Tax-Related Decisions When Starting a Business
Aug 28, 2009 Business Idea, Tax Strategies
Tax-Related Decisions When Starting a BusinessHave you decided to start your own business? The Internal Revenue Service (IRS) has some specific requests you need to fulfill when starting a new business. This checklist is a good place to start implementing your action plan. Even though you might have heard it before; begin with the basics by writing a business plan. The act of writing down your purpose (mission plan), your goals, your strengths, and your weaknesses is more than just a silly, time-consuming exercise. Imagine sitting across the table from several venture capitalists. Explain to them what type of business entity you propose to establish? What distinguishes your ideas from those of the competition? But then, drill down to the nitty-gritty. How soon do you expect to make money in your planned endeavor. How much do you expect in initial profits in the next three months? By the end of the year? Are you offering a product or services? Will you carry inventory? Do you plan to work alone or is this a joint venture with a partner? Do you expect to hire employees?
