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Starting a small business? Learn about LLCs and corporations, small business financing, record keeping, accounting, and taxes -- everything you need to start and run a smart, successful small business.
Forming an LLC (limited liability company) is not as hard as most people think. In most states, you need only file simple paperwork, usually called articles of organization, and pay the filing fee. You should also create an operating agreement to establish the rights and responsibilities of LLC members.
How can you tell if your business idea will be profitable? Honestly, you can't. But this shouldn't keep you from researching the financial soundness of your idea. Prepare a "break-even analysis" (determine your "break-even point") to get an idea of whether your business will succeed.
Once you've done the hard work of choosing your business name, you'll want to protect it. Follow local and state laws that govern when you must register a fictitious (or assumed) business name. File for trademark protection at the state and federal level, if appropriate.
The more tax deductions your business can legitimately take, the lower its taxable profit will be, but many small businesses miss out on some of the best tax deductions available to them. The key is learning about IRS rules that govern what you can and cannot deduct. Here are fourteen of the best and easiest tax deductions that your business can take.
There's no reason why your agreements and contracts need to be filled with mind-bending legal gibberish. For most contracts, legalese is not essential or even helpful. On the contrary, the agreements you'll want to put into a written contract are best expressed in simple, everyday English.
Whatever your reasons for closing your business, there are a few legal tasks you need to undertake to protect yourself, your credit, and your reputation in the community, especially if you ever want to go into business again.
Independent contractors (ICs) can charge for their services in a variety of ways, such as a fixed amount for an entire project, an hourly fee, or a sales commission. No matter how you bill clients, you first need to figure out how much to charge. Use this two-step approach to determine your rate.
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