangi’s occupying the home without paying rent after the home had been transferred to the Limited Partnership. The same would obviously be true for other ‘personal use’ items such as boats, art collections and vacation homes.
ADMINISTERING THE LIMITED PARTNERSHIP

One of the areas where problems can arise is in the proper administration of the FLP. This includes not only the day-to-day operations, but also the funding of the Partnership. For example:

Change title on assets intended for ownership by the FLP. Failure to do so means that the asset is not actually included in the Partnership even though the Partnership Agreement may list the asset on its initial list of partnership property. Changing title means more than just including an item on a list. Trading accounts at a brokerage for example might require that you close the previous existing account and open a new one, in the name of the Limited Partnership. Real estate that you intend to transfer to the FLPwill need to be re-titled by means of a deed which conveys ownership and is recorded with the County Recorder where the property is located. If there is any confusion over which assets belong to the Limited Partnership itself and which belong to the individuals or entities that are the limited partners, such confusion needs to be clearly resolved with a paper trail that can be traced and audited. Avoid using assets belonging to the Limited Partnership for purposes other than those stated in the business purpose section of the Partnership Agreement. Keep accurate books and records, and have a paper trail that is clear and unmistakable. The books and records of the Limited Partnership should be kept in an orderly and efficient manner that reflects attention to detail and your intention of administering the Partnership in a fair and business-like manner. When distributions are made, they should be equitable and fair. Unless there is an agreement signed by the Partners to make unequal distributions favoring one partner more than the others, distributions should be allocated among the Partners on a pro-rate basis equal to their percentage of Partnership interests (i.e. their percentage of ownership). Funds that are retained inside the Partnership should be re-invested for the good of the Limited Partnership as a whole, not for the personal use as a piggy bank for one partner. Properly drafted Partnership Agreements should certain rights for limited partner - such as the power to replace the General Partner and Amendment rights as to the Partnership Agreement. The General Partner should be expected to make an Annual Limited Partnership Report. This is different from the annual filing required by the Secretary of State. This Annual Limited Partnership Report is from the General Partner to the Limited Partners and serves as a report card as to how the Partnership is doing financially with its holdings and investments. It should highlight any changes (positive or negative) and any upcoming business opportunities, as well to set forth a cash flow statement and balance sheet for every Partner to review. If a family’s Limited Partnership is created close in time to the death of the founder, and if the founder contributed the bulk of the Partnership’s assets at that time, this may lend itself to an attack by the IRS and would likely be successful. It is best to form a family’s Limited Partnership for a proper business purposes (i.e. managing investments, company stock, mutual funds, etc.) and to properly document the timely and proper administration of the Limited Partnership with accurate books and records.

It is important to ‘walk the walk’ and not just ‘talk the talk’. A Limited Partnership that is properly drafted, has a business purpose, is run in a business-like manner, and is established well before the death of the founder has a much better chance of withstanding any audit and proving to be an example of ‘how to do it right’.

October 31, 2009

Correction Agreement - Limited Power Of Attorney - Just How ‘Limited’ Is It?

Filed under: Real Estate — Tags: , , — admin @ 5:29 pm
Leon Austin asked:




One of the documents that a borrower may be required to sign at closing is a Correction Agreement - Limited Power of Attorney.

It’s the kind of document that can evoke suspicion in any borrower. What kind of ‘Power of Attorney’ is this actually, and what is the lender going to do with this ‘power’? And what kind of ‘correction’ will the lender be empowered to make?

What I try to do is put the borrower at ease by explaining what this agreement is used for. First of all, it is a ‘limited’power of attorney, which means that there are limits to what powers it grants the lender. The document will read something like this:

The undersigned purchaser(s) (Borrower(s)), for and in consideration of XYZ Mortgage Company, agree that if requested by Lender or its agents, successors, or assigns, I/we will fully cooperate and adjust all TYPOGRAPHICAL OR CLERICAL ERRORS discovered in any or all of the closing documents presented at time of closing.

The undersigned hereby appoints as my/our attorney-in-fact to act for me/us in my/our name to correct any such errors, place my/our initials on documents where changes are made, and/or sign my/our name(s) to any document or form, and to perform any and every act required or necessary to effectuate the adjustment or correction of such errors. In the event this procedure is utilized, the borrower(s) shall be notified and receive a corrected copy of the changed document from the Lender: This power of attorney shall take effect upon the date of this agreement.

