Nolo’s Small Business Audio Kit
(running time: 10 hours and 51 minutes)
including: Whoops! I’m in Business: A Crash Course in Business
Basics (unabridged) by Richard Stim and Lisa Guerin, and How to
Run A Thriving Business: 16 Tips for Small Business Success
(abridged) by Jake Warner. The Kit also includes interviews with
corporation expert Anthony Mancuso, tax expert Stephen Fishman,
and commercial leasing expert Janet Portman. Read by Richard Stim,
Dale Sophiea, and Cynthia Marcucci, with an introduction by Nolo’s
founder, Jake Warner.
If you are using this program in download format—that is, you
downloaded it from Audible.com, iTunes, or another online source—
the attached pages explain the order of sections and their
approximate time on the program. Note, times may vary slightly.
Listeners can also download legal forms, check small business news,
and find business resources at the WhoopsBusiness website
(www.whoopsbusiness.com).
Why Form an LLC if You Have Insurance?
Topics Intro 00.00.00
Introduction by Jake Warner 00.00.00
Chapter 2 - Insurance
Preface 00.00.00
Chapter 1 - LLC or Corporation
Definitions of Common Insurance Terms
Basic Business Coverage
Property Insurance
What Are You? 00.00.00
Sole Proprietorships 00.00.00
Can a Husband & Wife Be a Sole
Proprietorship? 00.00.00
Liability Insurance
Car Insurance
Business Interruption Insurance
Partnerships 00.00.00
Event Insurance
LLC vs. Corporation 00.00.00
Key Person Insurance
How are LLCs and Corporations Taxed?
00.00.00
Website Insurance
What Good is Stock? 00.00.00
LLCs and Corporations at a Glance 00.00.00
Tax Rates on Corporate Income 00.00.00
California LLC Fees 00.00.00
Don't Assume that an LLC or Corporation is a
Perfect Shield 00.00.00
How to Convert to an LLC or Corporation
00.00.00
Limited Partnerships 00.00.00
S Corporations 00.00.00
Package Insurance Deals
Insurance if You Have Employees
Getting Insurance through Group Plans
Professional Malpractice Insurance
Working with Insurance Professionals
Will Your Client’s Insurance Cover Your
Business?
Don’t Count on Liability Waivers
Chapter 3 - Do You Need a
Business Plan?
Don't Forget Payroll Taxes 00.00.00
Interview with Corporations
Expert Anthony Mancuso
00.00.00
Most Common Question Asked About
Business Forms
Create a Business Plan in 24 Hours
A Sample Business Plan
Elements of a Business Plan
Executive Summary
Company Summary
Describing Products or Services
Is an LLC the Best Form of Protection?
Market Analysis
What to Watch Out for if You Form an LLC
Strategies
Dissolving an LLC or Corporation?
Management Team
What is Income Shifting?
Break Even Analysis
What Does it Mean to Qualify in Another
State?
Profit and Loss Forecast
What Does it Mean to Pierce the Corporate
Veil?
Mancuso’s Recommended Reading
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Cash Flow Projection
Don't Play With Your Numbers
Chapter 4 – Business Names
and Trademarks
Dispute Resolution
Attorney Fees
When You Review a Contract
What’s the Difference: Legal Name vs.
Trademark?
Choosing or Changing a Business Name
Perform a Simple Trademark Knockout
Search
Federally Registering a Trademark
Generic or Weak Trademarks
Trademark Symbols
Staying Out of Name Trouble
Maintain Paperwork
Fear of Negotiating
Call a Lawyer
Chapter 6 - Hiring Help
What's the Difference: Employee vs.
Independent Contractor?
Don’t Misclassify Workers
Factors That the IRS Considers When
Classifying Workers
Picking a Domain Name
When Using another Company's Trademarks
Call a Lawyer
Chapter 5 – Who’s Afraid of
Contracts
Check Out the Other Party
Oral Agreements
Factors that Make a Worker Look Like an
Independent Contractor
Factors That Make a Worker Look Like An
Employee
Advantages of Hiring an Independent
Contractor
Advantages of Hiring an Employee
Which Should You Hire?
Form Agreements
Does the Work Require Special Skills?
Electronic Agreements
Drafting and Formatting Agreements
Is the Work Performed Integral to Your
Business?
Who Signs the Agreement?
How Much Can You Afford to Pay?
Common Contract Provisions
How’s Your Cash Flow?
Confidentiality
How Do You Feel About Rules and Red Tape?
