THE 5 MOST IMPORTANT DECISIONS TO MAKE WHEN STARTING YOUR BUSINESS
1. Have a Business Plana) 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.e) Prepare a budget and cash flow projection.
2. Choose the Entity that is Right for You a) Sole Proprietorship) Partnershipc) Corporationd) Limited Liability Company (LLC)
3. Set up a Good Recordkeeping Systema) 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)
4. 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.*Taxes change frequently. A better option is to engage an accountant to handle all of your tax preparation obligations thereby allowing you to focus on your business and not worry about your tax filings.
5. Engage a Good Banker, Baldwin Accounting Corp. & Attorney a) A banker will help you with loans, financing, bank accounts and recordkeeping.b) Baldwin Accounting Corp. will help you with your accounting, taxes, filing requirements, promotion and management of your business.c) An attorney will help you with all your legal issues and help protect your assets.