Senators Push Treasury Department to Loosen Marijuana Banking Restrictions
The majority of those transactions happen in cash.
Because federal law continues to list marijuana as an illegal drug, banks remain wary of providing banking services to cannabis-related businesses despite the fact that more than half the states have legalized medical marijuana and eight now have legalized recreational marijuana.
A group of senators have taken on the issue by pushing the US Treasury Department to clarify guidelines to allow business — like landlords, building trades and the security services needed to transport cash — to unfettered access to banking services.
The bi-partisan group includes two prominent Democrats, Vermont Sen. Bernie Sanders and Massachusetts Sen. Elizabeth Warren.
His home state of Oregon was among the first to legalize both recreational and medical marijuana.
Issue extends beyond marijuana businesses.
According to the senators, the issue impacts other individuals and companies that provide services to the marijuana industry.
In some cases, professionals have had access to their bank accounts, credit accounts and even retirement accounts blocked because of a business association with the marijuana industry, the senators wrote.
They said these include: Chemists, who test marijuana to ensure it has no harmful materials Security companies, who marijuana companies must turn to because the big amounts of cash they deal with every day Landlords who rent to marijuana companies Lawyers who provide legal services to marijuana companies Service industry companies, such as plumbers and electricians, who work with marijuana businesses “These legitimate, indirect businesses have been unable to open checking accounts and accept credit cards or checks.
This leads to three main issues, according to the Colorado Banking Association.
4 Investments Brands Should Make to Upgrade Their Customer Service
4 Investments Brands Should Make to Upgrade Their Customer Service.
According to the 2014 American Express Global Customer Service Barometer, 38 percent of consumers surveyed said they believed that companies, increasingly, were failing at providing exceptional customer service.
This data indicated a significant gap that effective brands need to narrow if they expect to consistently engage their customers and build reliable brand loyalty.
By utilizing new technology and innovative strategies that emphasize the prominence of the customer, organizations can position themselves as leaders in customer service and deliver the singular experiences that consumers will return for again and again.
Make the most of your social media interactions, especially on Twitter.
Twitter, in particular, is taking steps to make it easier for brands to provide customer service through its platform.
Integrate customer service into your mobile app.
Staffing a live chat service for just a few hours each day is a relatively low-cost strategy, given that it allows your brand to cultivate an emotional connection with customers.
A study by Forrester found that “44 percent of online consumers say that having questions answered by a live person while in the middle of an online purchase is one of the most important features a web site can offer.” Furthermore, research from eMarketer revealed that, “Fully 63 percent of respondents who chatted [with a live chat representative] said they were more likely to return to the site, and 62 percent reported being more likely to purchase from the site again.” 4.
Your customer service initiative is an integral component of your brand; so, to control it, you must take steps to emphasize its prominence throughout the organization.
4 Ways to Overcome Grief Without Neglecting Your Business
Related: 5 Tips for Dealing With a Personal Crisis or Health Issue While Running a Business It was a difficult time, but Rajaram and his team rallied and the company has grown steadily every quarter since.
As Rajaram learned, balancing the demands of your business with a personal crisis isn’t easy, but doing so successfully is vital to keeping your company moving forward.
Lightening a load while carrying a burden Balancing the various responsibilities of business and personal life is nothing new.
More importantly, it may seem unfair to place your personal burden on the shoulders of your leadership team and employees.
Still, I got through it, as did my company and my team.
For entrepreneurs, the stress of maintaining this balance can be exponentially worse, which is why, according to surveys, 49 percent of them exhibit mental health issues and 30 percent report feelings of depression.
Hand off work.
So, be honest with your team, to make delegating easier.
Whatever your crisis is, be honest with your team about it.
Delegate as much work as you can and lean on your out-of-work support system to overcome it.
BRIEF-Keane announces pricing of its initial public offering
BRIEF-Keane announces pricing of its initial public offering.
Jan 19 Keane Group Inc * Keane announces pricing of its initial public offering * Says initial public offering of 26.8 million common shares priced at $19.00 per share Source text for Eikon: Further company coverage:
How to Start Saving Money Today
“Financial freedom comes to the person who actively takes control of their finances,” says Entrepreneur Network partner Brian Tracy.