Warranties and Covenants
Finding the Right Worker
Indemnity
Don't Use Discriminatory Ads
Audit Provisions
Legal and Paperwork Requirements for
Independent Contractors
Term & Renewal
Don't Hire an Independent Contractor
without an Agreement
Termination
Boilerplate Provisions
Entire Agreement
Legal & Paperwork Requirements for
Employees
Waiver
Workers Comp Insurance
Severability
Required Posters
Governing Law
Jurisdiction
Force Majuere
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Chapter 7 - Working With
Family Members
What’s the Difference: Family vs. Non Family
Business?
Protection May Not Really Protect You
Chasing People Who Steal Your Ideas
Most People Don't Get Rich Over
Infringement Lawsuits
Before You Ask A Family Member to Join
Most People Are Not Reimbursed for Attorney
Fees
A Few Pointers for Family Businesses
You Risk Losing Rights If ….
Avoiding Problems if You Ever Divorce
Investigate the Person You're Suing
Tax Benefits of Hiring Kids or Parents
Avoid Lawsuits Based on Principle
Hiring Your Children
Licensing or Selling Your Rights
Hiring Your Parents
What if You Copy Someone Else's Ideas?
Community Property States and SpouseOwned Businesses
Don't Assume You Can Claim Fair Use
Incorporate the Family Business
Family Limited Partnerships
Chapter 8 - Protecting
Business Ideas
Four Steps to Protect Your Ideas
1. Record Your Ideas
2. Identify What's Proprietary
Call a Lawyer
Ideas Your Employees or Contractors Come
Up With
Examples of Companies That Succeeded by
Protecting Ideas
Sounds of Silence: Ray Dolby
The Lonely Bull Market: A&M Records
Chapter 9 - Funding Your
Business
3. Insure Your Rights
What's the Difference: Debt vs. Equity
Financing?
4. Enforce Your Rights
What Ideas Have You Got?
Have You Developed New Products?
Does Your Business Create Original Works
Protecting Business Plans
Protecting New Ways of Doing Business
Debt Financing
Equity Financing
Borrowing Basics: Definitions
Borrowing with Credit Cards
Protecting Websites
Don't Charge Business Expenses to a Credit
Card if....
Protecting Names and Logos
Signature Loans
Protecting Customer Lists?
Bank Loans
Don't Assume Customer Lists are Proprietary
Types of Bank Loans
Insuring Rights
Term Loans
Copyright
Lines of Credit
Utility Patents
Swing Loans
Design Patents
What Motivates a Bank to Lend Money?
Trademarks
Five "Cs" of Credit
Trade Secrets
Credit Risk Modeling (CRM)
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SBA Loans
Don't Be Swayed By Promise-You-Anything
Orders
7m Loans
Collections
7a Loan Program
State Lending Assistance
Borrowing From Family & Friends
Get Busy and Stay At It
Stay Positive
Don’t Harass People Who Owe You Money
Angel Investing
Be Direct
Why Do Angels Invest?
How Much Do Angels Want?
Watch out for Fraudulent Angel Brokers
What People With Money Want to Know
About Your Business
Get Creative
Write Demand Letters
Offer a One-Time Deep Discount
Learn from the Pros
Don't Conceal or Lie About Investment
Deal With Excuses
Venture Capital
Turn the Account Over to Collections
Selling Stock to the Public
File a Lawsuit
Chapter 10 – Licenses, Permits
& Paperwork
If a Customer Goes Bankrupt
International Sales
IRS Form SS4 - EIN Number
Chapter 12 – Do You Have a
Hobby or Business?
State Business License
What’s the Difference: Hobby vs. Business?
Local Business License
How the IRS Judges Your Business Under the
Hobby/Loss Rule
Basic Registration Requirements
Make Sure You Meet Local Zoning Rules
Register Your Fictitious Business Name
If You Sell Goods, Get A Sellers Permit
Your State Taxes Services
If You Provide Both Goods & Services
Don’t Make Sales Until You Get a Sales
Permit
When Do You Have a Profit?
Use Depreciation to Show a Profit
Form 5213 - Wait One Year
Proving a Profit Motive
Act Like You're In Business
Acquire Expertise
Permits and Licenses for Specialized Fields
Work Regularly
Chapter 11 - Getting Paid
Establish a Record
Invoiced Accounts
Don’t Be Inconsistent with the IRS
Got Cash
If You're Audited over a Hobby/Loss Issue
Checks
Call a Tax Professional if...
Don't Accept Check for Less Than ...
