Posted by JuJuan Buford @JSBUFORD
IT’S NOT WHAT YOU KNOW THAT KILLS YOU IN BUSINESS. IT’S WHAT YOU DON’T KNOW. THE SMALL DECISIONS TODAY, CAN CUT DEEPEST TOMORROW. BE CURIOUS. BE A LITTLE PARANOID.
- ASK WHAT TYPE OF BUSINESS STRUCTURE WOULD BE MOST APPROPRIATE. DON’T ASSUME THAT AN LLC OR A DBA IS ALWAYS THE MOST APPROPRIATE. WHAT IS THE DIFFERENCE BETWEEN AN DBA, LLC, S-CORP, C-CORP, L3C?
- WHAT IS THE DIFFERENCE BETWEEN A SINGLE-MEMBER AND MULTI-MEMBER LLC?
- ASK HOW DO YOU KEEP YOUR BUSINESS COMPLIANT OR IN GOOD STANDING.
- ASK WHAT ARE THE TAX REQUIREMENTS, RESPONSIBILITIES, AND CONSEQUENCES ASSOCIATED WITH EACH BUSINESS STRUCTURE.
- WHAT TAX DEDUCTIONS AM I ELIGIBLE FOR? WHAT IS THE SELF-EMPLOYMENT TAX?
- SHOULD I PAY MYSELF 1099 VS. W-2? WHAT DOCUMENTS ARE REQUIRED?
- WHAT IS THE TAX RAMIFICATIONS OF PAYING MYSELF 1099 VS. W-2?
- IF I HAVE A BUSINESS PARTNER, A FRIEND, A DEPENDENT, SPOUSE, OR A PART-TIME OR FULL-TIME EMPLOYEE THAT WORKS FOR OR WITH ME, SHOULD I PAY THEM W-2 OR 1099?
- IS THERE CITY, COUNTY, STATE, OR FEDERAL LICENSING REQUIRED TO START MY BUSINESS?
- HOW CAN PAYING SOMEONE UNDERNEATH THE TABLE HURT MY ABILITY TO GROW MY BUSINESS?
- HOW DO I AVOID COMMINGLING PERSONAL AND BUSINESS INCOME? WHY IS IT IMPORTANT?
- HOW DO I PROTECT MY INTELLECTUAL PROPERTY RIGHTS? YOUR BUSINESS NAME? YOUR DESIGNS, LOGOS, OR SYMBOLS THAT IDENTIFY YOUR BUSINESS? WHAT IS A COPYRIGHT? WHAT IS A TRADEMARK?
- DON’T SIGN CONTRACTING, AFFILIATE, LICENSING, OR VENDOR AGREEMENTS WITHOUT HAVING AN ATTORNEY REVIEW IT.
- WHY IS AN INDEPENDENT CONTRACTING AGREEMENT IMPORTANT?
- WHY IS A CONFIDENTIALITY AGREEMENT OR A NON-DISCLOSURE AGREEMENT IMPORTANT?
- WHAT IS THE DIFFERENCE BETWEEN A NON-COMPETE AND A NON-CIRCUMVENT?
- WHAT IS AN OPERATING AGREEMENT & WHY IS IT IMPORTANT?
- IF YOU ARE SECURING CUSTOMERS/CLIENTS ACROSS STATE LINES, WHAT IS YOUR TAX EXPOSURE OR RESPONSIBILITIES?
- IF I DEPOSIT PERSONAL INCOME INTO YOUR BUSINESS CHECKING OR SAVINGS ACCOUNT, HOW DO I ACCOUNT FOR IT?
- IF SOMEONE GIFTS ME MONEY OR LOANS ME MONEY, HOW DO I ACCOUNT FOR IT?
This list is by no means complete, but these are the questions I wished I would have known to ask, and received answers about when I first began my entrepreneurial journey 20 years ago.
Do you have additional questions? Call 888.549.9689 x.101 or I invite you to visit my online calendar at https://bit.ly/SmallBizArchitectureMeetUp
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JuJuan Buford, Managing Partner
888.549.9689 / [email protected]