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Set up your Business Ta-Do list


Not an MBA and feeling a bit overwhelmed by all the business structure mumbo jumbo? You need to quickly understand in simple terms, your options to set up your company. This Ta-Do List is a useful tool that explains the different structures of business and provides other simple definitions for startups including registering your name, permits and getting a tax ID number. Setting your business up correctly now can save you lots of headaches in the near future.

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									       Cover Your Butt Ta-Do Lists

       Set up your
      new business
 Establish the best business structure for you.
    File it right and know what’s required.
                By Karen Post
              First-time business owner?
Confused about all the set-up options and requirements?
  Want simple explanations to make the right choice?

       Here’s your layman’s checklist to get
          your business started today.
Set up your new business
Establish the best business structure for you
Owning your own business can be a rewarding experience. You get
to be the boss and control your destiny. With so many things to do
and think about, especially in the beginning stages of setting up
and launching your dream company, it’s important to be informed
about business structures and set-up.

The following is a simple guide to help you understand your op-
tions, make the best business structure choice and be aware of your
filing and record keeping responsibilities.

1.         Answer these questions.
           As you try to determine the business structure that is right
           for you, think about how you would answer the following:
	    	     •	How	many	owners	will	your	business	have,	and	how	will		      	
	    			   			their	roles	and	involvement	differ?		
	    	     •	How	large	will	your	business	be?	How	large	do	you	want	to			
	    			   	 grow	it?
           •	What	kind	of	profits	or	losses	do	you	anticipate?
	    	     •	How	much	money	do	you	need	to	start	your	business?
	    	     •	Do	you	envision	taking	the	company	public?
	    	     •	How	much	control	do	you	wish	to	retain?		Do	you	want	to
	    			   		make	all	of	the	decisions	yourself?

                                                                    Page 2
	 	        •	What	is	the	nature	of	your	business?		Is	it	an	area	that		
			 	      		might	be	vulnerable	to	lawsuits?
	 	        •	Will	you	have	employees?		If	so,	will	you	eventually	let		
			 	      		them	become	owners	in	the	company?
	    	     •	Can	you	deal	with	working	in	a	structured	environment?
	    	     •	How	much	paperwork	can	you	tolerate?
	    	     •	Can	you	handle	the	costs	associated	with	a	complex	legal		
	    			   		structure	(accounting	and	legal	fees)?
	    	     •	What	are	the	tax	advantages	and	disadvantages	of	the	
	    			   		different	business	str
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