OT: Piggybacking off the Quickbooks thread, Small Businesses

[Nooch]

Seems like quite a few of you have experience with starting/running a small business.

I know squat, although I work in payroll for a living.

Long story short, my wife and some co-worker's are trying to build a small business, and while I'm watching on the sidelines, I'd like to be able to help and put her in contact with folks who know what's up. For instance, they just incorporated into an LLC, and I have no idea what their responsibilities are going to be going forward, at tax time, etc.. (and my responsibilities as the person at home who handles the finances and files the taxes and is generally the party concerned with anything with a dollar sign)

Any advice or references that you guys could point me to, or provide?

Many thanks in advance.

[GregL]

My wife started her own small business eight years ago. She spend months prior to opening researching all aspects of the business to give herself the best chance of success. Her most valuable preparation was attending a small business seminar hosted by a local chamber of commerce. Out of that she found legal and financial management resources that were immensely valuable. If there's any advice I would pass on, it's that finding a good accountant/financial adviser is a great asset to a small business. Most small businesses fail when then don't pay attention to the bottom line.

Greg

[zap]

Tax accountant asap.

We started a small biz (parent co.) some time ago and recently sold a division. Our accountant set us up as a sub s which proved useful when selling a biz. Accountant also helped us set up accounts with our state and fed gov. Since you are in payroll you will be familiar with whats needed. All year end fillings done by our accountant...........no way could I deal with all the needed forms, K1's, etc. Time best spent on increasing revenue.

Your state (and county/city) should have useful information on their website. License needed. Check needed insurance, umbrella (personal), business and workmen's comp.

Depending on the nature of the business......a lawyer. Especially when their is more than one owner.

Networking with other small business owners can be very useful.

Business owner(s) are responsible for everything. Mistakes can be costly so avoid at all cost.