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Re: Legal Documentation Oct 3, 2007 9:46 AM
Hi there, gmonkey! Here are the steps I recommend my "new business" clients follow when setting up their new ventures:
1) Develop a really comprehensive business plan including cash flow projections. 2) File your articles of incorporation (most states allow you to do that online for a nominal fee). 3) Call your city hall and county administration offices to find out exactly which business licenses you need. If you are working from home, you must know what restrictions, if any, your city imposes. 4) Ask the IRS for their new business tax packet. It will contain everything you need for make sure you pay your taxes on time. It will also give you guidelines on employee wages and deductions. 5) Get a good accounting package which will always save you money. You can either get a software such as QuickBooks or use a simple paper method like Dome Books. Either one will be of great benefit ONLY if you use them! 6) Develop a really good relationship with your banker. Go in and talk to them; don't just go in and open a checking account. Tell them about your new business...your banker wants you to succeed and put lots of money into its bank. Speaking of checking accounts: NEVER co-mingle funds. Keep your personal money in a personal account and your business money in a business account. 7) Keep a chronological log. I've used a cheap little spiral notebook for years. I write everything down on a daily basis, document phone calls, note phone numbers, record account numbers, take notes during conversations, etc. You can't remember everything and this log will save your neck many, many times!
This should get you going!!! Good luck!