In this video, Tracy explains how you can begin saving money and start taking control of your financial future.
Savings guarantee the possibilities of tomorrow, says Tracy.
Tracy also touches upon the book The Richest Man in Babylon by George Samuel Clason.
In the book, Tracy says there are two laws of saving that you should follow: Pay yourself first and take advantage of tax deferred earnings and investment plans (401Ks, stock option programs, company pension plans, etc.).
To learn how you can start saving money today, click play.
Watch more YouTube videos from Brian Tracy on his channel.
Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders.
We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.
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How to Keep Proper Corporate Records
How to Keep Proper Corporate Records.
For most entrepreneurs, corporate record-keeping is the least fun part of the job.
So, if you’re operating your company as a corporation, S corporation or LLC and are ready to dive into corporate record-keeping, here’s what you should know: Why you should keep good corporate records Understanding why corporate record-keeping is important in the first place makes it a lot easier to make time for this task.
In short: you’ll realize what could happen if you don’t.
If someone sues your business, he or she might try to pierce your corporate veil and show that your business failed to follow proper corporate formalities according to state law.
Beyond the corporate veil, there are other reasons to keep good records: For example, corporate records might be requested by the IRS.
Generally speaking, corporations have more state-imposed requirements than LLCs and may have to keep the following at their place of business: Articles of Incorporation (what you filed when you first formed the corporation) Any amendments filed with the state Corporate bylaws that spell out how you will operate the company Annual reports Names and addresses of directors and officers Names and addresses of shareholders, including their number and class of shares Documentation of any actions/decisions from shareholder and director meetings (meeting minutes) While LLCs have fewer state requirements, many states do have record-keeping rules for LLCs and may require you to keep the following records at your place of business: Names and addresses of members and managers Articles of organization (what you filed when you first formed the LLC) Any amendments filed with the state Operating agreement States vary in terms of specific record-keeping requirements, including details on how long you have to keep records and how you can store records (digitally or paper).
Keeping proper meeting minutes Most questions surrounding corporate recordkeeping are related to meeting minutes.
They document the major votes, resolutions and transactions that affect the company along with: Elections of new officers or directors Issuance of stock Compensation increases Approvals for items like a long-term lease, group health plan or other decision that impacts the company Approval for a financial decision like a business loan, sale of assets, election of an S corporation tax status or acquisition of another business Annual director and shareholder meetings Meeting minutes don’t need to include every tiny detail or read as if they were written by a lawyer.
Shareholders, officers and directors are entitled to review meeting minutes upon “reasonable request.” Related: The Many Variables to Consider When Choosing In Which State to Incorporate Stick to a basic format for your corporate minutes (find templates online) and you’ll be more likely to make record-keeping just another regular business process.
15 Entrepreneurs on What It’s Like to Be a Startup in Boston
After all, the Bay Area and NYC get all the good press but “truly Boston is where a lot of the tech and VC world started.” Boston offers plenty to love: MassChallenge Boston’s four month accelerator program gives global entrepreneurs the resources they need with no equity taken and helps them compete for the chance to win a share of a $1M prize.
Also, the quality of life relative to Silicon Valley or New York is fantastic.” Expect Plenty of VC Funds Here’s Ted Chan again: “There’s plenty of funding at the angel, seed, and VC level if you have a well-thought through plan.
This is my fifth healthcare-oriented startup.
There is also a rich talent pool for analytics, data, and mobile technology.” …Which Means Others Can Stand Out Hannah Raudsepp, founder and CEO of Honest Beef Company, launched in Boston last April.
Boston has both incredible support and healthy competition in all of these sectors, but being able to talk about being a ‘startup beef company’ allows us to stand out amongst investors, advisors, and the press.” International Travel Is Pretty Easy Also from Vienne Brown: “We are a fashion startup that is based in Downtown Boston.
It’s not Silicon Valley and it’s not New York, and that is part of what makes Boston great.
and in my experience Boston is one of the best cities if you can take the long, cold winters here.” Everyone Agrees: The City’s Wicked Smart Whenever I write these roundups of founders on a particular startup city, one or two elements always rise to the top, repeated in different ways by practically everyone.
For Boston?