The power of attorney created herein is a durable power of attorney and shall not be affected by my subsequent disability or incapacity.__________________________________

I am a notary signing agent. I am not an attorney, and may not give legal advice. But one thing that I assure the borrower is that, this is an agreement to correct ‘clerical errors’. Also, this is a ‘correction’ agreement — not a ‘modification’ agreement. This means that the lender will not use this agreement to change the interest rate, or any other terms of their loan. A fixed rate will remain a fixed rate. If there is no prepayment penalty, it will stay that way. Etc.

Yes, but how long will the lender have this power?

That’s a good question, and one that the borrower should ask their loan officer. But typically a power of attorney ends when the granter dies. That could be a long time. But this type of power of attorney usually terminates in one year.

This is basically what the Correction Agreement - Limited Power of Attorney is about. It is used primarily as a convenience to the borrower.

And a convenience to the borrower is also the primary purpose of the notary signing agent.

October 18, 2009

Limited Mobility, How to Improve Your Activity Level by Self Motivation

Filed under: Health And Fitness — Tags: , , — admin @ 8:49 am
Francine Gielis asked:




If you don’t use it, you lose it. And nowhere is that more true than when it comes to your activity level. If you don’t use your muscles, your muscle mass decreases. You won’t be able to do the things you used to, not run as fast, not jump as high. If you have had a period of inactivity, for instance after surgery, the older you are, the longer it seems to take to recuperate.

Your natural physical build has something to do with it also. Some people by nature are just must more athletic than others.
My 80 year old mother in law could skip rope 80 times when she was 80, without stopping. Very few of us are that lucky. We really don’t need to be able to do that. But we do need to stay active, and sometimes that is very hard to do.

Sometimes you have to force yourselves to be active. It can be very hard to do when everything hurts. And that is where subliminal power comes in. One of the most helpful self improvement techniques, it can give your subconscious those little pushes to get active. How does it work? While I work on my computer, the screen will flash a very short message telling me to walk, or be active. It does this 700 times per hour. I work on my computer on average 5 hours per day, so 3500 times per day my subconscious receives those messages.

I am speaking from experience. Having had numerous surgeries on my legs, damage is done and the circulation in my legs is bad. The most important thing for me to do is keep moving. Yet sometimes that is the thing you don’t want to do.

You have to motivate yourself. There is a lot of skepticism about subliminal messaging. It is used by lots of athletes; they use it to motivate themselves, to improve their golf game. I use it to increase my activity level, to motivate myself, and it works.

The program on my computer has my own messages on it. After I started using it, within a week I noticed that my activity level had increased by at least 300 %. And it has been increasing ever since. Now, three months later, I am a lot more active, my legs are in better condition and because of that, I am even more active. I won’t ever be able to skip rope 80 times, let alone 40 times, but that is not my goal. Anyone who has limited physical ability and knows it is their own fear or willpower that is holding them back, give subliminal messaging a try. I’m glad I did. To learn more about this program visit: http://www.myhelphub.com/start/click.aspx?c=limitedmobility

October 12, 2009

iPhone questions and answers

Filed under: Cell Phones — Tags: , — admin @ 1:47 am
iphoneno1 asked:


Iphone or ITouch?

Do you have to discharge for internet on the iphone? And i have verizion env very soon so should i just preserve my old phone and attain an i touch or get and iphone? Get an Ipod Touch. The enV is already a cool phone, I enjoy an…

How do you recommend charging iPhone?

I heard that is to say it better to charge the battery when it is almost abandon so it will last longer but is it really hurting my Iphone by charging it when its in the middle? Thanks, Mike 1. Avoid frequent full discharges because…

HELP IPHONE v BLACKBERRY PEARL 8130?

Ok, my options are Blackberry Pearl 8130 for Verizon, or switching to AT&T for iPhone. What do you meditate? I only enjoy two email accounts, how slow is iPhones netork? I know pearl uses 3G. Im also a college student… any ideas? folks…

What is so nice roughly only just launch iPhone by Apple computers?

It have taken the industry by storm. CISCO is opposing it , truism it is violation of IPR. The amount of memory go above and beyond that of other mobile phones. It’s more like a music player next to phone capabilities a bit than a phone with music…

Which Phone is better. The iPhone or a Blackberry?

I recently get the blackberry pearl and it has adjectives the features I need and want. But I be curious as to the features on an iPhone. I know the touchscreen feature is a cool article for the iphone but I think the blackberry is more accessible to…

Which phone is better the iphone or the blackberry pearl?

i have cut-throat now. i am looking to upgrade. I’ve hear the iPhone breaks easily so I’d walk with the Blackberry Pearl. IPONE is your best bet. It have eay acsess to everything and holds 3 megapixels i iphone is HORRIBLE dnt gt i…

Can I use the the iPhone internet on a different owner?

