Q & A and Tips on Accounting, Taxes and Personal Finance.

The Thrills of Business Ownership

November 29, 2018 | By More

forecastingCongratulations! You decided to start your own business, but now what do you do?

First and foremost, seek the advice of professionals. You will want an attorney and CPA to guide you in the process, not only to start, but ongoing as your business grows. I have seen well intentioned friends lead the new business owner astray more often than not.
Here are some questions that will need to be answered first:

  • Is the business viable? Some leg work here can save some real aggravation later on.
  • What type of entity is best: C Corp, S Corp, LLC, Partnership or do you even need to incorporate?
  • How will the business be funded?
  • Are you ready for the responsibility of business ownership?
  • If this is a trade, do you have enough experience in the industry?

After addressing the above questions, the next step will be the creation of a business plan. This is the road map for your business. A well written business plan will raise questions and issues that you did not even consider. It takes time and significant research but a good plan can be the difference between succeeding in your business or closing your doors within a year or two.

Owning your own business is great but it also takes work and dedication. Be sure you are ready.

The above is to provide general information and not all inclusive and should not be solely relied upon in the creation and ongoing operations of a business.  Please see your professional for assistance.

Contributed by Michele Sheerahamed – CPA
Michele Koscielniak CPA, LLC is located in Lake Worth, Florida. For more information or to contact Michele Sheerahamed, visit https://www.michelekcpa.com

Article information should not be used exclusively to make legal, financial or tax decisions. Because laws and rules can change frequently, topics may not always be updated to reflect these changes or may not apply to your unique situation. It’s prudent to seek out the advice of a professional for your specific needs.

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Category: General Business

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