Archive for June, 2009

Attorneys file objections to General Motors asset sale

If your selling car parts, wholesale aftermarket car accessories, or Automotive performance parts online then we figured we would try to keep you updated on these issues.

Original article by Autoblog, by Alex Nunez

As Yogi Berra once said, “This is like deja-vu all over again.” Yesterday was the deadline for parties to file objections to the General Motors asset sale, and several were indeed filed. If some of this sounds familiar, it’s because similar objections were filed during Chrysler’s bankruptcy proceedings. For instance, on Friday, attorneys general from 10 states jointly-filed an objection, saying that the so-called New GM’s “purchase of substantially all of the operating assets of the debtors should not include an impenetrable shield which insulates (the new GM) from all future product liability claims.” The AGs are upset because under the current plans, New GM basically won’t be held responsible for existing or future product liability claims related to vehicles sold before the formation of the new company. This echoes similar objections raised during the Chrysler proceedings, and if you use that as a measuring stick, things don’t look good for the AGs or the injured parties (present or future) on whose behalf they’re raising the objections. When the Supreme Court cleared the way for Chrysler’s sale to Fiat, similar claims filed by consumer groups were essentially denied. Fiat-owned “New Chrysler” is not responsible for prior liability claims, leaving injured parties with little to no recourse.

Joining the AGs were attorneys representing over 50,000 retired union steelworkers and engineers who stand to lose out on over $3B USD in retirement and health insurance benefits they were guaranteed under the Old GM, a company that will have little to no value once the asset sale to the new company is completed. As things stand, the retirees’ claim against Old GM is unsecured. Similarly, lawyers representing 1,500 other unsecured bondholders filed an objection saying that “Many of these family and noninstitutional bondholders are facing the prospect of significant losses of their retirement and life savings by the proposed GM restructuring, while simultaneously watching other unsecured creditors who by law are similarly situated receive disproportionately larger payments.” Translation: some unsecured bondholders are more equal than others.

Once again, these objections are similar to ones raised — and ultimately dismissed — during the Chrysler bankruptcy. While the GM bankruptcy is indeed a new and entirely separate process, the federal government — which will become the majority stakeholder in the New GM once it exits bankruptcy — would obviously like to see the GM proceedings move along and conclude in a manner similar to Chrysler’s.

With the objections officially filed, it’s all in the court’s hands. So now we wait to see what happens.

Pixars Cars 2 Quick Funny Video

If you  love Pixars Cars, then I suggest watching the video below.  Any Automotive buff will enjoy it. Cars 2 is currently in the works, but you don’t have to wait until 2011 for a fix.  I suggest you find six minutes and thirty seconds to watch the video below and, you have to enjoy it.

Making Your eBiz Legal: Why and How

If you plan on buying from Wholesale Distributors for your own stock or you intend to dropship. This is a very Informative article and if you plan on going beyond ebay with your garage sale stuff this needs to be in your plans. If you are running a retail website or would like to and you want to buy wholesale ”get legit” There is a video at the bottom that is related. the article is from Worldwide Brands, by Chris Malta & Robin Cowie

It’s not uncommon for new Internet retailers to be intimidated by the thought of acquiring reseller certificates, EINs, and DBAs. But if you sell physical goods on the ‘net, you can’t afford to let a little paperwork stop you from experiencing the benefits of being a legally recognized business. Because, if you want to buy your inventory from real wholesale suppliers, you must be an official, legal business. The Taxman Cometh According to eBiz attorney Cliff Ennico, of CliffEnnico.com, wholesalers require proof that you’re a legal business for a very good reason. They keep this proof on file, to protect themselves, should they ever be audited. In the U.S., wholesale transactions aren’t taxed. “Wholesalers don’t charge taxes to their retailer customers, because those retailers are going to charge taxes to their customers,” explains Ennico. “As long as someone is paying taxes on those goods at some point during their journey to market, the IRS is happy.” However, if the IRS were to catch a wholesaler selling tax-free goods to an end consumer, that wholesaler would wind up in a world of legal and financial trouble. So every business they sell to must demonstrate that they’re a legally authorized reseller, buying their goods for resale and not for personal enjoyment. I’ll Need to See Some ID, Please… As an online seller, you’re responsible to collect and pay sales tax on all sales to customers in your own state. Therefore, you’re required by law to register for a state sales tax ID (a.k.a. reseller certificate) when you set up your business. Registering is as easy as going to your state tax authority website, clicking on ‘Forms and Publications’, and filling out the registration form. (One helpful resource is TaxLinks.com, a website that provides links to the state tax authority websites for all fifty states.) Typically, you’ll use a copy of this document to verify your business’ legitimacy. Not every state imposes sales tax on retail items, however, and that complicates the issue. If you live in a tax-exempt state, you’re unable to acquire a reseller certificate. In that case, a wholesaler will need another form of identification proving your business’ validity. Some of the most common alternate forms of proof are as follows:

Are you on Twellow yet? I just…

Are you on Twellow yet? I just registered my profile: http://twellow.com/u/Turnkeybusiness

RT @webpronews Easily Find Twi…

RT @webpronews Easily Find Twitterers You’re Interested In | WebProNews http://bit.ly/l6GBN http://www.TurnkeyDropshipBusiness.com

RT @webpronews Could Comments …

RT @webpronews Could Comments Hurt Your Search Engine Rankings? | WebProNews http://cli.gs/at0US0 http://www.TurnkeyDropshipBusiness.com

www.TurnkeyDropshipBusiness ad…

http://www.TurnkeyDropshipBusiness adds Tweetmeme to the blog. Stop by take a look retweet what you will. Thanks, R.W.

RT @webpronews The Ups and Dow…

RT @webpronews The Ups and Downs of Paid Tweeting | WebProNews http://cli.gs/6sQr10 http://www.turnkeydropshipbusiness.com

Link Exchanges Anyone? Visit -…

Link Exchanges Anyone? Visit – http://bit.ly/mtbx7
and submit your site information to us. Thanks

RT @bluelaketackle: The Featur…

RT @bluelaketackle: The Features of a Quality Pistol Safe – http://bit.ly/4iPw2y