I be thininking about buying an unlocked iPhone, but I wana know if I would still be capable of use iTunes or if I would still be able to use most of the features next to Cincinnati Bell. yes you can through a local hotspot. But if you…

YouTube Problem on my iPhone?

I have full signal most of the time at my house but when I scrabble on YouTube most of the videos are not at hand. Can someone please help. Youtube is jump through hoops to make adjectives videos compatible… they aren’t nearly within yet. The re-coding of…

How can i convey mms pic. on my iphone?

you can solely send them through email. to be precise one of the flaws of the iphone. but here are the email addresses to distribute the pic to a regular cell phone: * put the whole nouns code to with the number: Alltel = xxxxxxxxxx@message.alltel.com AT&T =…

Does anyone enjoy the unmarked Apple iPhone?

If so, is it any good? As soon as someone rave about this piece I know they are from America, where yes it is futuristic. However surrounded by Europe it uses technology that investment stopped in a few years ago, on this side of the pond it…

Iphone Help?

Ok, Does anyone know when the new Iphone is coming out?! If you answer and I research that it is true, i will pick yours as best answer! It come out on June 29. EDIT: A newer version of the iPhone? It’ll be a while, I’m…

Which should I buy Apple iPhone or Moto Q(TM) Global?

noone blackjack II is better;- I have the Iphone so i would significantly reccemend it if you have the money for one specifically there thoroughly expensive and then you hold to pay extra for a notes plan for one monthly. The iphone will not…

Should i seize an iphone if i own low disk space on this prehistoric computer?

i know i will stipulation itunes , not even sure i have space for this however.Plus it cost $$$ . The low disk space i think i can work around but possibly just seize a laptop .Then again iphone has adjectives 3 ,OMyyyyygod help meee! if i have…

How can I court my dad to buy my mom and me an iphone?

My mom and I want an iphone… My dad is thinking going on for it and he is on the fence he doesn’t approaching the fact partially the family will be near verizon and the other with att… also he doesn’t want to spend that much more money

Iphone games?

i downloaded ipong off the installer god on the iphone , and im wondering if anyone knows how to delete it . gratefulness iPong is pretty lame! I uninstalled it after 1 exciting game! within installer there is an uninstall tab. iPong is within it. But…

Should I achieve an iphone?

YES. They are amazing and folks will envy you =] lol HECK YES :] WORTH IT I would say YES - It is great phone ever. I bought later week from O2 in Manchester, UK. I did read some reviews of individuals…

T-mobile wing vs apple iphone?

i wanted to seize the i phone but ive been audible range that the t-mobile wing has matching features like the physical web browser unlike the sidekick3 that you hav to scroll our similar to crazy, but i also heard that the lone drawback to the wing is…

Can i use adjectives the features on an iphone if it is unlocked and do i want to buy a plan for an unlocked phone?

i am buying an iphone on craigslist The features are dependent on the carrier you’re using, so you’ll hold to pay for the features to use them. The owner won’t download your commands or adopt your requests unless they match the information on your SIM beside a subscriber,…

How long does iphone freestyle end if mp3 is played non-stop?

I don’t have a source where on earth I get the answer I going to enlighten u. I’m a iPhone user, have owened it presently for the past 4 months already, it have its goods & bads. I use my for work adjectives the time. I got…

IPhone grip?

i am looking for a defence for the iphone and i need some reccomendations.. i want a removable belt clip if any.. and i involve something that isnt bulky.. i have hear complaints about the silicone kind just because they stretch and attract dust.. is that true?!…

Is in attendance a vehicle deck/stereo that works next to an ipod or iphone that simply allows you to jack surrounded by the ipod or iph

is there a vehicle deck/stereo that works with an ipod or iphone that simply allows you to jack surrounded by the ipod or iphone without any further accessories within order to play songs stored on the device. or is within one that allows this benefit using the…

IPhone- should I put on the market or save?

I won a 8 GB iPhone but now I’m trying to wish whether I should keep it or trade it… it’s unopened new surrounded by box. What should I expect it to sell for? My problem is that I’m beside t-mobile. I’ve heard that…

Iphone 2.O. Has any one hear when iphone 2 will be coming out?

