1. 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.
2. Choose the
Entity that is Right for You
a) Sole
Proprietorship
b) Partnership
c) Corporation
d) Limited
Liability Company (LLC)
3. 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)
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.
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 accounting, taxes and filing requirements.
c) An
attorney will help you with all your legal issues and help protect your assets.
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