Starting your own Business?
- Thread starter DoWhat
- Start date
penguin6
New Member
You are going to have to do some accounting, and you are going to have to watch out for some new taxes that you have never heard of before. When I set up my first company, I 'farmed out' almost all the paperwork to different entities:
a) corporate papers- - corporate registration and 'agent' found on the Internet.
b) payroll -- payroll processor 'Paychex'. Best $60 a month I have ever spent. Handled all the payroll taxes, filed on my behalf, cut the check--the whole shebang. One fee (varies based on employees and how often you pay).
c) accounting. I spent $200 on the computer program Quickbooks (like Quicken), $5 on a 3-ring notebook, $8 on a paperpunch, some paper and tape and put every single expense receipt into the book. At the end of the year, I emailed the file to an accountant who did my taxes for like $500 or so.
Yea, 300 here, 500 there is a bit. It adds up. It's deductible, of course, against the income you receive, but when you are starting it can be a bit rough.
You don't need all of this (well, some of it I recommend) but there are ways to go slow. Use quicken instead of quickbooks, don't pay yourself a salary to start or have an employee, etc.
But having your own business can be a lot of fun, despite the headaches. You'll probably feel like "why did I ever work for anyone else ever?" once you've started. I wish you good luck...
Steve Jobs addressing the graduates of Stanford:
<i><b>Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma — which is living with the results of other people's thinking. Don't let the noise of others' opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.</b></i>
http://news-service.stanford.edu/news/2005/june15/jobs-061505.html
a) corporate papers- - corporate registration and 'agent' found on the Internet.
b) payroll -- payroll processor 'Paychex'. Best $60 a month I have ever spent. Handled all the payroll taxes, filed on my behalf, cut the check--the whole shebang. One fee (varies based on employees and how often you pay).
c) accounting. I spent $200 on the computer program Quickbooks (like Quicken), $5 on a 3-ring notebook, $8 on a paperpunch, some paper and tape and put every single expense receipt into the book. At the end of the year, I emailed the file to an accountant who did my taxes for like $500 or so.
Yea, 300 here, 500 there is a bit. It adds up. It's deductible, of course, against the income you receive, but when you are starting it can be a bit rough.
You don't need all of this (well, some of it I recommend) but there are ways to go slow. Use quicken instead of quickbooks, don't pay yourself a salary to start or have an employee, etc.
But having your own business can be a lot of fun, despite the headaches. You'll probably feel like "why did I ever work for anyone else ever?" once you've started. I wish you good luck...
Steve Jobs addressing the graduates of Stanford:
<i><b>Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma — which is living with the results of other people's thinking. Don't let the noise of others' opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.</b></i>
http://news-service.stanford.edu/news/2005/june15/jobs-061505.html
911Carrera
German American Lead Foot
DoWhat said:
Here's a couple of other websites that may be helpful to you in starting your own business. Check them out.
Good Luck again!
www.BLIS.state.md.us
www.dllr.state.md.us
www.stmarysmd.com/decd