Hahaha! Jeez… confer it some time… the iphone itself just by a hair`s breadth came out… possibly someday there will be iphone2… or perchance they’ll just correct the design of it and wont neccessaryly call it Iphone2. That is exactly what Sony did to the PSP.. they…

Does anybody know when will Apple’s iPhone be released within Lebanon?

procure a free iphone on this site instead of buying retail They have cell phones surrounded by Lebanon? Apple has not worked out any deal w/ cell carriers outside the US to pass the iPhone at the moment. If you can’t wait, you’ll…

Have a iPhone and a surrounded by deck cd player thats not mp3 compatible. Anyone know of any really well brought-up fm transmitters

Really need your opinion! Do you have a cassette player contained by your sound system? There are adapters that plug into your cassette player slot that work MUCH better than FM transmitter devices, which own problems in metropolitan areas near lots of FM radio stations. If no…

Is any one have problems next to in that iphone ?

as far as service go ? I’ve had the signal drop out for me a few time within the same spot and a few times else where on earth. Nothing too major. Well I can transmit you this, of the 500 sold at our Cingular store,…

The Apple iPhone worth it, or overrated?

Hi there, I saw my friend’s iPhone and very soon I am thinking of getting one. I’ve had Sprint for a decade immediately - do I need to switch to A&T? For those next to the phone, what has be your experience? Thanks!…

Does anyone know if a different Ipod is surrounded by the making? NOT the Iphone product, I know to be exact out.?

I know they come out with the iPhone, but I own a 30GB iPod, the newest to come out, and I be going to upgrade to an 80GB but I was going to sit on this one and salvage my money if anyone knew if they be developing…

I switched Tmo to ATT for the iPhone and am inept to receive record messages from other carrier?

I can dispatch texts to anyone and they are received but I can singular receive those from ATT? Cust service , tech support, and apple were inept to help and said to be in motion into a store for help. Anyone have this problem? Did you…

How much or how oodles minutes it will help yourself to to phone call Europe from the uk on o2 iPhone?

Hi near, the price depends on if you are on pay as you parley or on a contract. As you have an iphone i would consider you are on contract but i will give you the price on both. to create a…

Where is the iphone made?

The iPhone is made in China. The businessman of the product is Apple Inc. Apple Inc USA, Manufacturing could be in China… Its Depends some phone made from Germany others from Hungary It is made by Apple. In iland…

IPhone SDK?

Ok, I Have Two Questions.. =P 1. Has Anyone Posted The Actual Firmware 2.0 Out There To Download? 2. Dose Apple Plan On Making A iPhone SDK To Work On PC? 1. Nope…That comes in June…and the beta is simply available to developers, most of which…

Has anyone jailbroken their iPhone?

Hey I want to jailbreak my iPhone but im scared ailing mess it up… has any1 tried it? I enjoy, its easy, and if you brick it, in that is a way to restore it. So you won’t enjoy to worry just about anything. Go here and…

Who here think Apple is going to lower the price of the iphone so ‘normal’ close to abundant of us can afford it?

Sales of the iphone be lower than expected. So i just want to know if nation think they will lower prices approaching Sony did the the PS3. I think so. If 50 family buy an item at $200 but 300 buy it at $100 where’s the bigger profit?…

How does the iphone dock connect to the computer?

its the dock thats included with the iphone box. it say its use is for charging and syncing the iphone. how does it sync? is it wireless? No not wireless. You need to plug contained by the USB cable. The iphone comes with the usb cable and…

How much is an iPhone (USD$)?

I want to buy one but its really expensive where i live so I want to buy one when i progress to the states Depending on the model you go for they are around $399 USD and up. You may be capable of find even cheaper on ebay

Iphone unlock?

what does unlocking an iphone mean not when u first turn it on and you own to slide the bar across. Unlocking an iphone will allow you to use the phone near any network, ie a cheaper one. For instance, contained by the uk they are…

IPhone is it the “coolest”? I THINK NOT?

People say its ” the coolest phone” but i enjoy proof that its not. Ok, when it runs out of battery, u hold to go spinal column the the AT&T store and they charge it 4 u. it sux that u cant get ur charger. If u…

Can you set book on an iphone using the middle-of-the-road mobile baby grand peak?

When texting on an iphone you can switch to a normal mobile grand piano. Is it possible to use this to type letters as very well as numbers? yes you can by someone going on then you type the course book to them ok just please ans. my…

Apple iPhone put somebody through the mill..?

does it cost anything extra for the iPhone notes plan?! sure… you got the price… ringtones are another story! Several hack have be released, people love them. one for Windows, and one for Intel Macs… I own neither! I have a g5 mac

So i have my Apple iPhone unlocked and be using it for tmobile and my sister go and accidentally updated the

phone on the itunes website and presently the phone is frosen on some screen that have the usb cable and a cd with an itune logo on it. she said it have asked her if she wanted to restore the phone to its unproved settings but she chose…

How much is an iphone?

