The North Texas Daily (Denton, Tex.), Vol. 67, No. 19, Ed. 1 Thursday, September 29, 1983 Page: 3 of 8
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Thursday, September 29,1983
_News Briefs
Syria urges troop removal
UNITED NATIONS (AP)— Syria's foreign minister told the United States
and other Western nations Wednesday they should withdraw their peacekeeping
troops from Lebanon because they are “posing a grave threat to security and
peace" in the Middle East.
“They remind us of the colonialist expedition through previous stages of
the history of the region,” Abdul Halim Khhaddam said, referring to the
5,400-membcr force made up of U.S. Marines and troops from France, Italy
and Britain.
Minorities fight redistricting
DALLAS (AP)—Texas Republicans and black leaders say they will light
in court a revised congressional redistricting plan that leaves minorities with-
out a majority in four Dallas congressional districts.
The plan was approved Tuesday by the Justice Department after it said it
met the requirements of the Voting Rights Act.
Reagan closes Watt case
WASHINGTON (AP)—President Reagan considers the case of Interior Sec-
retary James Watt's latest gaffe closed, White House spokesman Larry Speakes
said, adding that Watt is not expected to resign.
The comment was the second strong signal of the day that the administra-
tion and its congressional allies consider the furor to have peaked over Watt's
characterization last week of several appointees as “a black,...a woman, two
Jews and a cripple."
Pilots consider job action
HOUSTON (AP)—Pilot union leaders of the financially crippled Continen-
tal Airlines met Wednesday to discuss a proposed walk-out that would idle
the carrier, while pilots from other airlines gather for a Thursday discussion
of future job action that could ground most of the nation’s other airlines.
The Continental Master Executive Council, which represents the airline's
pilots, called the Wednesday meeting after about 1,100 pilots in Houston and
Denver voted to strike Continental as a protest over new work rules.
Police to trace Lucas case
MONROE, La (AP)—Police officers from around the nation will meet
here next month in an effort to trace the many footsteps of Henry Lee Lucas,
a former mental patient and drifter who claims to have killed more than 150
women.
The Lucas meeting was called by Monroe Police Lt. Joe Cummings, who
said he has participated in similar conferences in the past when working on
difficult cases.
Merger welds companies
DALLAS (AP)—Republic Steel Corp. of Cleveland will become a wholly
owned subsidiary of LTV Corp. in a $600 million-plus merger to create the
nation's second largest steelmaker, both companies announced Wednesday
LTV Chairman Raymond Hay said Republic will be combined with its
subsidiary, Jones & Laughlin Steel, and be known at LTV Steel, based in
Cleveland, Ohio.
Education colleges blasted
AUS TIN (AP)—H. Ross Perot, chairman of the Select Committee on Pub
lie Education, told education college deans Wednesday there is a scandal in
many universities that approaches criminal levels.
"We are damaging children all over this state with incompetent teachers,"
Perot said as his committee continued its wide ranging review of Texas pub-
lic education.
He said authorities are too timid or politically afraid to shut down colleges
that arc procucing what he called "non-teachers."
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The North Texas Daily—Page 3
Panel discusses business planning
Seminar provides ‘how-to's' for beginning businessmen
By TONYA McMURRAY
Daily Reporter
A panel of Denton businessmen and
attorneys said on Tuesday that small busi-
ness operations require more than just a
store and a knowledge of business.
The seminar was sponsored by the
NT Small Business Institute and the
Denton Chamber of Commerce.
Denton attorney Mcrvin Waage said
people interested in starting a small busi-
ness must first take a good look at
themselves.
"Are you the kind of person who
would qualify for the head of a small
business? Are you a self-starter? Are you
willing to work hard?” Waage said.
A BEGINNING businessman should
expect to work 50 to 70 hours a week
when starting a new business, he said.
"There arc no short cuts here. You are
going to work hard if you own your own
business. When you have an emergency,
you are the one who is there on Sunday—
no one else,” he said.