Classic Hobby Loss Abuses
Credit Cards
The 27-Year Search for the Perfect Steak
Going Online with Credit Cards
How to Heat a Palm Tree
Credit Card Fraud
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Earn Profits
Chapter 13 - Paying Your
Taxes
Bad Debts
Casualty Losses
Dues
How Businesses are Taxed
Sole Proprietorships
Education Expenses
Phone Bills
Partnerships
Retirement Plans
Shareholders in S Corporations
LLC Members
Federal and State Tax Credits
Tax Deduction Basics
Shareholders in C Corporations
What Taxes Will Your Business Have to Pay?
Income Taxes
Startup Expenses
Postponing Startup Costs
Operating Expenses
Self-Employment Taxes
Capital Expenses
Employment Taxes
Deducting Home Office Expenses
Sales Taxes
Qualifying for the Home Office Deduction
Paying Estimated Taxes
Five Tests for Home Office Deduction
Three Choices for Paying Estimated Taxes
No Tax Last Year Means No Estimated Tax
This Year
Preparing Your Taxes
Chapter 14 - Recordkeeping
and Bookkeeping
Accounting and Bookkeeping Resources
Bookkeeping Software
Motor Home as Deduction
Don't Shuffle the IRS about Home Office
Expenses
What Can You Deduct under the Home Office
Deduction?
Room Method for Determining Home Office
Deduction
Using Square Footage Method for the Home
Office Deduction
Home Office Deduction Tips
Choose an Accounting Method
Cash Method
Devote a Separate Room to Your Home
Office
Accrual Method
Do the Math
Keep Business and Personal Expenses
Separate
Keep Records
Even With Separate Accounts You Might
Have Some Explaining to Do
Keeping Records for the IRS
Don't Expect to Claim Deductions without
Records
Save Home Office Receipts
Deducting Long Term Assets
Section 179 Deduction
Depreciation
Does Depreciation Make Sense?
How Long Should You Keep Records?
Special Rules for Computers and Cell Phones
Chapter 15 - Tax Deductions
Deducting Vehicle Expenses
What’s a Tax Deduction Worth?
Meals and Entertainment Expenses
Overlooked Deductions
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Travel Expenses
Interview with Tax Deduction
Expert Stephen Fishman
Yellow Pages
Direct Mail
Radio and Television
What Deductions are Often Overlooked?
When it Comes to Home Office Deductions,
Which is Better: Square Footage Method or
the Room Method?
Trade Shows
Public Relations
Online Advertising
What about Commuting Deductions?
Seminars and Product Demonstrations
How Does the Mileage Method Work?
Signs
Entertainment Deductions
Outdoor Advertising
Section 179 Deductions
Do You Need a Marketing Plan?
What's a Tax Credit?
Chapter 17 - Shipping &
Returns
What Kinds of Deductions are Available After
Disasters?
Retirement Deductions
What’s Your Chance of Being Audited?
What's the Difference: Drop Shipping vs.
Traditional Shipping?
Chapter 16 - Marketing Basics
Shipping and Delays
What's the Difference: Marketing vs.
Advertising?
State Rules on Refunds
Ten Marketing Tips
Returns and Refunds
California Rules on Refunds
Florida Refund Rules
1. Avoid Advertising
New York Refund Rules
2. Drive Customers By Need, Price and
Access
Virginia Refund Rules
Contract Cancellation Laws
3. Market After the Sale
4. Go Guerilla
5. Marketing Is a Sensory Experience
6. The Customer is Almost Always Right
7. Use Marketing Motivators
8. Use Words That Sell
9. Don’t Rely on Market Research
Winning the Home Business Battle of the
Bulge
Best Business to Run From Home
10. Measure Results
Should You Keep Working at Home?
Marketing Your Brand
How Much Are You Saving?
Your Marketing Toolbox
Do You Have the Right Space?
Samples and Free Offers
Personal Letters or Cards
Telephone Marketing
Postcards, Handouts and Brochures
Display and Classified Ads
Nolo Small Business Kit
Chapter 18 - Working From
Home
7
Does Your Home Send the Right Message?
Will You Have to Contend With Zoning Laws?
Can People Reach You?
Is There Sufficient Parking?
Can You Get the Insurance You Need?
Are You Too Isolated?
Can You Separate York Work From Home
Life?
How Much Security Do You Need?
Don't Let Your Home Business Disturb
Neighbors
Tips for Maximum Home Office Efficiency
Six Feet Under: Not in My Backyard
Interview with Commercial
Leasing Expert Janet Portman
Is There a Number One Concern When
Leasing Space?
Is it Better to Form an LLC Before Leasing
Property?