…cash… where on earth are u?..depends on the place u know… $399 for 8GB It’s FREE if you enter this contest! You can win a 4GB iPhone. http://www.iphonenewsblog.com/2007/10/ib… Other than that its $399 or higher, depending on where on earth you…

More iPhone Q&A Please visit : iPhoneGood.com



October 9, 2009

How to Choose a Flower Girl Dress

Filed under: Fashion — Tags: , , — admin @ 3:26 am
Flower Girls Dress asked:


When selecting a flower girl dress for your wedding, there are many things to consider - the age and height of the flower girl, wedding colors, dress length, dress style, and so forth. The first step is to know what styles of flower girl dresses are available.

First one should know the roles for “Flower Girls”. There are really three distinct roles for little flower girls in a wedding. Flower Girl – a child attendant wearing a child-like dress in either Tea or Formal length who usually carries either a basket of petals to strew on the aisle or path announcing the arrival of the Bride. Miniature / Jr. Bride – a child dressed like a bride.

This role comes from medieval times as a decoy to lure evil spirits away from the Bride to avoid a curse on the marriage.  She may wear a miniaturized version of the Bride’s gown or a  edding-style gown complete with train and flowing headpiece.  She carries a bouquet. Jr. Brides Maid – older girls certainly prefer this designation.  The young ladies are usually dressed to coordinate more with the Brides Maids rather than in a full, fluffy little girl’s dress.

Types of dress: Selecting the right flower girl dress and accessories is an exciting time. Indeed it is a special day for the bride rather than the flower girl but what she wears will help her feel just that much more special and create memories for a life time. Traditionally and in many cultures yet today, the “little bride” look is desirable for flower girl.

 It is usually a full satin gown with plenty of trimming and a frothy veil on her head. However that trend has now disappeared in many modern parishes. Today we’re seeing a desire for clean lines and simple styles more in tea length than formal. Many feel that this helps focus the emphasis on the child and the meaning of the day. Sleeveless is also definitely popular in many locations.Light touches of beading are still very popular but it is not as ’standard’ as it once was. More modern styles will include lovely dresses with an entirely different silhouette from the standard ballgown style. Selecting the Colors: White or ivory dresses are the most popular (always coordinated with the color of the Bride’s gown).  There are many alternatives; consider the following:

A white or ivory dress and add a sash in a color close to the color of the Bride’s Maids dresses.  It may be possible to order extra fabric from the company where you order the Bride’s Maids’ dresses to have sashes made up.  Or, you can select a similar color from a child’s dress company; matching isn’t often that important.

A white or ivory flower-petal filled dress.  Select flower petals in the color of the flowers everyone will carry or the color of the Bride’s Maids’ dresses.  It is not necessary to have an exact match. When to Shop It is very important to shop early so you have the widest possible selection. 

Start shopping in early October. Shop for her headpiece at the same time - once they are out of stock, they won’t be available again this year. This will allow you time to think things through and order any style you want - even with extra dress length if necessary/available and still have time to make alterations before the day she wears it.



October 7, 2009

Auto Repair Estimates and Car Repair Prices - The Real Information to Avoid Car Repair Scams

Filed under: Automotive — Tags: , — admin @ 4:42 pm
Theodore Olson asked:




Worrying whether or not you were overcharged for your car repair is an awful feeling. There’s tons of advice on how to avoid getting ripped-off, but few discuss the actual car repair prices. We really need to look at the charges on a car repair estimate or auto repair invoice to determine if we’re paying too much.

The focus needs to shift from giving outdated and ineffective advice to addressing the specific charges. Are they legitimate charges? Can they be justified by industry guidelines?

Now car repair estimates can be confusing. So let’s break it down to get a better idea if your auto repair shop is billing you appropriately.

First, a glossary of terms is in order, as the auto industry has a language of its own…

Aftermarket Parts: parts not made by or for the manufacturer.

MSRP: Manufacturer’s Suggested Retail Price

OEM: Original Equipment Manufacturer. Manufacturer approved parts designed specifically for your vehicle.

TSBs: Technical Service Bulletins. Notes and instructions provided by the manufacturer for known and specific concerns (they are not recalls).

Flat Fees: services such as alignments that don’t get broken down into parts, tax, labor

Miscellaneous Charges: these can include, but are not limited to shop supplies - rags, chemicals, hazardous waste disposal fees, waste oil …etc.

