STARTING A BUSINESS SO, YOU WANT TO BE IN BUSINESS. Presented by Mary Latimore Consulting  & Training, LLC
1. What is my business? 2. Who are my customers? 3. What services/products am I    selling? 4. How do I make $$? Questions...
  <ul><li>1.Owners </li></ul><ul><li>2. Formation of business </li></ul><ul><li>3. Operation </li></ul><ul><li>4. Asset Pr...
Owners   <ul><li>What is the entity structure? </li></ul><ul><li>How many owners? </li></ul><ul><li>What is the relationsh...
Business Formation <ul><li>What is the cost of startup? </li></ul><ul><li>How difficult is it to form? </li></ul><ul><li>W...
Operation of your Business <ul><li>How much does it cost  you to operate? </li></ul><ul><li>How difficult is it to operate...
Asset Protection <ul><li>What is the extent of your personal liability? </li></ul>Mary Latimore Consulting & Training, LLC
Tax Implications   <ul><li>1.  At what level is the income taxable?  </li></ul><ul><li>2.  Have you calculated self-employ...
Dissolution  <ul><li>1. When you consider going out of business, have you planned an exit strategy? </li></ul><ul><li>2. D...
Types of Business Structures <ul><li>Sole Proprietor </li></ul><ul><li>Partnership </li></ul><ul><li>  General or Limited ...
SOLE PROPRIETORSHIP <ul><li>One owner makes all decisions </li></ul><ul><li>No state filing required </li></ul><ul><li>Is ...
PARTNERSHIP   <ul><li>2 or more owners with equal voice  </li></ul><ul><li>Dissolves upon the death or withdrawal of a par...
CORPORATION <ul><li>State filing required </li></ul><ul><li>Owners identified as stockholders </li></ul><ul><li>Stockholde...
S-CORPORATION <ul><li>Up to100 Shareholders </li></ul><ul><li>One class of stock allowed </li></ul><ul><li>Articles of Inc...
LIMITED LIABILTY COMPANY (LLC) <ul><li>Unlimited # of “members” allowed </li></ul><ul><li>No personal liability of members...
<ul><li>Questions? </li></ul><ul><li>Participate in our free monthly 60-minute tax, business and financial planning call t...
END OF SESSION  Mary Latimore Consulting & Training, LLC 127 52 nd  Street N  Birmingham, AL 35212 Office (205) 595-8156  ...
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Starting a business

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Transcript of "Starting a business"

  1. 1. STARTING A BUSINESS SO, YOU WANT TO BE IN BUSINESS. Presented by Mary Latimore Consulting & Training, LLC
  2. 2. 1. What is my business? 2. Who are my customers? 3. What services/products am I selling? 4. How do I make $$? Questions that come up: Mary Latimore Consulting & Training, LLC
  3. 3. <ul><li>1.Owners </li></ul><ul><li>2. Formation of business </li></ul><ul><li>3. Operation </li></ul><ul><li>4. Asset Protection </li></ul><ul><li>5. Tax Implications </li></ul><ul><li>6. Dissolution </li></ul><ul><li>7. Exit Strategy </li></ul>Other Strategies to Consider Mary Latimore Consulting & Training, LLC
  4. 4. Owners <ul><li>What is the entity structure? </li></ul><ul><li>How many owners? </li></ul><ul><li>What is the relationship of the owners ? </li></ul><ul><li>Will you have public or private investors? </li></ul>Mary Latimore Consulting & Training, LLC
  5. 5. Business Formation <ul><li>What is the cost of startup? </li></ul><ul><li>How difficult is it to form? </li></ul><ul><li>What are the Legal Requirements? </li></ul>Mary Latimore Consulting & Training, LLC
  6. 6. Operation of your Business <ul><li>How much does it cost you to operate? </li></ul><ul><li>How difficult is it to operate? </li></ul><ul><li>What are the statutory restrictions? </li></ul><ul><li>Who signs legal documents? </li></ul>Mary Latimore Consulting & Training, LLC
  7. 7. Asset Protection <ul><li>What is the extent of your personal liability? </li></ul>Mary Latimore Consulting & Training, LLC
