Starting a business
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Starting a business Presentation Transcript

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