TOPIC 1              DUAL PRICING EXPLAINED

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• DUAL PRICING EXPLAINED AND SAMPLE

• Dual pricing is a strategy where a company offers two different prices for the same product or service based on the payment method chosen by the customer. Here's how it works at PanteraPay when a company sends a bill with two prices:

• Price Without Credit Card Fees: This is the base price of the product or service, which applies if the customer pays using cash, check, or Automated Clearing House (ACH) transfer. (Only if a customer uses ACH, a $2.00 flat fee will apply to Company, not to the Customer) As you can deduce, this price does not include any additional fees associated with credit card processing to customer.

• Price With Credit Card Fees: This price includes the base price plus an additional set percentage to cover ALL of the credit card processing fees involved. On this sample the percentage is set at 4-5% of the total transaction amount. This price applies if the customer chooses to pay using any credit card.

• Example:

• Base Price: $100  If paid by cash, check or ACH.

• (Only if customer uses ACH a $2.00 flat fee will apply to Company not to Customer)

• Credit Card Price: $105 (if paid by credit card, assuming a 4-5% fee)

• Invoice Layout:

• Item Description: Service/Product Name

• Base Price: $100

• Credit Card Price: $105

• Customer Choice:

• The customer can choose to pay the base price by using cash, check, or ACH.

• Alternatively, the customer can choose to pay the higher price that includes the credit card processing fee if they prefer to use a credit card.

• Benefits:

• For the Business: This strategy helps businesses offset the costs associated with credit card processing fees, which can add up over time.

• For the Customer: Customers have the flexibility to choose their preferred payment method and are aware of the cost implications upfront.

• Implementation:

• Businesses need to clearly communicate the dual pricing structure to customers, both on the invoice and at the point of sale.

• It's important to ensure that the dual pricing model complies with any applicable laws and regulations, as well as card network guidelines.

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TOPIC 2               FEIN

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BENEFITS OF GETTING A FEIN… It is easier than you think.

An FEIN (Federal Employer Identification Number) is a valuable asset for any business. It’s required for tax filing, especially if you have employees, and is necessary for opening a business bank account and applying for licenses. It also adds credibility, showing that your business is legitimate and compliant with tax laws. Using an FEIN instead of your personal Social Security Number helps protect your identity, and it’s key to building business credit, separating your personal finances from your company’s. Whether you’re hiring, securing financing, or just running day-to-day operations, an FEIN makes things smoother and more professional.

 

Having a Federal Employer Identification Number (FEIN) offers several important benefits for your business. Here are some of the key advantages:

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1. Tax Filing and Reporting: An FEIN is essential for filing taxes, especially for businesses that operate as a corporation, partnership, or LLC. It helps you report business income, deductions, and employment taxes to the IRS.

2. Hiring Employees: If you have employees, an FEIN is required for payroll tax purposes. It ensures that your business is recognized for tax withholding and reporting employee wages to the IRS.

3. Opening Business Bank Accounts: Many banks require an FEIN to open a business bank account. It’s an official identifier for your business, separate from your personal Social Security Number.

4. Business Credibility: Having an FEIN can enhance your business’s credibility and professionalism, as it shows that you’re a legitimate, tax-compliant business entity.

5. Protecting Your Personal Information: By using an FEIN instead of your Social Security Number, you can reduce the risk of identity theft and maintain a level of privacy for personal matters.

6. Apply for Business Licenses and Permits: Some states and local governments require an FEIN when applying for business licenses, permits, or registering for state taxes.

7. Access to Business Credit: With an FEIN, you can establish business credit, separate from your personal credit, which can be crucial for securing loans, lines of credit, or vendor terms.

8. Legal and Financial Separation: For LLCs, corporations, and partnerships, having an FEIN helps maintain the legal distinction between the business and its owners, which is important for liability protection.

In short, an FEIN is a critical tool for running a business smoothly, helping you comply with tax laws, hire employees, and access financial resources while protecting your personal identity.

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HOW TO GET A FEIN NUMBER

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You can apply through the IRS in several ways to get a Federal Employer Identification Number (FEIN), also known as an EIN. The easiest and fastest method is to use the Online EIN Application on the IRS website, where you can receive your number immediately after completing the form. If you’re outside the U.S., you can apply by phone. Alternatively, you can submit Form SS-4 by fax or mail, though these methods take longer, usually 4-6 weeks for mail. You’ll need to provide basic information about your business, like its legal structure, name, and reason for applying. The process is free, and an EIN is essential for businesses with employees, corporations, partnerships, or certain tax obligations. Once you receive your EIN, keep it safe as it’s a key part of your business’s legal and tax identity.

To get a Federal Employer Identification Number (FEIN), also known as an EIN (Employer Identification Number), you'll need to follow a few straightforward steps. Here's a breakdown of the process:

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Steps to Apply for an FEIN (EIN):

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1. Determine Your Eligibility: Before applying, you must ensure you meet the following basic eligibility requirements:

   • You must have a legal business entity (LLC, corporation, partnership, etc.).

   • You must be located in the United States or a U.S. territory.