Labor Rate: a repair center’s hourly charge to service your vehicle

Labor Time: the amount of time or hours determined that it will take to fix your vehicle

Labor Description: the step-by-step written details of repairs and/or services

Ok, let’s look at the Anatomy of an Auto Repair Estimate:

There are six basic components to a car repair estimate

1) Customer/Vehicle Information

2) Parts

3) Labor

4) Miscellaneous Charges

5) Flat Fees

6) Summary of Charges

Customer and Vehicle Information
Using a generic “top down” style estimate, the top portion simply contains your personal information and your vehicle’s specifics: year, make, model, mileage…etc, as well as your request or concern.

We also want find the shop’s labor rate. The labor rate is critical in determining if you paid too much. Most repair centers don’t list the labor rate. We’ll discuss why shortly.

Auto Parts
Parts are listed usually with a brief description, as well as the quantity, and the price. There are three types of parts: OEM (parts made by or for a manufacturer). These are the parts installed by a dealer, although many local shops use OEM parts too.

Aftermarket parts are non OEM parts, and there are various degrees of quality, depending on the brand and where they’re made – China versus USA, for example.

Then there are Used parts purchased from a salvage yard.

To determine if you paid too much for parts, first find out what type of parts are being used. With OEM parts, you don’t want to pay more than MSRP, although most people do without realizing it. Premium aftermarket parts are similarly priced across brands, although beware not to pay more than MSRP, which again, many folks do. Used parts prices are all over the place, so pick the price in the middle.

Auto Repair Labor

Labor is billed in tenths. So 1.0 equals 1 hour. 1.5 equals an hour and a half.
Labor rates range from $60 to $100 per hour at local repair shops and $80 to $140 per hour at the dealer level. Labor times are based off established industry guidelines, which are frequently abused.

If you don’t see the shop’s labor rate posted on the car repair invoice, ask your service center for the rate. Repair shops can manipulate the labor rate (among other things) with a labor matrix. Matrix pricing is a complicated and ethically questionable practice discussed at length in RepairTrust literature. What you need to know is that you can pay as high as $150 per hour rather than the posted labor rate of $105 per hour.

Thus, you’ll want to multiply the number of hours billed (which is also often not posted) by the shop’s labor rate to determine if you’ve been charged accordingly.

Most labor descriptions are poorly written and difficult to understand. So ask questions.

Here’s a “clear” labor description for a 30,000 mile service on a Toyota Camry.

Performed 30,000 mile service per customer request, and in accordance with manufacturer guidelines. Changed oil and filter, installed new air filter, cabin filter and performed all necessary tests, checks, and procedures, including road test (miles 30,123 – 30,125). Performed lubrication services and confirmed proper vehicle operation. Set tire pressures, and checked fluids, belts and hoses. Note: vehicle is pulling slightly left. Needs alignment

Miscellaneous Charges

The bulk of your car repair invoice will be parts and labor, but we can’t forget about Miscellaneous Charges. These charges can include, but are not limited to, shop supplies - rags, chemicals, hazardous waste, disposal fees, waste oil …etc. The latter of these may be billed out separately in a summary at the bottom of your repair invoice.

Very few of these “extras” are actually used during regular repairs. Miscellaneous charges are calculated off the amount of labor hours billed, not the amount of miscellaneous items used.

Flat Fees

Flat fees can be another very tricky area. Flat fees are services, such as an alignment, which don’t get broken down into parts, tax and labor. This makes it difficult to determine the real and fair price. On the plus side, most flat fees are competitively priced.

Be warned however, another term for Flat Fee is called Menu Selling. In other words, you might see Tune Up: $99.99 or Transmission Flush: $89.99. Follow your manufacturer’s recommendations only, not a dealer’s or repair shop’s menu.

For an interesting read on this topic, click
car maintenance costs

Summary of Charges

The last part of an auto repair estimate is the summary of charges. It’s usually found in the bottom right hand corner of the invoice. Check it against the charges above to ensure that it all adds up mathematically, as well as logically.

This basic estimate outline may differ from your particular invoice, which may have other categories such as “Sublet” or “HazMat.”

A sublet charge is added when your auto repair shop uses another vender to fix or repair your car, such as a glass company that replaces your windshield.

A HazMat charge may include waste oil or other disposal fees. Just make sure that the charges are warranted, as again, they too are often calculated off the labor time rather than actual need.

In sum, understanding the “actual” charges, asking the right questions, and breaking down your auto repair costs is the best way to avoid paying excessive car repair prices.

