Re: Business setup
Hiya, Mike -
I don't have my bee business set up yet (but will next month) but have two others in different industries so I can help point you in the right direction.
If you don't have a business plan, I'd suggest you write one. Do you want to be big? Stay small? Hire more people in the future? Sell shares in your company? Those questions (if you haven't answered them yet) will steer you to the best form of company to set up...
...because you want to show your plan to an accountant (who will do your taxes) and if you want the best guidance (rather than someone you really don't know -- like me! ) you want to show it to a lawyer. From someone who has been there and failed because I made a bad decision on my accountant, I'd strongly recommend one you trust...and one you can fire.
Your accountant is going to want to know if you are going to take losses this year. Did you have any revenues? Can you write off equipment? Your lawyer is going to figure out the best corporate structure. If you are thinking about getting loans or financial assistance, should you put the company in your spouse's name? Etc. Etc.
Simply do a Google search for 'Small Business Resources' and you'll find tons of good stuff about how to do what you want to do.
Here's what I'm wrestling with (and haven't called my lawyer yet)...if I intend to resell other beeks' honey and someone gets sick, what liability do I have?
Hope this helps,
Last edited by honeyman46408; 12-27-2010 at 07:27 AM.
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