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?
- WHAT TAX DEDUCTIONS AM I ELIGIBLE FOR? WHAT IS THE SELF EMPLOYMENT TAX?
- SHOULD I PAY MYSELF 1099 VS. W-2?
- WHAT IS THE TAX RAMIFICATIONS OF PAYING MYSELF 1099 VS. W-2?
- IF I HAVE A BUSINESS PARTNER, A FRIEND, 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 / RESPONSIBILITIES?
- IF I LOAN MY BUSINESS MONEY OUT OF PERSONAL INCOME, 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.
Desire additional information? Or additional technical assistance? Listen the following corporate overview to learn more about how we may be of service to you. > Abbreviated Audio of Small Business Support Services
AND REMEMBER,......................
#entrepreneurshipisempowerment
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JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
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