THE 5 MOST IMPORTANT DECISIONS THAT YOU HAVE TO MAKE WHEN STARTING YOUR BUSINESS
1. Have a Business Plan
a. Business Plans are used for Financing
b. They provide a yardstick againist which future preformance 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 employee's, customers, and etc.
2. Choose the Entity That Is Right For You
a. Sole-priorietorsip
b. Partnership
c. Corporation/"S" Corporation
d. Limited Liability Corporation (LLC)
3. Set Up a Good Recordkeeping System
a. Set Up a business Checking Account
b. Use a good accounting Software, or Recordkeeping system
c. Keep all receipts relative to the business
d. Stay away from cash transactions
e. Know the records retention requirements **
4. Know Your Filing Requirements And Your Tax Responisbilities
a. What forms are required and when they are 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 payd.
d. Learn the rules for taking money from your business account
5. Engage a Good Banker, Accountant, Attorney
a. A Banker will help you with loans, financing, bank accounts, and recordkeeping
b. An Accountant will help you with your taxes, accounting and filing requirments
c. An Attorney will help you with all your legal issuesand help protect your assets.
Note** Normal record retension is 7-10years for self employed Sole Propreitorships
and single member LLC's
10-15 years for partnerships, Corporations, and Member LLC's
This information is supplied to you by:
Franklin Katz, ATP, PA, PB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
Circular 230 Ruling: Compliance
This email (including any attachments) contains PRIVILEGED AND CONFIDENTIAL INFORMATION protected by federal and/or state law and is intended only for the use of the individual(s) or entity(is) designated as recipient(s). The information contained within this email should not be construed as tax advice. If you are not an intended recipient of the email, you are hereby notified that any disclosure, copying, distribution, or action taken in reliance on the contents of this email is strictly prohibited. Disclosure to anyone other than the intended recipient does not constitute a waiver of any applicable privilege. If you have received this email in error, please immediately notify us by phone at (704) 739-4039 or by email at [email protected] and then permanently delete the original and any copy of this email (including any attachments) and destroy any printout thereof.
1. Have a Business Plan
a. Business Plans are used for Financing
b. They provide a yardstick againist which future preformance 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 employee's, customers, and etc.
2. Choose the Entity That Is Right For You
a. Sole-priorietorsip
b. Partnership
c. Corporation/"S" Corporation
d. Limited Liability Corporation (LLC)
3. Set Up a Good Recordkeeping System
a. Set Up a business Checking Account
b. Use a good accounting Software, or Recordkeeping system
c. Keep all receipts relative to the business
d. Stay away from cash transactions
e. Know the records retention requirements **
4. Know Your Filing Requirements And Your Tax Responisbilities
a. What forms are required and when they are 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 payd.
d. Learn the rules for taking money from your business account
5. Engage a Good Banker, Accountant, Attorney
a. A Banker will help you with loans, financing, bank accounts, and recordkeeping
b. An Accountant will help you with your taxes, accounting and filing requirments
c. An Attorney will help you with all your legal issuesand help protect your assets.
Note** Normal record retension is 7-10years for self employed Sole Propreitorships
and single member LLC's
10-15 years for partnerships, Corporations, and Member LLC's
This information is supplied to you by:
Franklin Katz, ATP, PA, PB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
Circular 230 Ruling: Compliance
This email (including any attachments) contains PRIVILEGED AND CONFIDENTIAL INFORMATION protected by federal and/or state law and is intended only for the use of the individual(s) or entity(is) designated as recipient(s). The information contained within this email should not be construed as tax advice. If you are not an intended recipient of the email, you are hereby notified that any disclosure, copying, distribution, or action taken in reliance on the contents of this email is strictly prohibited. Disclosure to anyone other than the intended recipient does not constitute a waiver of any applicable privilege. If you have received this email in error, please immediately notify us by phone at (704) 739-4039 or by email at [email protected] and then permanently delete the original and any copy of this email (including any attachments) and destroy any printout thereof.