   • You must have a valid taxpayer identification number (such as a Social Security Number for sole proprietors or business owners).

2. Decide on the Application Method: You can apply for an EIN using one of these methods:

   • Online Application (Fastest Method):

     • Visit the IRS website and use their Online EIN Application tool. This is the quickest way to obtain your FEIN, and you’ll receive it immediately after completing the application.

     • The online tool is available Monday to Friday, from 7:00 AM to 10:00 PM ET.

     • URL: IRS EIN Application

   • By Phone (International Applicants Only):

     • If you're an international applicant, you can call the IRS at +1-267-941-1099 to apply for an EIN by phone. This service is not available for U.S. residents.

   • By Fax:

     • You can complete Form SS-4 (Application for Employer Identification Number) and fax it to the IRS at (855) 641-6935. If you provide a fax number, the IRS will fax your EIN back within four business days.

   • By Mail:

     • Complete Form SS-4 and mail it to the IRS. This method takes the longest, usually around 4-6 weeks for processing.

     • IRS mailing address:
       Internal Revenue Service
       Attn: EIN Operation
       Cincinnati, OH 45999

3. Complete the Form SS-4: If applying by fax or mail, you’ll need to fill out IRS Form SS-4. This form asks for:

   • Business name and address

   • Type of business entity (LLC, partnership, corporation, etc.)

   • Reason for applying for an EIN (e.g., starting a new business, hiring employees, etc.)

   • The name of the business owner or responsible party

You can download the Form SS-4 from the IRS website:
Download Form SS-4

1. Wait for Your FEIN (EIN) to be Assigned:

   • If you apply online, you’ll receive your EIN immediately upon completion of the application.

   • If you apply by fax, you’ll typically receive your EIN within 4 business days.

   • If you apply by mail, it may take 4-6 weeks for the IRS to process and send you your EIN.

Important Notes:

• No Cost: There’s no fee to apply for an EIN through the IRS website, fax, or mail.

• Do I Need an EIN?

  • You’ll need an EIN if you have employees, operate as a corporation or partnership, or if you file certain tax returns. Sole proprietors may also apply for an EIN but are not required to unless they meet specific criteria.

• Keep It Safe: Once you receive your EIN, keep it in a secure place. It’s your business’s unique identifier for tax and legal purposes.

 

 

TOPIC 3               Making Your Small Business Legal

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To make your small business legal, there are a few essential steps you'll need to take to ensure compliance with local, state, and federal regulations. Here’s a simple guide to get you started:

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1. Choose a Business Structure

Decide on the legal structure of your business. The most common options for small landscape companies are:

• Sole Proprietorship: Simple and easy to set up, but you’re personally liable for business debts.

• Limited Liability Company (LLC): Offers liability protection, meaning your personal assets are protected from business debts and lawsuits.

• Partnership: If you’re going into business with someone else, this allows you to share ownership and responsibilities.

• Corporation: More complex, but it offers the most liability protection and potential tax benefits.

2. Register Your Business Name

If you’re using a business name that’s different from your legal name (e.g., “GreenScapes Landscaping”), you’ll need to register it with your state or county as a Doing Business As (DBA) name. This step ensures your business name is recognized and legal.

3. Obtain an Employer Identification Number (FEIN/EIN)

An EIN (Employer Identification Number) is required for businesses that have employees, but even if you don’t, it’s a good idea to get one. It allows you to separate your business taxes from your personal ones and is essential for opening a business bank account.

4. Get Required Licenses and Permits

Check with your local city or county government to find out which business licenses or permits you need to operate legally in your area. For landscaping businesses, you may need:

• A business license to operate legally in your locality.

• Pesticide applicator licenses if you use chemicals or fertilizers.

• Specialized permits for equipment (e.g., lawnmowers or trucks) depending on local laws.

5. Register for State Taxes

If you’re selling products (like mulch, plants, or equipment) or hiring employees, you may need to register for state-level taxes. This includes sales tax or employment tax and potentially unemployment insurance.

6. Get Insurance

Protect yourself and your business by getting the right business insurance. The most common types for landscapers include:

• General Liability Insurance: Covers damage or injury caused by your work or employees.

• Workers’ Compensation Insurance: Required if you have employees, it covers medical expenses and lost wages if someone is injured on the job.

• Commercial Auto Insurance: Covers your vehicles used for business purposes (like trucks or trailers).

7. Create a Business Bank Account

Once you have your EIN and business setup complete, open a separate business bank account. This keeps your business and personal finances separate and makes it easier to track income and expenses.

8. Keep Records and File Taxes

As a legal business, you must keep proper financial records and file taxes on time. Whether you have a simple sole proprietorship or an LLC, make sure you track your income, expenses, and any employee-related taxes. Consider using accounting software or hiring a professional accountant.

9. Consider Hiring Employees

If you hire workers, ensure you follow the legal requirements for employee treatment, including:

• Withholding payroll taxes.

• Reporting wages to the IRS.

• Providing workers' compensation insurance.

By following these steps, you'll ensure that your landscape business is operating legally and set up for long-term success. Taking the time to make your business compliant with regulations will protect your personal assets and give you peace of mind as you grow.