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    8 Replies Latest reply on Jan 17, 2013 11:45 PM by jojoes

    Start-Up

    johnb Wayfarer

      Working on setting up a business and eventually multiple businesses. I have Formed my LLC and am working on building business credit. Just very hard getting off the ground due to financial issues that have recently affected my personal credit. I just don't know what to do very new to building a business. I not sure about how to deal with taxes either, just formed my business on the 30 of Nov. I just retired after 21 years in the military an now working on starting my own business. But am feeling like I am overwhelmed, try to learn something I have never dealt with. Any help would be appreciated.

       

      John

        • Re: Start-Up
          Jim Peters Tracker

          To help you with the Finances in your business, it will be better that you can get help from some reputed financial consultants. They will see how much finance you have, they can guide you with investments, taxes and other financial issues that a business faces.

            • Re: Start-Up
              joliemartin Scout

              I would like to say that the formation of a business is not very easy. You cannot run a business successfully without market awareness and knowledge. Online shopping is my favorite, It is very important. Nowadays online shopping is very famous in the UK and people also like online shopping very much. 

               

               

              Wholesale Pages

            • Re: Start-Up
              Guide

              Hi Johnb,

               

              Congratulations on your new business adventure and welcome to the forum!

               

              It is not easy starting up a business and it can be over whelming at times. Everyone's business needs an accountant at least for filing income taxes. But a good accountant can do so much more for your company. My suggestion is find yourself a great professional that suits you and turn to them with all of your questions and needs. Good luck!

               

              Melinda

              • Re: Start-Up
                thedavid Adventurer

                First of all thank you for your service in the military. I am a tax professional and would love to help you here, as Melinda pointed out you could use some specific accountant help. But I wish you had indicated a specific question which I could address. A single member LLC is good ( it will protect you from legal liability according to you local state laws), but that is what the Revenue Service calls a "disregarded entity" meaning they don't have special forms for LLCs as they do for corporations. If you are the only member in your LLC you will file your taxes on your personal 1040 form, if there two or more members then you are a partnership and will file taxes on form 1065. If you have or anticipate to have large income in the next 24 months I suggest you classify your entity as a corporation, then file for sub chapter S election. That will save you a LOT of money on Self Employment Taxes.

                    I know that banks don't lend nowadays, so I wouldn't base any projections on getting that sort of financing. I do recommend you getting a DUNS #, it is always a plus, the sooner you obtain it the better.

                Once again, I wish you were more specific with your inquiry, I could have helped you better.

                Dave G

                Las Vegas Tax Services | Income Tax Services | Taxes in Las Vegas | iQTaxx

                • Re: Start-Up
                  brandyc Adventurer

                  I understand your situation and it is frustrating.  I have a business that is less than 1 year old and doing well.  I wanted a small business loan and ran into a problem.  My personal credit wasn't good because of some real estate investments gone bad.  I didn't realize that my personal credit would be a factor in obtaining a business loan.  Boy was I naive!

                   

                  I was told by a friend in the local chamber of an online company I should check out. I was able to obtain a loan for $20,000 without a personal guaranty.  The interest rates were higher than the bank but it works for me.  Best wishes,

                   

                  Brandy

                  • Re: Start-Up
                    treys0ccr Adventurer

                    Yes it is very hard to get any type of funding in today's economy and without great knowledge of how loans and grants work it is near impossible to get the funding necessary to start up a business. As brandyc has said, there are a few online options that offer loans and grants without any personal guarantee and without any credit checks. These companies are a great option for those who have had finance problems in the past or who are even currently going through such predicaments.

                     

                         The U.S. government does have money set aside for small business grants and loans and with the right things set in place, is willing to distribute that money. If you want to go the traditional route then finding a good financial adviser will do wonders in getting personal finance problems taken care of and will also do good in informing you on how to go about doing taxes. If you would like I can send you a link to a great online lender based out of Florida. I have heard good things from those who have used them and I personally was able to obtain a small loan for my existing business.

                    • Re: Start-Up
                      jojoes Adventurer

                      John,

                      I may be able to help. Please email me some details of your business plan at ziahoo@yahoo.com. Thanks!