50+ Entrepreneurs

Article and tips on marketing

Article and tips on marketing

How to set up a non profit

How to set up a non profit

Screening test for startup

Screening test for startup

How to look at costs

How to look at costs

The selection of a business entity (form) will affect your exposure to personal liability, how you draw profits and pay taxes, your ability to raise capital, how you run your business, and how difficult it is for business reporting.

Generally, all businesses fall into one of these broad categories: Sole Proprietorship, Partnership, Limited Liability Corporation, or Corporation.

A sole proprietorship is an unincorporated business owned by one individual. A partnership is a legal entity existing between two or more persons who join to carry on a trade or business.

If financial problems have overwhelmed your finances, Bankruptcy may be an option.  Read some of the basics here.

http:// http://www.nhbar.org/for-the-public/bankruptypamphlet.asp

IRS Tax Center:  Employee vs Independent Contractor

It is important you understand the rules for an employee versus who may be an Independent Contractor.  The IRS defines it on this site.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Independent-Contractor-Self-Employed-or-Employee​

IRS Tax Center:  Frequent Questions

This page has a lot of the key questions we hear.  Check it out.

http://www.irs.gov/businesses/small/index.html

IRS Tax Center:  Forms & Publications

You no longer need to visit the IRS to find the forms you need!

http://www.irs.gov/formspubs/index.html

IRS Tax Center:  Key Business Taxes

Here are the main types of taxes you need to think about.   Some depend on what business structure you choose.

http://www.irs.gov/businesses/small/article/0,,id=98966,00.html

IRS Tax Center:  Starting a Business

Taxes are an important part of your new business.  The IRS works hard to help.  If you do the right things, you'll save money and hassles.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business

Provides easy and comprehensive access to small business legal information. Business Law, Intellectual Property Law, Bankruptcy Law, and other areas are covered. Also section on forms and contracts.

http://smallbusiness.findlaw.com/

This template can be used to calculate the projected profit of 3 years. 

A long term forecast is not a necessary part of a basic business plan. However, it is an excellent tool to help you open up your thinking about the company's future. Furthermore, venture capitalists will almost always want a long term forecast to get a feel for growth prospects.

The further out you forecast, the less accuracy you can maintain, so use round numbers, except where you know exact amounts; e.g.: rent expense if you have a long term lease.

This template can be used to calculate the opening day balance sheet.

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