Youth Entrepreneurship

3 Ways to Overcome the Liability of Youth

Date
Wed, 2014-03-05 11:30

Young Americans today are armed with creativity, passion and a desire to change the world. As a result, it’s no wonder they are one of the fastest growing groups becoming entrepreneurs.

Despite their drive and enthusiasm, many of these young business men and women fall victim to high rates of business failures due to their lack of experience and an attitude of indestructible naivety. Young entrepreneurs inherently face a double whammy of their age coupled with a lack of business experience.

Ask SCORE

            I’m a retired sales and marketing guy who’s recently purchased a local convenience store. What are some of the key numbers I should be monitoring to successfully manage the business’ finances?

About the Author

            This column is brought to you by the Merrimack Valley Chapter of SCORE, with nearly 70 current and former business executives available to provide free, confidential, one-on-one business mentoring and training workshops for area businesses. Call 603-666-7561 or visit merrimackvalley.score.org for information on mentoring, upcoming workshops and volunteer opportunities. SCORE is a national, non-profit organization and a resource partner of the U. S. Small Business Administration.

Workshop Poster Spring 2014 Low Resolution

Workshop Poster Spring 2014 High Resolution

Cash Flow Template in Excel 

Short Business Plan Template in Word

Ask SCORE

             I’ve been an independent media and public relation consultant for almost a year. As a first-time self-employed tax filer, what business deductions am I entitled to?

 

About the Author

         This column is brought to you by the Merrimack Valley Chapter of SCORE, with nearly
70 current and former business executives available to provide free, confidential, one-on-one
business mentoring and training workshops for area businesses. Call 603-666-7561 or visit
merrimackvalley.score.org for information on mentoring, upcoming workshops and volunteer

One of the most common business structures used to start a business is the sole proprietorship. But sole proprietorships/Doing Business As (DBAs) aren’t popular because they’re essential or even helpful—it’s because they’re simple to form. There’s no formal action required to start a sole proprietorship, and many people own them without even knowing it. For example, if you were to start building and selling rowboats out of your garage, you would be a sole proprietor. There is legally no distinction between the business and you, the owner. Sole proprietorships are formed automatically—all you need to do to form one is sell something. In many cities, states, and counties, you can register a Sole Proprietorship business name (aka: a DBA) for as little as $5. But with a sole proprietorship/DBA, you reap all the profits and you carry the weight of all your debts, losses, and liabilities. 

About the Author

Drake Forester, Chief Legal Strategiest - Northwest Registered AgentDrake Forester is the chief legal strategist at Northwest Registered Agent, LLC. Throughout his career, Drake has researched many complicated nonprofit compliance issues and provided whitepaper and publications for many leading nonprofit organizations in the United States.

After you’ve filed formation documents to create your business (i.e. Articles of Incorporation, Articles of Organization) and have gotten your paperwork back from the state, you’re ready to open your doors, right? Now what? 

There are a few more requirements you should consider before you are fully ready to operate:

Initial Reports:

There are a handful of states which require initial reports and tax forms to be filed, as opposed to waiting to file an annual report. These states and their requirements are as follows—

About the Author

Drake Forester, Chief Legal Strategiest - Northwest Registered AgentDrake Forester is the chief legal strategist at Northwest Registered Agent, LLC. Throughout his career, Drake has researched many complicated nonprofit compliance issues and provided whitepaper and publications for many leading nonprofit organizations in the United States.

A step-by-step checklist to incorporate your business—yourself 

Below, you’ll find a simple checklist with step-by-step instructions to help explain how to incorporate your business—yourself. Take a look:

Find a Name

About the Author

Drake Forester, Chief Legal Strategiest - Northwest Registered AgentDrake Forester is the chief legal strategist at Northwest Registered Agent, LLC. Throughout his career, Drake has researched many complicated nonprofit compliance issues and provided whitepaper and publications for many leading nonprofit organizations in the United States.

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