Frequently Asked Questions (FAQ)
Why join Local Trade Partners?
We’re your Commission-Only Sales Force!
Local Trade Partners is an idea and a network. A community of smart business owners with a simple purpose – to upgrade their businesses and personal lives through the power of trade. The professional LTP team is here to fuel your trade, to enable businesses like yours to unlock their full potential. LTP is a collaboration of like minded business people that expect more out of life.
We typically charge a 10% cash fee when you purchase in our network.
There is no charge when you sell. Think of us as your commission-only sales force. We typically only get paid when we produce for you. (Some other charges may apply)
The benefits of Local Trade Partners include: a great community of business owners, a new channel for customers and suppliers, networking, fellowship and new friends.
We can even help you finance your business or major projects. The Local Trade Partners Dollar is your alternative local currency of choice for local businesses in Northwest Arkansas and the River Valley.
Thanks to our community our LTP Dollar is easy to use. LTP Dollars are not for saving- members only benefit from Local Trade Partners when LTP dollars are kept circulating for the good of all members. Successful members always think “LTP First”. Always seek out ways to spend LTP$ and save your cash.
How do I get Started with Local Trade Partners
It’s Easy !!
Check out our Local Trade Partners Quick Start Guide
Are there any tax advantages to Local Trade Partners?
There are no tax advantages or disadvantages to Local Trade Partners. Here is tax information from The Journal of Accountancy.
Sales Tax: Just like all other transactions, when you buy use LTP, all state and local sales tax is paid in cash at the time of the transaction to the seller by the buyer.
Income Tax: As required, we report your sales on IRS Form 1099B, Local Trade Partners 3rd party record keeper under federal law.
Business expenses can be expensed, just as you would any cash business expense. Our monthly statements make it easy for you to highlight items for your accountant. * Check with your accountant.
How will my business benefit from Local Trade Partners?
Local Trade Partners produces new business for you – allowing you to expand your market and maintain your cash-paying customers. Local Trade Partners conserves your cash. For example, if you own a hotel that has ten vacant rooms that rent for $100/night and you need a new copy machine priced at $1,000. Local Trade Partners provides a way in which you can buy your copier, fill your rooms (at your cost on the rooms) and maintain your cash. The same is true for filling empty tables for a restaurant, moving inventory for retailers and manufacturers or increasing billable hours for service and professional businesses. Local Trade Partners provides you a serious competitive edge. Local Trade Partners clients are new clients that bypass competing businesses to do business at your establishment while you maintain your existing cash clients.
Is Local Trade Partners legal?
Of course. Under the Tax Equity and Financial Responsibility Act of 1982 (TEFRA) signed by President Ronald Reagan, the federal government officially recognized organizations like Local Trade Partners as a third-party record keepers- requiring us to record transactions and report member income. This puts Local Trade Partners on equal footing with banks, credit unions, securities brokers and others as custodians for the federal government.
Can I bookmark the LTP Authorization site for my employees on my Computer?
YES! The LTP Office can provide a custom link with your seller number already embedded in.
These following steps will guide you through the process of creating a desktop shortcut to a website using Firefox, Chrome or Internet Explorer (IE).
1) Resize your Web browser so you can see the browser and your desktop in the same screen.
2) Left click the icon located to the left side of the address bar. This is where you see the full URL to the website.
3) Continue to hold down the mouse button and drag the icon to your desktop. This creates the shortcut.
Create a Desktop Shortcut to a Website
After creating the shortcut you can right-click on the icon and select Rename to edit the text description. (Option click on Mac)
Do you offer trade credit lines?
Trade credit lines, may be available to qualified members. Please call our office.
What is the Etiquette expected?
Thanks for following the Golden Rule: “Treat others how you would like to be treated”
1. Please identify yourself as a member of Local Trade Partners before purchasing. Present your current membership card.
2. Local Trade Partners is a Cashless Community.
In some cases cash is allowed for special order parts, parts not in the regular supply stream and building materials. NO MARK UP IS ALLOWED ON CASH ITEMS. Part cash items must be sold at sellers Cost. All transactions involving part cash must be approved in advance by the Local Trade Partners Office,
Please call us prior to purchase or sale.
3. All Local Trade Partners transactions are the same price as a regular cash sale- no additional markups are allowed on a LTP sale. On the flip side, bargaining ruthlessly for the absolute lowest possible price and then paying in Local Trade Partners will not score you any popularity points. Be reasonable.
4. The buyer pays sales tax and/or TIPS at the time of purchase in cash, preferably no checks or credit/debit cards. Please tip generously if the service merits, we want local wait staff to be excited about Local Trade Partners.
5. Just like in the cash world, Local Trade Partners Members will have different margins, markups and prices etc.
Feel free to get quotes from members and non-members when making a purchase.
6. Be reasonable! Don’t book an entire dining room on a Razorback game night. Local Trade Partners dollars are a wonderful addition to our business and personal lives, but Cash is KING- Be Considerate! We’re all in this together and cash sales are our lifeblood. Trading needs to be a win/win.
7. GO Buy and Sell- let members know who you are and what you sell. Take the time to get to know each other. The networking and marketing side of Local Trade Partners is a great opportunity to build your business and make new friends. Always call or email the Local Trade Partners office with compliments, questions, frustrations or complaints. We’re here to help you! 479-443-1977 or in Fort Smith at 479-648-9999.