The steady feeder of new talent from local universities creates a sense of dynamism and annual renewal that I haven’t found anywhere else.” Alessandro Babini: “The Boston ecosystem combines world-class institutions, such as MIT where Humon started, with an outstanding pool of talented, young minds across a diverse range of fields.
In fact, we never would have found the first full-time addition to our team anywhere else in the world – a graduate from Tufts with a PhD in the exact field we were working in.” Founders agree: It might not always be easy, but running a startup out of Boston will definitely immerse any entrepreneur in a culture of innovation and collaboration that covers the whole area.
India Dealbook: Native Special, Fitnapp raise funds; Xeler8, MediaForge get acquired
India Dealbook: Native Special, Fitnapp raise funds; Xeler8, MediaForge get acquired.
Foodtech startup Native Special and fitness platform Fitnapp have raised funds, while ZDream Ventures has acquired database provider Xeler8, and iTransparity has bought over digital marketing firm MediaForge.
Angel investor Nagaraja Prakasam has led this round of funding on IAN’s behalf and K.Premnath will join the board to provide strategic mentorship to the startup which retails authentic traditional snacks & sweets through their online portal across India.
Fitness app Fitnapp raises funds from SD Group Fitness startup Fitnapp has raised an undisclosed amount of funding from Noida-based real estate firm SD Group.
Founded in 2015, Fitnapp is a mobile marketplace that enables users to discover and purchase fitness services from the gym and fitness centers around them.
The Delhi-based startup plans to use the funds raised used for online expansion, increasing the number of associations, partners and marketing.
ZDream Ventures acquires database provider Xeler8 Chinese accelerator and venture fund ZDream Ventures acquired Delhi-Austin based startups database provider Xeler8 Inc. for an undisclosed amount.
ZDream Ventures is a Y Combinator like fund plus accelerator based in Gurgaon, with a focus on technology, media and telecommunications industry.
iTransparity acquires digital marketing firm MediaForge Mumbai based digital marketing firm iTransparity has acquired Bengaluru-based CRM and integrated digital marketing firm MediaForge Business Solutions Pvt.
“The plan is to expand iTransparity globally and increase its presence across geographies.
Pre-IPO Insider: This Industry’s First Innovation In 85 Years
This is BIG… For the first time since 1933, the SEC is now allowing regular people like you and me to invest in brand-new explosive-growth companies BEFORE THEY GO PUBLIC.
After years of startup investing, I learned that “no competition” often means a market that just isn’t worth competing in.
It’s bringing the first innovation to a $7 billion industry in 85 years.
The golf cart industry has sales $7 billion annually on prices up to $30,000 with carts that reach speeds of 15 mph.
The Goldboard In Action Beyond the immediate demand from golf courses, demand could jump with sales into the electric scooter market, which is expected to reach $38.6 billion by 2024.
The Golfboard Is Available To More Than 250 Courses Nationwide The company has already raised $3.5 million from seed investors but is funding $1 million from equity crowdfunding to invest in its rental fleet and increase marketing.
GolfBoard is a late-stage company with strong sales and patents pending.
The equity crowdfunding campaign gets you in at $1.25 per share with a $125 minimum on the StartEngine platform.
I haven’t yet done the detailed market and valuation analysis on GolfBoard that I do on the highlighted monthly deals in Pre-IPO Millionaire , but the company has already proven demand and is one of the first innovations in its market in almost a century.
For more information on Pre-IPO Millionaire , click here .
More San Diego Nonprofits Are Starting to Think and Act Like Startups
The model also opens up revenue streams and outside investment that can help nonprofits test more comprehensive solutions to complicated problems.
Social entrepreneurship opens nonprofits up to new opportunities that could help do more good and better address systemic problems, said BH Kim, a former San Diego Foundation vice president leading Impact Without Borders, a group of social entrepreneurship evangelists.
Another group, the San Diego Impact Investors Network, is trying establish funding opportunities specifically aimed at mission-focused businesses and nonprofits.
They’re hoping to draw $100 million in so-called impact investment to the region by 2025.
The San Diego Foundation program, social entrepreneurship labs and the effort to create more funding options all aim to address a contradiction in the San Diego startup world: Philanthropists and foundations often say they can’t find strong funding prospects in San Diego while startups say they can’t find folks willing to write checks.
