What is my business worth today?

Assets - enter actual or current fair market values

Checking accounts

Savings accounts

Money market accounts

Certificates of deposit

Equipment, machinery, tools

Vehicles

Property/Real estate

Patents or trademarks

Other assets

Liabilities

Accounts payable

Taxes payable

Credit card balance #1

Credit card balance #2

First loan

Second loan

Third loan

Fourth loan

Leasing obligations

Other liabilities

"What is my business worth today?" calculates the net worth of your business. Net worth is based on your estimate of the fair market value of the firm's assets and the outstanding amounts due on the firm's debts as of a certain date. Net worth is the net value of your ownership in the business. It is calculated by subtracting the liabilities of your business from its assets.

Since determining the fair market value of your assets is a subjective practice, you should consult a financial or tax adviser.

Money market account (MMA):A money market account is a bank account that invests in the safest of short-term securities. Opening a money market account generally requires a larger deposit than a checking account since it pays a higher interest rate than demand deposits. The FDIC insures money market accounts for up to $100,000 ($250,000 through December 31, 2013) per institution per depositor.

Furniture:Furniture is an asset account that represent assets considered a part of a plant or other real estate. Unlike fixtures, however, furniture, is removable. Furniture includes desks, chairs, sofas, and tables, etc. Often, furniture is described in a balance sheet as furniture, fixtures, and equipment.

Property:Property, or real estate, is an asset account of your business. Property is also called a fixed asset. You can rent, lease, or own property. There are advantages and disadvantages to all three options. Property is sometimes lumped in the fixed asset account called property, plant, and equipment.

Equipment:Equipment is an asset account. It represents assets considered an essential part of a plant or other real estate. Equipment includes machinery, tools, and any other fixed assets required to produce your goods or service. Often, equipment is described in a balance sheet as furniture, fixtures, and equipment.

Taxes payable:Taxes payable is a liability that reflects the taxes you owe federal, state, and local tax authorities. Taxes payable is a current liability, which means you expect to pay off the accounts over the next operating cycle (usually 12 months).

Other liabilities:Other liabilities include liabilities that are not categorized into another commonly used category of liabilities. As a general rule, other liabilities constitute less than 5% of the total liabilities of a company.

Fixtures:Fixtures are an asset account that represent assets considered a part of a plant or other real estate. Fixtures include lighting, flooring, paneling, sinks, toilets, etc. Often, fixtures are described in a balance sheet as furniture, fixtures, and equipment.

Intellectual property:Intellectual property includes such intangible assets as patents, copyrights, trademarks, and service marks. Intangible assets create value for the company that owns the assets but that cannot easily be measured. Patents are a registered process or procedure that a business owns. Trademarks are a registered logo or image that a business owns.

Accounts receivable:Accounts receivable is an asset that reflects the bills that are owed your company. Accounts receivable is a current asset, which means you expect to collect on the accounts over the next operating cycle (usually 12 months).

Other assets:Other assets include those assets that are not neatly categorized in a more common asset. As a general rule, other assets constitute less than 5% of a company's assets.

Notes receivable:Notes receivable is an asset account. It represents those claims you have on debtors. For example, you may buy $1 million in equipment for a business. In exchange, you issue a note to the seller that describes the terms of the loan: loan period, interest rate, and scheduled payments. Notes are like bank loans since they are used as a source of debt financing.

Vehicles:Vehicles are an asset account. Vehicles include passenger cars, delivery trucks, and other motorized (or non-motorized) means to distribute your goods and services.

Credit card balance:Credit card balance is the amount you owe on your credit card(s). The balance is the amount you pay interest on.

Certificate of deposit (CD):A certificate of deposit (CD) is a time deposit that you make at a bank. You can also buy a CD from a broker who is selling them for other deposit-taking institutions. Deposit periods of CDs are generally between three months and five years. Deposit amounts generally range from $500 to $100,000. Since the FDIC guarantees up to a limit of $100,000 ($250,000 through December 31, 2013) per depositor per institution, you may wish to avoid investing in multiple CDs at one institution for amounts over $100,000 . After all, CDs pay a lower interest rate in exchange for deposit insurance. If you are going to risk some of your investment, you should be compensated with a potential higher rate of return that non-insured investments may offer.

Accounts payable:Accounts payable is a liability that reflects the bills you owe other companies. Accounts payable is a current liability, which means you expect to pay off the accounts over the next operating cycle (usually 12 months).

Personal net worth:Your personal net worth is equal to your personal assets minus personal liabilities. Personal net worth is measured as of a given date (e.g., "Your personal net worth is this much as of Dec. 31, 2011."). For example, if you have $100,000 in personal assets and $75,000 in personal liabilities, you have $25,000 in personal net worth. Since the value of your assets fluctuates, your personal net worth will fluctuate. For example, six months later on June 30, your personal assets may have risen in value to $110,000. In this case, your personal net worth has also increased by $10,000 to $35,000. If you are married, consider computing a combined personal net worth, or splitting the value of jointly owned assets in two. If you have more assets than liabilities, you have a positive personal net worth. Personal net worth is also called personal equity.

Fair market value:Fair market value (FMV) is the value or price at which a commodity would change hands, assuming a willing buyer and a willing seller and no duress. In the absence of an arms-length transaction, fair market value is used as a proxy for sale price. Fair market value is often used to calculate the basis of a capital asset.

Inventory:Inventory is an asset that reflects the products you are holding for sale. Inventory is a current asset, which means you should expect to be able to sell the inventory over the next operating cycle (usually 12 months).

Leasing obligations:Leasing obligations are a commitment and contingency that are included in the notes of financial statements. Since leasing agreements may be canceled, leasing obligations are excluded from the balance sheet. The two major types of leases are capital leases and operating leases. An operating lease is the type that is listed in the notes of the financial statement. A capital lease is the type that is listed on the balance sheet.