Starting a business involves a great deal of filling out and filing the appropriate paperwork to get up and running. A lot of it is fun to work on—picking a business name, logo, color scheme and location—but there’s also plenty of legal work that new small business owners need to think about.
If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips the IRS provides that can help you get started.
When you have the startup capital you need to get down to business and you’ve acquired the resources you need to begin making money, you’re almost ready to open up your doors. First, though, you have to make sure you are doing all everything required to operate within the bounds of the law.
Something big has been happening in the world of business, and that something goes by the name of the benefit corporation. Recently, Delaware became the 19th state to enact benefit corporation legislation.
Ask why you need a formal business structure when you start a business and the answers are usually straightforward. For some, it’s a need to separate personal assets from the business; for others, it’s a desire to lower overall taxes or be viewed as a more credible business.
It’s common to think, “I’ll wait until we grow some before I spend the money to form a corporation or LLC.” But delay in selecting the right legal entity when starting a small business can wind up costing a lot of money in higher taxes, as well as creating a potential legal disaster for the entrepreneur’s family.
Starting a business up with a partner is a great idea—not only does a business partner effectively halve the staggering amount of work that comes with forming a new company, but having a partner also means having someone to talk to and bounce ideas off of.
Partnerships consist of an association of two or more persons who assume co-ownership of a business for profit. While partnerships are relatively easy to set-up, there are some basic tips that if followed can lead to a long-lasting and rewarding partnership.
As a small business owner, you follow a different set of tax rules than your employees. Making estimated tax payments throughout the year is required and should be handled in a way that’s not particularly burdensome.
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.