The Barter Network
Encyclopedia
The Barter Network is a commercial trading network of companies in the United States founded in 2006 by Bergenske Enterprises, Inc. of which G. Jason Bergenske
, President
and CEO owns 100% of the corporations shares. The Barter Network has grown to over 700 companies. These companies trade among each other using a medium of exchange called a trade dollar.
just outside of Orlando
. In November 2007 they outgrew their offices and moved to Winter Park, Florida
.
Their trade volume for 2007 was $1.06 million in 2007.
Their trade volume for 2008 was $1.8 million, an increase of 58% over $1.06 million in 2007.
Their trade volume for 2009 was $2.7 million
Their trade volume for 2010 was $4.2 million
ON TELEVISION: A bartering boom has hit Central Florida as Orlando-area businesses try to survive in today's economy using The Barter Network system.
, it is generally not possible to avoid income taxes by bartering one's services. According to the IRS, "The fair market value of goods and services exchanged must be included in the income of both parties." The barter in many cases must be reported on Form 1099-B and Schedule C.
G. Jason Bergenske
Gary "Jason" Bergenske is an American multimillionaire, businessman, and entrepreneur. In 2006 he founded an investment and management company "Bergenske Enterprises, Inc." of which he currently holds as the president and chief executive officer.In 2010, Bergenske was featured in Forbes Magazine...
, President
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
and CEO owns 100% of the corporations shares. The Barter Network has grown to over 700 companies. These companies trade among each other using a medium of exchange called a trade dollar.
Operation
Upon joining the TBN network, members agree to accept TBN Trade Dollars, instead of USD legal tender, when they sell to another TBN member. The trade dollars are electronically (via telephone or internet) transferred by the seller from the buyer’s trade dollar account. TBN members also agree to sell their goods and services on par with their cash everyday selling price.History
The Barter Network originally opened its doors in 2006 in Sanford, FloridaSanford, Florida
Sanford is a city in, and the county seat of, Seminole County, Florida, United States. The population was 38,291 at the 2000 census. As of 2009, the population recorded by the U.S. Census Bureau was 50,998...
just outside of Orlando
Orlando, Florida
Orlando is a city in the central region of the U.S. state of Florida. It is the county seat of Orange County, and the center of the Greater Orlando metropolitan area. According to the 2010 US Census, the city had a population of 238,300, making Orlando the 79th largest city in the United States...
. In November 2007 they outgrew their offices and moved to Winter Park, Florida
Winter Park, Florida
Winter Park is a suburban city in Orange County, Florida, United States. The population was 24,090 at the 2000 census. According to the U.S. Census Bureau's 2006 estimates, the city had a population of 28,083. It is part of the Orlando–Kissimmee Metropolitan Statistical Area...
.
Growth
Their trade volume for 2006 was $786KTheir trade volume for 2007 was $1.06 million in 2007.
Their trade volume for 2008 was $1.8 million, an increase of 58% over $1.06 million in 2007.
Their trade volume for 2009 was $2.7 million
Their trade volume for 2010 was $4.2 million
Media Interests
NEWS ARTICLE: A bartering boom has hit Central Florida as Orlando-area businesses try to survive in today's economy using The Barter Network system.ON TELEVISION: A bartering boom has hit Central Florida as Orlando-area businesses try to survive in today's economy using The Barter Network system.
Tax implications
In the United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, it is generally not possible to avoid income taxes by bartering one's services. According to the IRS, "The fair market value of goods and services exchanged must be included in the income of both parties." The barter in many cases must be reported on Form 1099-B and Schedule C.
Industry associations
- International Reciprocal Trade AssociationInternational Reciprocal Trade AssociationThe International Reciprocal Trade Association is the global trade association for the modern trade and barter industry. IRTA promotes proper accountability rules, equitable standards, ethics and governmental relations, for the organized barter industry an its participating trade exchanges...
- International Drive Chamber of Commerce.
- Central Florida International Chamber of Commerce
- World Connect Chamber of Commerce
See also
- List of international trade topics
- Local currencyLocal currencyIn economics, a local currency, in its common usage, is a currency not backed by a national government , and intended to trade only in a small area. As a tool of fiscal localism, local moneys can raise awareness of the state of the local economy, especially among those who may be unfamiliar or...
- Local Exchange Trading System
- Natural economyNatural economyNatural economy refers to a type of economy in which money is not used in the transfer of resources among people. It is a system of allocating resources through direct bartering, entitlement by law, or sharing out according to traditional custom...
- Private currencyPrivate currencyA private currency is a currency issued by a private organization. It is often contrasted with fiat currency issued by governments or central banks. In many countries, the issue of private paper currencies is severely restricted by law....