Betty Rupp, founder of Triangle
Temporaries of Denton, said finding an
interesting j is also important.
"We're talking 16 or 17 hours a day,
so you had better like what you are going
to do," she said.
The next step is to draw up a definite
plan and "pick out a name for your corn-
puny right away,” Rupp said.
"You need to be real enthusiastic about
what you're doing, because the enthusi-
asm is what's going to carry you through
the the hard times. It’s hard to get en-
thusiastic about it,” she said.
Waage said a person should decide
whether to form a partnership or a cor-
poration during the planning stage of the
business. If a partnership is selected, it
should not be an equal one, he said; one
partner should be the managing partner.
INCORPORATING a business re
duces taxes and limits personal liability,
Waage said. Incorporating also allows the
creation of business pension plans, which
defer taxes.
It is possible to take a corporation
through bankruptcy without personal loss,
he said. Of course, “this is not a total
protection,” Waage said. If an owner co-
signed notes or is personally liable for
the problems in the company, then he is
still responsible, he said.
Businesses with 35 or fewer stockhold-
ers should consider a closed corporation
rather that a regular corporation, he said.
A closed corporation offers the protec-
tion of a corporation, but enables the
stockholders to run the company as a part-
nership, Waage said.
RUPP SAID once a plan has been
drawn up, a prospective owner should
find out what kind of licensing the com-
pany will need.
Once a license is issued, the owner
should check with local and state authori-
ties two times a year, to keep up with
any changes that are made in the law.
Rupp said.
The next step is to get help from pro-
fessionals, including lawyers, accountants
and experts in the particular business being
considered.
“Most successful people really like to
help other people, so don’t be afraid to
ask people who are knowledgeable in your
business," Rupp said.
Bob Powers of Hankins, Powers,
Eastup & Deaton, an accounting firm,
said businessmen should find a good ac-
countant in the final planning stages of
starting a business.
AN ACCOUNTANT can help file
loan applications, project cash flows,
evaluate the business from a tax stand-
point and set up a set of books for the
company, he said.
"You need a set of books to know
where your’re going and what you've
done. We try to set up books that are as
simple as they can be, to give you the
information you need." he said.
The final step in setting up a small
business is to lind investment capital for
the business. Capital is available from
banks, the Small Business Administration
and venture capitalists.
Ken Jennings of the U.S. Small Busi-
ness Administration said a businessman
should he well prepared before applying
for a loan. “The better prepared you are
when you go to borrow money, the bet-
ter off you are. You want to be able to
answer any question the bank may ask
you,” he said.
THE LOAN application should include
the amount of money required, the pur-
pose for which it will be used and the
length of time it will be needed. The ap-
plication should also include the source
of repayment, collateral and other infor-
mation concerning debts.
The Small Business Administration, a
federally funded program, makes direct
loans to businessmen from banks and
guaranteed by the Small Business
Administration.
The interest on a guaranteed loan of
seven years or less is the New York prime
lending rate plus 2 percent. Interest on guar-
anteed loans of more than seven years is
the New York prime plus 2 percent, Pow-
ers said.
Joe Sullivan, venture capitalist for
Dasbic Inc., said a third source of invest-
ment capital is venture capitalists.
VENTURE CAPITALISTS take
more risks than other investors, but they
should not be thought of as gamblers.
"Risk must have a corresponding re-
ward,” Sullivan said. Venture capitalists
invest in a business and take a percent-
age of stock in the company.
In order to get money from a venture
capitalist, a person needs a good busi-
ness plan and an "idea of where you
want to go, how you want to get there
and how much money you need ' How-
ever, it takes more than just a good busi-
ness plan, he said.
Venture capitalists look for someone
who is intelligent and who has some ex-
perience in the field he plans to go into.
Sullivan said. "The final decision depends
on the person and the idea." he said
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The North Texas Daily (Denton, Tex.), Vol. 67, No. 19, Ed. 1 Thursday, September 29, 1983, newspaper, September 29, 1983; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metapth722857/m1/3/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Special Collections.