Sohodojo Advisory Board Member
Jim Schneider
The Taxman86 Speaks...
17 July 2000
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The New Economy in action; How the world turns; How do I incorporate a home-base business.
1. Teen GURUS.
If you have not seen this month's issue of "Brills Content," and its lead story you have missed something. This article deals with "...13-year-old Ilya Anopolsky, founder of Devotion, Inc., a Web-design firm..." and others including Shawn Fanning who at 19 developed Napster during his freshman year at Northeastern University. [The legal community should give these guys a big round of applause--the legal litigation business has never been better].
There is a serious message here, the law does not deal with the New Economy very well; try to issue stock to someone under 18, or sign them up to a high priced employment agreement, and see how difficult it is. Moreover, it is obvious that children can be in business [they always were with their lemonade stands] a lot younger these days. With digital cameras and high speed internet, who knows what these creative minds are up to, at least from Hollywood's point of view.Brill Media Ventures, L.P. is located at 1230 Avenue of the Americas, New York, New York 10020 and just formed Contentville.Com with some famous partners. How far are they from the New York Empowerment Zone? About 2 1/2 miles. How about Columbia University at 2960 Broadway, New York 10027, across the street with their faculty and their families right in the middle of it.
There is a message here [the On-line Map of the New York Empowerment Zone is screwed up] and that is fringe benefits, including meals, lodging, and schooling are very important to keep quality employees and maybe provide a social benefit. [Employee housing does not have to be just for executives/key employees, it could be for everyone including the lower paid who need it most.]
Letting faculty members form corporate ventures is also the in thing. How long will it take the creative ones at the major New York law firms, the faculty at Columbia, and the Silicon Alley crowd to figure this one out?
How about Rutgers University in Camden, New Jersey at 406 Penn St. Camden 08102 which is apparently in the middle of the Philadelphia/Camden Empowerment Zone on the Delaware Riverfront and one-mile from downtown Philadelphia's financial district. Can their faculty, staff and students bring the New Economy to downtown Camden?
[By the way we got another e-mail on the Burlington Enterprise Communtiy asking for information re upcoming financial and tax incentives. What about incentives today, such as $3M of tax exempt financing for Enterprise Zone Businesses and tax credits [$2,400] per high risk youth [those between 18 to 25 who live in the area]. This one was from Nancy and Jeff Berger of Lippa's Jewelers 112 Church St. Burlington, 05401! [Keep them coming.]
2. What happened to the U.S. Patent Office?
It appears the U.S. Patent Office is booming in the New Economy and making too much money. Thus in the scheme of things the House cuts their budget [the right hand does not know what the left is doing]. Write your senator to change this result, it is important. The key players are on the Senate Appropriations Committee
When we got the above request from a distinguish lawyer from the east, Gerry Elman, we were surprised given the strong interest in keeping the R&D Tax Credit alive and well, per the Republican's "e-contrac"" referred to above but it is true. Lets give Gerry and the New Economy our support.
3. How to Incorporate your home-based business On-line?
The day of the On-line incorporation is coming, at least in the State of Nevada, and soon all over, we believe. Are there special rules for home-based businesses, not really but we think some special provisions might be helpful in the By-Laws, the Key Employee's Empoyment Agreement, and the minutes, to satisfy the regulations under IRC Section 119, and the interpretations thereunder all of which are available for your viewing pleasure at Yourself-Inc.Com. Enjoy.
Jim Schneider, LL.M.
Taxman86
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