Nancy Sasaki, executive director of the Alliance Healthcare Foundation, has heard the complaints from both sides.
They hope Impact Without Borders and Mission Edge can help get social enterprises ready to obtain grants or loans, and that the San Diego Impact Investors Network can create opportunities to present those concepts to funders through pitch events and a loan program.
Since 2010, the Alliance Healthcare Foundation has asked nonprofits to pitch inventive programs, and handed out grants and loans to support them.
One of group’s most recent grants went to Escondido-based Interfaith Community Services, which plans to use $1 million in seed money to build a North County recovery and wellness center.
So last fall, Anglea and four other competitors presented their pitches to a panel of experts assembled by Alliance Healthcare.
Comparethemarket.com owner pushes stock market float back to end of 2017
Comparethemarket.com owner pushes stock market float back to end of 2017.
The owner of price comparison website Comparethemarket.com has pushed back its plans for a £2bn stock market float, City A.M. has learned.
BGL Group appointed JP Morgan and Morgan Stanley to advise on its initial public offering (IPO) last summer, and was expected to list early this year.
Read more: London set for biggest IPO in six years as warehouse giant plots 2017 float However, it is understood that, while the plans are progressing, BGL is now aiming to float in the last quarter of 2017.
BGL is understood to be relaxed on the timing of its float, and sources distanced the delay from market uncertainty, which saw a number of high-profile IPOs pulled late last year.
“It’s still very much an uncertain market at the moment,” said Scott McCubbin, IPO leader at EY, pointing to European elections and Brexit.
“If you’re able to provide a stable market, you will find that the IPO market begins to recover.
But it needs that certainty.” Read more: Global IPO values set to grow by more than a quarter this year Bankers and lawyers spoken to by City A.M. this month have talked up a large pipeline of companies seeking to go public.
Along with Blackstone’s €13bn-valued Logicor and Telefonica’s O2, BGL was one of the biggest floats anticipated this year.
Gores Holdings II, Inc. Completes $400 Million Initial Public Offering
Gores Holdings II, Inc. Completes $400 Million Initial Public Offering.
The offering was priced at $10.00 per unit, resulting in gross proceeds of $400,000,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.
The Company’s units began trading on the NASDAQ Capital Market under the ticker symbol “GSHTU” on January 13, 2017.
Each unit consists of one share of the Company’s Class A common stock and one-third of one warrant.
Each whole warrant will entitle the holder thereof to purchase one share of the Company’s Class A common stock at a price of $11.50 per share.
Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on the NASDAQ Capital Market under the ticker symbols “GSHT” and “GSHTW,” respectively.
Deutsche Bank Securities Inc. is serving as the underwriter for the offering.
The offering was made only by means of a prospectus, copies of which may be obtained from Deutsche Bank Securities Inc., 60 Wall Street, New York, NY 10005-2836, Attention: Prospectus Group, Telephone: (800) 503-4611, Email: prospectus.cpdg@db.com.
A registration statement relating to the securities has been declared effective by the Securities and Exchange Commission (the “SEC”) on January 12, 2017.
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds.
4 Ways Small Businesses Can Use Large-Business Fund-Raising Tactics
4 Ways Small Businesses Can Use Large-Business Fund-Raising Tactics.
Given the many fund-raising options already out there — debt, accounts receivable financing and equipment leasing, for example — small businesses may find it difficult to choose the best route to take.
Small businesses can now think big with their funding.
Having access to some of the cost-saving provisions that large companies currently utilize could provide more opportunities for small business growth.
This option allows early-stage startups and small businesses to raise up to $1 million through multiple investments, which can be as small as $100.
Revenue-based financing Also called a revenue loan, revenue-based financing is a small business-friendly alternative to a traditional bank loan and is typically utilized by larger companies.
Revenue loans are a great option for company founders not wanting to issue equity in return for capital.
Networking, especially with leaders at larger companies, is the best way to find investors.
Debt-financing isn’t usually the first option for an early-stage, pre-revenue company, but it’s another great option for companies not quite ready to issue equity in exchange for capital.
The passage of the Wagner bill — if it happens — will create some additional fundraising opportunities for startups and small businesses.