  8. 8. Tax Implications <ul><li>1. At what level is the income taxable? </li></ul><ul><li>2. Have you calculated self-employment taxes and made provision for that? </li></ul><ul><li>3. Are you liable for employment taxes? </li></ul><ul><li>4. What about employee benefits? </li></ul>Mary Latimore Consulting & Training, LLC
  9. 9. Dissolution <ul><li>1. When you consider going out of business, have you planned an exit strategy? </li></ul><ul><li>2. Depending on the business type, how easy is that to accomplish? </li></ul><ul><li>3. What is the cost associated with dissolving a business? </li></ul><ul><li>4. What is the tax ramification? </li></ul>Mary Latimore Consulting & Training, LLC
  10. 10. Types of Business Structures <ul><li>Sole Proprietor </li></ul><ul><li>Partnership </li></ul><ul><li> General or Limited </li></ul><ul><li>Corporation </li></ul><ul><li> S-Corporation </li></ul><ul><li>Limited Liability Company </li></ul>Mary Latimore Consulting & Training, LLC
  11. 11. SOLE PROPRIETORSHIP <ul><li>One owner makes all decisions </li></ul><ul><li>No state filing required </li></ul><ul><li>Is not a taxable entity </li></ul><ul><li>Has unlimited liability </li></ul><ul><li>Contributes whatever capital is needed </li></ul>Mary Latimore Consulting & Training, LLC
  12. 12. PARTNERSHIP <ul><li>2 or more owners with equal voice </li></ul><ul><li>Dissolves upon the death or withdrawal of a partner </li></ul><ul><li>Partners have unlimited liability </li></ul><ul><li>Not a taxable entity, but must file a tax return </li></ul><ul><li>Income passes through partnership, and each partner pays taxes on his share </li></ul>Mary Latimore Consulting & Training, LLC
  13. 13. CORPORATION <ul><li>State filing required </li></ul><ul><li>Owners identified as stockholders </li></ul><ul><li>Stockholders not liable for debt </li></ul><ul><li>Articles of Incorporation/Bylaws </li></ul><ul><li>Organizational Board Resolutions </li></ul><ul><li>Operated by Board of Directors with annual meetings and reporting. </li></ul><ul><li>Taxed at the entity level. Officers have day to day responsibility </li></ul>Mary Latimore Consulting & Training, LLC
  14. 14. S-CORPORATION <ul><li>Up to100 Shareholders </li></ul><ul><li>One class of stock allowed </li></ul><ul><li>Articles of Incorporation/Bylaws </li></ul><ul><li>Organizational Board Resolutions </li></ul><ul><li>There is no personal liability of shareholders </li></ul><ul><li>Entity is not taxed, profits and losses pass to shareholders </li></ul><ul><li>Board of Directors has management responsibility </li></ul><ul><li>Officers have day to day responsibility </li></ul>Mary Latimore Consulting & Training, LLC
  15. 15. LIMITED LIABILTY COMPANY (LLC) <ul><li>Unlimited # of “members” allowed </li></ul><ul><li>No personal liability of members </li></ul><ul><li>Entity is not taxed (unless chosen), profits and losses pass through </li></ul><ul><li>Articles of Organization </li></ul><ul><li>Operating Agreement sets up how the business is operated, may have Managing Member </li></ul><ul><li>Members contribute money or services for ownership share of profits/losses </li></ul>
  16. 16. <ul><li>Questions? </li></ul><ul><li>Participate in our free monthly 60-minute tax, business and financial planning call to get your questions answered. </li></ul><ul><li>Every 3 rd Friday in each month@ 10:00 am </li></ul><ul><li>No registration required. </li></ul><ul><li>Call in # 1-712-432-3100 </li></ul><ul><li>Conference code 298769 </li></ul><ul><li>Put it on your calendar!!! </li></ul>Mary Latimore Consulting & Training, LLC
  17. 17. END OF SESSION Mary Latimore Consulting & Training, LLC 127 52 nd Street N Birmingham, AL 35212 Office (205) 595-8156 Fax (205) 595-8116 Mobile (205) 617-5958 Web Address: http://www.marylatimore.net Email: [email_address] or [email_address] To schedule an appointment, go to www.tungle.me/marylatimore to check availability.
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