October 1, 2009

Trading As a Limited Company

Filed under: Legal — Tags: , , — admin @ 7:56 pm
Joseph Robert Neil James asked:




Many small ‘Self Employed’ business people, shy away from forming a limited company, mainly because they think it is too involved too costly or beyond their capabilities to achieve company Director status. However, many of the ‘Self Employed’ also consider they would lose too many perks by having to declare all their income to the ‘Inland Revenue’, when trading as a Limited company.

A friend of mine who runs his own business, gives me pleasure by just being associated with him. One day I asked him, why he had not registered as a Limited company, his reply was ‘because I have full control of my business, without having to refer to anyone’. By NOT being registered as a Limited company, he could in the future, lose all property he progressively purchased with profits from his successful business.

The average small business is usually controlled by ONE person and his/her - wife/partner, both sharing the day to day decisions controlling and developing their business. They would be ideal for registering as a Limited company, providing they were prepared to declare all their company profit to the ‘Inland Revenue’.

The minimum requirement in the UK for forming a Limited company is ONE person who will act as Director for the company and ONE person who will act as Secretary for the company (The Director cannot also be the Secretary of the company). At least ONE shareholder must be willing to purchase a single £1.00 company share. The shareholder CAN be the company Director or company Secretary.

The ‘Self Employed’ business name you are trading with at present, may not be available to register as a Limited company because the name may have already been registered. This means you would need to consider several trading names, until you find one that has not been registered, as a Limited company.

However, It is NOT wise to appoint your wife/partner as a Director, if it can be avoided but you could appoint he/she to the position of company secretary because if he/she is appointed as a Director, you will experience problems in the future. It is also NOT advisable to appoint your Sons and Daughters as Directors because they will only appreciate their own personal interests and must be allowed to explore their Eager Desires.

September 27, 2009

Limited Liability Company Operating Agreement Essentials

Filed under: Legal — Tags: , , — admin @ 12:22 am
Amy McDaniel asked:




The Limited Liability Company Operating Agreement is important for every LLC business. Knowing what absolutely must be addressed in this document can avoid business disputes and possible business failure. You are making an investment of money and time in your new business. Make sure your business is based on a solid foundation. This is assured by having a proper agreement for your limited liability company.

ESSENTIAL #1: Always Have a Written Limited Liability Company Operating Agreement.

If an LLC fails to adopt an operating agreement, it is subjecting itself to a set of default operational and governance rules set forth in the laws. It is quite clear that every body of law assumes a limited liability company will have a written agreement with operating details. It only provides default provisions to address the situation where an LLC fails to adopt one.

Don’t place the fate of your business at risk by subjecting it and its owners to a generic set of rules. You will find that most default provisions will not be suitable to your business. For example, some LLC laws say that each member shares EQUALLY in the profits of the limited liability company regardless of how much each contributes in terms of money and services. This is usually not the intention.

ESSENTIAL #2: Every Member and the LLC Itself Must Sign the Limited Liability Company Operating Agreement

An Operating Agreement for a limited liability company is the primary document between and among the owners of the business entity. In most cases, the LLC itself is also a party to this document. First, you must always be sure that every Member and the company itself signs the Agreement.

A big mistake made is when one goes through the effort preparing an LLC Agreement but then fail to have every relevant person sign it. Every member and an officer of the LLC must sign it.

ESSENTIAL #3: The Limited Liability Company Operating Agreement Grants LLC Authority

When it comes to a multi-member limited liability company, one common issue that arises as an LLC business grows and evolves is that at some point there becomes too many cooks in the kitchen. In other words too many people who have authority to act on behalf of and bind the business entity.

At the very beginning of the life of a limited liability company, the management structure must be decided. Generally, there are two options: member managed and manager managed.

A member managed structure gives every member the authority and right to manage and conduct business on behalf of the limited liability company. While the member managed structure is the most common and is generally appropriate for a single member LLC, it does have limitations as more members are admitted to the limited liability company.

Think early whether it is always going to be the case that every person admitted as a member will be active and executive level managers of the LLC. If not, use a manager managed structure. This will save you a lot of time and headaches later.

ESSENTIAL #4: The Limited Liability Company Operating Agreement Must Evidence the Breakdown of Ownership

You would be surprised how many times people get together and orally agree on who will own what in a business venture. They then set up a limited liability company to run the venture and they never document, in writing, the relative ownership.

Later, as memories fade and the business gets prosperous, the owners disagree on the ownership. This causes a lot of time and money spent on nonproductive activity. Remember, once disputes and then litigation ensue, everyone loses except the lawyer.

Always, always, always document the specific and relative ownership of each Member in the LLC Agreement and keep this up to date as new members come in or additional ownership units are issued to existing members.