Saudi Aramco IPO is key to success of kingdom’s economic transformation plans, says Al Falih
Saudi Aramco IPO is key to success of kingdom’s economic transformation plans, says Al Falih.
Davos // A successful stock market flotation of Saudi Aramco is essential for the implementation of the kingdom’s economic diversification strategy, according to Khalid Al Falih, the energy minister.
Speaking on the sidelines of an event at the World Economic Forum annual meeting in Davos, Switzerland, Mr Al Falih, who is also the chairman of Aramco, said: “The [National Transformation Program] has many legs, but the initial public offering of Aramco is a key one.”
He made it clear that the IPO was more than just a symbolic statement of intent by the Saudi government.
At the Davos event to discuss Saudi Arabia’s Vision 2030 plan, Mr Al Falih confirmed plans to make the PIF the biggest sovereign wealth fund in the world, with US$2 trillion of assets.
It recently committed $45 billion to the hi-tech investment vehicle set up by Japan’s SoftBank. “Every conversation I have there is about market dynamics.
There is full government commitment to take the kingdom in a more opportunistic direction,” Mr Fink said. “We are flying a jumbo-size economy with only one engine, and that just will not fly.
Saudi Arabia aims to make the private sector account for 65 per cent of the economy by 2030.
Sriwijaya Air Sets New Date for Initial Public Offering
Sriwijaya Air Sets New Date for Initial Public Offering.
TEMPO.CO, Jakarta – Medium-service airline Sriwijaya Air has rescheduled its initial public offering (IPO) from March to April-May this year.
Sriwijaya Air Group president director Chandra Lie said that Sriwijaya Air is committed to entering the Indonesia Stock Exchange (IDX) in a bid to expand its market.
“The [reschedule] is based on the company’s considerations, for a better IPO.
As reported before, Sriwijaya Air will purchase wide-body aircraft to open international routes serving the Asia-Pacific region.
The funds for aircraft procurement will be raised through IPO.
Sriwijaya had also planned to sell its 25% stake to public.
Chandra, however, has yet to confirm it.
He said that Sriwijaya Air is confident of being successful in the IDX, citing its positive financial performance in the last three year.
He went on to say that Sriwijaya Air’s plan to enter the stock market reflects its commitment to becoming a transparent, trusted company.
Free Today: Arianna Huffington’s New Audiobook on Sleep
10 Great Quotes on the Power of Goals
I suggest at the end of each week when you have a weekly review and analyze where you are in the process of achieving your goals, that you take a look at some of the below quotes.
Set a goal and don’t quit until you attain it.
When you do attain it, set another goal, and don’t quit until you reach it.
–Bear Bryant If you are passionate about a goal or dream of yours then don’t stop until you achieve it.
–Bill Copeland Setting goals and then working ridiculously hard to achieve them sets you on the path of living a purpose driven life.
–Bruce Lee Achieving our goals and dreams is fantastic but that’s not the most important thing about setting goals.
–Zig Ziglar If you don’t set goals for your life then it’s almost certain that you will be very disappointed with your results.
Aiming at nothing is setting yourself up to achieve nothing. “You are never too old to set another goal or to dream a new dream.”
Lewis There is no such thing as being too old to change your life and set new goals and dreams for yourself.
Lyft Co-Founder Says on ‘The Daily Show’ That Future Cars Will Be ‘Rooms on Wheels’
Lyft Co-Founder Says on ‘The Daily Show’ That Future Cars Will Be ‘Rooms on Wheels’.
Without cars, where would we be?
We’ve designed and developed our cities around cars, which is a shame, Lyft Co-Founder and President John Zimmer told Trevor Noah on Tuesday night’s The Daily Show.
Going forward, Zimmer and Lyft are thinking about ways to design cities around people.
That’s where autonomous cars come in, reducing the need to own cars and making transportation more affordable.
Uber’s VP of global vehicle programs, Sherif Marakby, also recently emphasized the potential of autonomous vehicles to save people money.
“Automated vehicles will help smooth out surge times,” Marakby said.
Today, drivers fear their jobs may be at risk when driverless vehicles come to fruition.
Marakby said that both human-driven and autonomous vehicles will occupy the roads for Uber.
As Zimmer pointed out, driverless cars may even create more jobs — although these jobs won’t necessarily involve driving.