throw me your email and i can send out the slides
i will have to double check on any i wrote since my hard drive crashed not to long ago im not sure what i backed up but i no for sure that i have a hard copy example that my professor gave me last semester if your really interested
Go to your local small business development center and go to some of their seminars. Most are free or cheap. They provide excellent information and resources and they will write a business plan for you for free as long as you send a letter to your senator, etc recommending them once established and tell what they’ve done for you. You’re going to get overloaded with a ton of information, links to go read, etc. Talk with your local agent one on one so it is specific to your needs. They will do all the research necessary. As long as you know your goals and being realistic with them then you shouldn’t have any issue. There are some loans out there from your county so that you don’t have to put the 20% up front nor have the collateral to back your loan. You can use this loan as your cash investment to the business which your lender sees as your money. I believe its called a micro assist loan which ranges from 20-50k. Im sure some of this information will vary between pa and ny but hopefully it will help a little.
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If you are an S corp. then you’re an employee of an entity. You’d receive a payroll check on which you’re taxed. If you start tossing money around and get audited, you’d have to explain it. Even though you own the company and call the shots, legally an S corp. has no single owner.
Dude, this is awesome. I can’t wait for a ‘build’ thread.
well just like the car build most of it will be behind the scenes this year while i’m overseas. So when I get back that’s when all the fun things will really come together.
THIS!
What is his name?
This as well. CPA will answer most if not all of your business related questions the only time a lawyer comes in real handy is when you are talking contracts. Do not go out and incorporate first thing because you may not have to for quite sometime. If you go see a lawyer and the first thing they do is say congratulations on starting a business and pull out articles of incorporation, leave. That lawyer does not have your best interest in mind, only his. A good lawyer will talk to you and ADVISE you on what is the best route to go based on the type of liability you are assuming. You pay a lawyer to advise you, and they should do that first and foremost. In order to advise correctly they first need to listen and then think. Signing articles of incorporation right off the bat really does nothing for you. It shows your ignorance and ill preparedness for business and lines his pockets with $750-1500 depending on who you use.
Being in business means counting each and every cent and making the wisest decisions with the money you have. Having good people around you that have your interests in mind is the only way to get ahead. You should find a good CPA who does or has done work in your field. Do not just go to someone you have been recommended because your mom said her friend had a brother who knew a CPA. Interview everyone who you will pay money for services. It’s no different than hiring an employee, you have to make sure they:
You will need a good CPA first and foremost, a good attorney at some point (just someone you can have a relationship with not on retainer) and a good bank with a commercial manager you get along with. This makes all the difference.