The SBDC has developed a three-part webinar series to provide information on a number of topics. To figure that out, go to this website and select the state from which you’re operating your business. Your accounting system is necessary in order to create and manage your budget, set your rates, conduct business with others, and file your taxes. You should do this before signing a lease or purchasing property so you know your business can operate at that location.
Pros: It’s easy and inexpensive to create a sole proprietorship because there’s only one owner, and that owner has complete control over all business decisions. If you lease a property, the owner may decide to issue you quit notice at the point you should be settling down and making progress in the business.
Click through the tabs below to learn about each of these four business structures in more detail, including what they are, the pros and cons, and how taxes work for each one. He might be a whiz with computers and have solid business sense, but he saw himself as more complex than that, and something about the dangerous image of an outlaw motorcycle club appealed to him in a way he couldn’t fully understand.
Many small business owners are unaware of the rules and regulations that are involved in opening up a business with a physical location. Use your EIN instead of your Social Security number to identify your business (for privacy reasons if nothing else). If you have a good idea for a business, but need a lot of help (both money and guidance) in getting it up and running, a business incubator could be the way to go – if you can get your business into one.
Whatever you do, try to get your accounting system set up correctly from the start. Download your free copy of the TN Smart Start Guide for resources that support the successful growth and expansion of DBEs, small businesses, microenterprises and aspiring entrepreneurs.