BUSINESS STARTUPSA CAUTIONARY TALETripping Over Critical Issues When Starting Your Business
ENTITY SELECTION also is known as BUSINESS STRUCTUREDon't choose to be an LLC, S-Corporation or C-Corporation at the recommendation of friends or acquaintances.
CREATING YOUR ENTITY SELECTION ONLINECreating a legal entity online without the necessary legal docs or "cookie cutter" paperwork where you answer questions that you don't know the consequences of your answers.
ACCOUNTING SOFTWAREIt is typically three times more expensive to fix a mistake than the cost of doing it correctly in the first place. Not choosing the correct accounting system or selecting the wrong accounting software can be an expensive problem to fix.
BANK ACCOUNTOpening a bank account where you currently bank without thought to the many aspects you will need to start up and down the line. Discounting the banking relationship is a common mistake and limits your capabilities now and down the road.
LEASESigning leases on your own. Your hunt for space can be costly without some basic rules to follow and guidance. Did you negotiate? How many hours are you willing or have already wasted?
INSURANCEWho needs insurance? Have you thought or heard, it's all about not spending money when it comes to protection? Notice there is a difference between "saving money" and "not spending money." Not having the necessary insurance coverage can be catastrophic and expensive.
BUSINESS PLANNo business plan. I don't need a business plan. I know or can figure out everything on my own.
PAYROLLRun payroll yourself? Just log in, punch in a few numbers, and now you' re done. Lots of companies tell you to do it on your own but why would you want to?
TAXESI don't have time to think about income taxes, estimated tax payments or anything to do with that stuff. I just need to focus on building my business.
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RECEIVED ADVICE FROM MY CPA |
BUSINESS STRUCTURE |
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ACCOUNTING SOFTWARE |
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BANK ACCOUNT |
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INSURANCE |
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LEASE |
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BUSINESS PLAN |
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PAYROLL |
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TAXES |
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CALL YOUR CPA |
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