5 DECISIONS TO MAKE WHEN STARTING A BUSINESS
- Have a Business Plan
a) Business plans are used for financing.
b) They provide a yardstick against which future performance will be measured.
c) They provide a framework for decision making and coordination of business.
d) They define the business culture that will be communicated to employees, customers, etc. - Choose the Entity that is Right for You
a) Sole Proprietorship
b) Partnership
c) Corporation
d) Limited Liability Company (LLC) - Set up a Good Recordkeeping System
a) Set up a business bank account.
b) Use a good accounting software program or recordkeeping system.
c) Keep all receipts relative to the business.
d) Stay away from cash transactions.
e) Know the records retention requirements. (attached) - Know Your Filing Requirements and Your Tax Responsibilities
a) What forms are required and when are they due?
b) Set up a calendar system to help monitor the due dates.
c) Learn what taxes are due and how you calculate the amount to pay.
d) Learn the rules for taking money from your business account. - Invest in a Good Team of Professionals Accountant, Attorney,
Banker
a) An accountant can assist with far more than just accounting, taxes and filing requirements. Developing a relationship with an accountant who can collaborate with you to help you look forward and thrive and not just maintain.
b) An attorney will help you with all your legal issues and help protect your assets. This is a step many businesses ignore until there is a problem or even a crisis. Precious time is spent scrambling just to find “an attorney” and not a good fit. Like a doctor, on short notice they may not be taking “new clients”.
c) A banker can help you tailor a package of services necessary to support a growing
business.
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