Let's Talk About the Length of the Lease
Never Answer Mommy's Phone
Do You Have to Worry if Only Dealing With
Listing Broker?
Chapter 19 - Leasing Space
What if the Landlord Says Take it Or Leave
It?
What's the Difference: Commercial vs.
Residential Lease?
Is there a Primary Concern When
Subleasing?
How Much Rent Can You Pay?
What Are Lease Concerns When Disasters
Occur?
Finding Commercial Space
What Happens if the Landlord Goes
Bankrupt?
Dealing with Brokers
Check Local Restrictions
What to Ask When You Look at Space
When You Talk About the Rent: Gross vs. Net
Lease
Chapter 20 - Going Online
Security Deposits
How to Get A Site Up Tomorrow
Alterations
An ‘Information-Only’ Website
Property Tax Increases
Create a Blog
Common Area Maintenance Costs
Build a Site From Scratch
Insurance
Your Domain Name
Rent Fluctuation
Website Software
When You Negotiate Your Lease
Hosting Companies
Your Personal Liability for Rent
RichandAndrea.com
How Long Are You Tied to the Property?
Selling Products Online
What Happens if You Fail to Pay Rent?
Community Stores
What if You Can't Stay?
Cyzuki Goes Live
Resolving Disputes
Building A Store From Scratch
Can Your Landlord Move You?
If You Can't Handle Site Creation
Special Lease Restrictions
Where’s the Banana?
Call a Lawyer
Driving Traffic
Subleasing
Great Content
Incubators
Search Engines & Keywords
Banner Ads
Affiliate Programs
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Two - Understand How to
Make a Profit
Building Community
Legal Rules
If your Site Sells Products
If Your Site Gathers Personal Information
If Your Site Provides Chats
If Your Site Collects Information from People
Under Thirteen
Chapter 21 - Is This the Right
Business for You?
Profit Statements for Service Businesses
Profit Statement for Abel the Housepainter
Profit Statement for Wilbur the Attorney
Manufacturing and Retail Businesses: Profit
Statements
Profit Statement for Phylise the Book
Publisher
Understanding Inventory Costs
A Profit Motive Is Not Enough
Do You Love What You Do?
Rekindling Your Love For Your Business
Are You Good At It?
Profit Statement for Tamara's Furniture Store
Add a Service Component to a Retail
Business
Is There a Market Demand?
Three - Start on a Shoestring
If It’s Not the Right Business …
The Humble Gourmet
Chapter 22 - Should You Quit
Day Job?
Focus Attention on the Core Values of Your
Business
Try Going Part or Flextime
Be Frugal
Adopt a Customercentric Marketing Plan
Review Expenses That Get Out of Hand
Get Organized
Office Decor
Get Help
Reasons to Keep Your Day Job
When to Quit Your Day Job
Electronic Gizmos
Advertising
Consultants and Professionals
Call a Lawyer
How to Run a Thriving
Business: 16 Tips for
Business Success
One - Choose a Business You
Care About
Employees
Space
Four - Get and Keep a
Competitive Edge
Eleven Ways to Build An Edge
1. Develop Unique Knowledge
The Story of Snap Dragon
2. Make A Superior Product
Strategies to Stay Interested
3. Strive for More Efficient Distribution or
Production
Make Time to Do What You Enjoy Most
Develop New Business Approaches
Fire Yourself, Then Hire Yourself
The Story of Evergreen Vending
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4. Choose a Better Location
5. Make An Innovative Product That's Hard to
Imitate
6. Provide Better Customer Access
7. Offer Superior Customer Service
Need
8. Maintain Up to the Minute Knowledge
Price
9. Display A Distinctive Business Style
Access
10. Come Up with Better Marketing
The Story of Sandy's Coaching Business
11. Use Deeper Experience
Two Categories of Customers
Develop a Specialty
The Story of Roman's Gourmet Pizza
The Story of Color By Tina
Current Customers
Dealing with Moving Targets
The Story of Mandy's Septic Tank Business
The Story of Sparkle
Concentrate on Existing Customers
Five - Innovate Now and
Forever
Say ‘Thank You’
Methods of Innovating
Seven - Market Your Business
Creatively
Invention
Money Spent on Advertising
Copying
The Story of Academy Books
The Story of Maureen's Lighting Store
Be Realistic About Advertising
Serendipity
Your Message Probably Won't Get Through
Profit Statements for the Rackafrax Glass
Company
People Distrust Advertising
The Story of the Bright Spot
Keep Innovation Happening
