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So you have had it with the 9 to 5, your sick of your boss all the time finding over your shoulder, and the idea of you doing all the work so the executives can reap all the benefits makes you sick to your stomach. So you have decided to go out on your own and start a new business. That is a great idea and I am here to help you with some of the tougher questions that may come to mind.

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What's next? Well you need to resolve how you will buildings your company for tax and liability purposes. If you do nothing, and start the company alone, you are considered a sole proprietor. If you do nothing and start the company with man else, that company will be considered a partnership. You can also form a corporation or tiny liability company (Llc). The last two options are a bit harder to set up, but the liability is passed on to the company and not yourself or your partners. You should seek the guidance of an accounting master before development this decision; once the decision is made it is difficult to change the company type and it's an accounting nightmare.

Sole proprietorship and partnerships are taxed on your normal 1040. You frame out how much money the company brought in and how much was spent on the business. This is the number you add to your 1040. This option is very easy for taxes very easy to run. The main problem with sole proprietors and partnerships is you can come to be personally responsible for all debt and damages. For example, if you run into prestige problems with your suppliers they can come after you and your partners for payment. Also, any damage that your company may cause and is unable to make restitution for could come to be your personal financial obligation. This includes liens on personal property.

To distance yourself from personal liability you need to form a corporation (Inc, C, or Corp) or a tiny liability company (Llc). Both of these allow the company to come to be a cut off entity for tax purposes and liability. The downside to these types of businesses is the extra paperwork needed to stay compliant and start up costs. You can crusade the internet for associates that will form your corporation or Llc, but you need to make sure they are reputable and not online scams.

If you start a corporation or Llc you will need a tax master that specializes in small company and good accounting software. The government will send you an owner Identification Number. This is the company's unique id number, think of it like your social protection number. This number needs to be used on all documents pertaining to the company, as well as all tax forms.

All parts of the company must to be kept cut off from your personal life. You need distinct bank accounts, distinct phone numbers, and distinct prestige cards. Next to development a profit this will be your biggest and most leading challenge. If you mix funds or you are sloppy with book keeping, the corporate veil can be pierced and that means you can come to be personally liable for the company and its actions.

I suggest a good Cpa and a lawyer. These can be found online within your area and are well worth the upfront money. After you are set up it is possible to do all the taxes and accounting yourself with grand accounting software, but this is time spellbinding and may not be worth it to some. Remember starting a new company can be fun and rewarding; just stick to the rules and laws.

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