Good Day, everyone!
I have recently started my first C-Corporation (intending to file IRS Form 2553 to elect to be an S-Corporation). I am probably THE demographic for first-time business oweners. I have an idea that I think is brilliant, I have a general understanding of how Law works, and a generally sound ability to handle and track money (income vs expenes, etc). In addition, I have found myself in the deep end of the pool when it comes to actual corporate business practice. I have some good reference books, but my comprehension is limited to my experience, and I need help.
My hope is that there are others out there that are similar. Either you are in some of the same situations as I am, or you've been there and know how to navigate these murky waters. I ask that discussion be limited to general advice, suggestions, requirements, etc. Specific questions are welcome, as are specific answers, but please try to stay on topic. If your situation is particularly unique or requires in-depth conversation, please start a different thread, or discuss with the expert via private messaged. With that in mind, I'd like to start a discussion on a very specific topic:
Key Accounting Considerations - What are the most important aspects of separating personal finances with the corporate finances?
Initially, I've identified the following topics that I think are worth discussion, but of greater concern are the topics that I wouldn't know due to my lack of experience. Any suggestions or recommendations for myself or others like me are greatly appreciated.
- Stocks - Different types, how to buy/sell, what to do if you have too many or too few, etc.
- Transitioning to Corporate Finacnes - I am/was using personal assets, but now they have to be tracked as separate corporate assets. How do I transition? Can I use my corporate equipement for personal use (computers, tools, etc)? Can I 'sell' my Laptop to the corporation? The money I've already spent to incorporate came out of my personal accounts, do I have to (or can I) claim them as business expenses/reimburse myself?
- Tracking Income/Expenses - Do I have to have a separate bank account, or can I simply keep a separate ledger? What are the requirements?
If there are any other topics you think are important, please let me know via PM or post. I will update the list as I am able. (We all have different pulls on our time.)