Improve Incrementally
Narrowcasting
Places where Listing Ads May Work
Test Your Ad Campaign
Focus on Ideas That Can be Implemented
Promptly
How to Write a Good Ad
Word of Mouth
Focus on the Real Needs
Everyone Should Be Involved in Innovation
Getting Employees Involved
Quality
Freshness
Helpfulness
515 Reports
Customer Recourse
Notebooks
Easy Customer Access
Email Conferences
Award Small Prizes for Good Ideas
Think About Applying New Information
How to Choose the Best Ideas
Six - Target Your Customers
The Story of the Happy Pup Dog Daycare
Center
Marketing Principles to Identify Customers
Nolo Small Business Kit
You May Not Be Able to Handle Response
10
Keep it Clean
Put Change on Automatic
Free Publicity
Sponsor Nonprofits
Participate in Local Events
Become a Source of Trusted Information
Figure Out How to Reach Customers
Eight - Hire and Keep Good
People
Ten - Don't Work Long Hours
Don't Hire Casually
The Story of MusicWorks
Don't Hire Problem Employees
Assess the Most Productive Part of the Work
Day
How to Hire Excellent Employees
Identify Tasks You Must Do Yourself
Learn to Delegate Tasks
Define Skills
Find People who can do it better
Establish Pay & Benefits
Find People Who Don’t Need Training
Give All Candidates a Practical Test
Check References
Include Co-workers in Interviews
Put the Time You Save into Profitable
Activities
The Story of The East Mountain Yoga
Business
Know Employment Law
Eleven - Learn to Live With
Luck
How to Keep Great Employees
Don’t Mistake Luck for Genius
Fairness
If You’re Not Blinded by Luck, You Can Learn
From It
Schedule an Early Review
How Much Are Other Employees Paid?
How Much Are Others with Comparable Skills
Paid?
Put Half Your Money in Your Pocket
When you Hit the Jackpot, Diversify
How Much is the Boss Paid?
How to Cope with Bad Luck
Calculating Costs of New Employees
Face It
Are You Willing to Pay More for Efficient
Workers?
Outsmart it
How Else Can You Keep Great People?
Use Mentors
The Story of Janet the Tax Lawyer
Cut Your Losses
Appreciate Employees
Does the Bad News Hit at the Core or
Periphery of Your Business?
The Story of Jan's Reward Program
How Long Will Effects of Bad Fortune Last?
Recognize and Reward Everyone
Keep Your Appreciation Simple
Twelve - Pay Your Bills Early
Have Fun
Paying Early Builds Trust
Nine - Don't Flaunt Success
Paying Early Insures Future Service
Tips to Avoid Flaunting Success
Paying Early Builds a Positive Profile
Don't Hog Credit
Paying Early Provides a Safety net
Keep Working Hard
What to Do When You Must Pay Late
The Story of Sunshine Electric
Be Realistic
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11
Paying Early Builds Positive Word of Mouth
Thirteen - Embrace Your Best
Competitors
Maintain Profitable Prices
Competitors are not your Enemy
Arts & Crafts
Establish Polite Relationships
Niche Businesses
Competitors Can Be a Source of Business
Antiques
The Story of Pourvu Catering
Luxury Goods
Competitors Define Your Reputation
Sixteen - React Quickly to Bad
News
You Define Your Competitor's Reputation
Fourteen - Should You Buy a
Franchise
Some Exceptions to the Rule
The High Cost of Franchising
How Much Will you Have to Pay?
Won't High Volume Compensate for the
Expenses?
Benefits of Franchise Marketing
Won’t the Franchisor Teach me How to Run
the Business?
Retail Businesses That Have Bucked the
Trend
How to Know When It’s Time to Cut Back
What to Do When Surrounded BY Hostile
Forces
Fix the Problem
Go in a New Direction
The Story of Los Padres Grill
Close Down
Not Only Marginal Businesses That Are
Susceptible to Bad News
Decide How Much to Cut
Watch out for Franchise Contracts
Cut Discretionary Spending
1. You Can’t Compete
Cut your Pay
2. You'll Need Approval to Sell
Cut Jobs Not People
3. You'll Have to Travel to Home State
Act Slowly on Good News
4. You Must Buy Goods and Services
How Do You Evaluate a Franchise
1. Get the Franchise Circular
2. Talk to Franchisees
3. Look at All Costs
4. Check Recent Lawsuits
5. Check Out the Competition
6. Analyze Your Options
Fifteen - Sell Services Not
Goods
Advantages of Starting a Service Business
Keep Startup Costs Low
Keep Marketing Costs Low
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