The Limited Liability Company Operating Agreement is the most important document for an LLC business. Take the time and effort to make sure it is properly customized for your situation and signed by all proper parties. Then, on a continuing basis, make sure it is properly amended and updated as the LLC business evolves.

August 19, 2009

Limited Liability Company - LLC - What is it?

Filed under: Finance — Tags: , , — admin @ 6:51 am
Rocco Beatrice asked:




The limited liability company (aka L.L.C. or LLC) is the strongest asset protection devise for your business replacing the sub chapter “S” corporation. The LLC offers limited liability to the owners of a business and, additionally, the limited liability company is approved in all 50 states.

The LLC is similar to a corporation and sometimes has been mistakenly referred as the limited liability corporation. In the LLC, the individuals are called members and the LLC is most advantageous to smaller companies with a smaller number of members. In cases where the LLC has only one member the LLC may be regarded as a disregarded entity whereby the sole member is viewed as the entity performing the operations of the LLC. This contrasts a corporation owned by a single individual whereby the corporation is viewed as the entity performing the operations.

The limited liability company with multiple members avoids double taxation because the members are partners for taxation purposes. The IRS Form 1065 and Schedule SE (i.e. Self-Employment Tax) are used with the LLC entity. For tax purposes, the LLC in a partnership formation reports its income and deductions via each members’ income tax return.

WHY CHOOSE THE LLC FOR ASSET PROTECTION?

Courts and clever predators with their contingent-fee lawyers have significantly eroded the benefits and protection of corporate entities, allowing for little or no asset protection against employees, shareholders, officers, or directors. The limited liability company has become the “entity of choice” for all new business structures. The sub chapter “S” corporation has now become the white elephant.

LIMITED LIABILITY COMPANY’S FINANCIAL BENEFIT

There is a significant financial benefit to establishing a limited liability company for your business. Your predatory creditor’s sole remedy is the “charging order.” Similar to partnerships, the charging order can only be against LLC member(s) and not the LLC. The charging order is obtained subsequent to your creditor obtaining a judgment against you for monetary damages and other frivolous charges. Your creditor cannot, and is precluded by law, to step into your shoes as an LLC member and take over the financial affairs of your LLC. This is, in and by itself, the limited liability company’s most significant financial benefit.

In all cases, after you plead with your creditor, “Please, please, please, do NOT place a charging order against me because it’ll have the most detrimental affect on how I deal with my existing clients, banks and other businesses,” your creditor will turn around and slap you with a charging order. What you creditor does not realize is that he just gave you a major gift. Thanks in largely due to the drafters of the Uniform Limited Partnership Act.

The charging order means that your creditor has a right to “all your capital distributions.” So when will you have a capital distribution to pay your creditor? The answer is never. You are allowed to take a salary, to joint venture, to borrow money from the limited liability company but you will never take a capital distribution wherein you will pay your creditor. You have just become your creditor’s and their contingent-fee, gold-digging lawyer’s worst nightmare.

LIMITED LIABILITY COMPANY TAX ADVANTAGE

The LLC has a significant tax advantage. Someone must pay the taxes so the IRS declares. According to the IRS, in revenue ruling (77-137) it states that someone must pay the taxes. Since the person holding the charging order will receive the “K-1″, he must pay the taxes on the income generated by the LLC even though your creditor never receives any actual cash from the business.

The creditor saddled by the charging order is treated as a substituted limited partner for tax purposes, thanks to the IRS, and will suffer the tax consequences without capacity to force payment, dissolution or distribution. Do you think that your creditor will want to settle? Please note the “K-1″ is the yearly income tax statement to be included in recipient’s taxable income for the year similar to your mutual fund’s form 1099.

The shocking news is that your creditor will be obligated to pay the taxes for you. Every 6 months, send your creditor a letter on how well your business is doing and that you want to make sure that he prepares himself to pay the taxes. At the end of the taxable year, you send your creditor a copy of an additional letter along with the K-1, addressed to the IRS, requesting an audit of your creditor because you want to be tax compliant and that you want to make sure that all taxes have been timely paid and are up-to-date. Do you still have doubts that your creditor will want to settle?

When you combine the limited liability company’s tax benefit and the protection of the charging order with a surefire asset protection system of an irrevocable trust such as the Ultra Trust you will receive a financial asset protection fortress against your creditors and other contingent-fee based lawyers. So the next time there are any pending frivolous lawsuits you can relax and sleep soundly at night knowing your business assets are well protected.

« Newer Posts — Older Posts »

Powered by WordPress