

7 Tips for New Businesses - auston
http://b.lesseverything.com/2008/9/16/6-tips-for-beginning-businesses

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hbien
Keep in mind, these are accounting tips for someone who's got a full time job
and starting a business on the side.

With a full time job, you get taxed on your normal paycheck and on April 15th
you pay the gov't the taxes you owe from your side business (if your
withholdings weren't enough to cover tax liability).

If you don't have a full time job, you've gotta pay quarterly estimated taxes
or pay interest on what you owe later on.

Also keep in mind, I'm not an accountant but the guy who gave these tips is
one.

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vaksel
I think LLC is much better than Sole Proprietorship, its really not that much
more work and you get the advantage of having more legitimacy

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blakeweb
This post is targeted at people starting a one-man shop, not entrepreneurs in
the sense of the word as used on hn.

If you've got partners and plan to grow and/or are planning on hiring several
employees in the next few months, you should do the couple of hours of
homework and lawyering it takes to file the right papers at the beginning.

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brlewis
If you have partners or upcoming hires, then you shouldn't look to any blog
for guidance. If you're like me, hoping for traction to attract a good
cofounder, this seems applicable.

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tptacek
If you want a cofounder, you don't want a sole proprietorship, because you
need to divide equity.

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brlewis
When I find a cofounder we can figure out what kind of corporation to form,
transfer IP to it, and _then_ split equity. Before incorporating, sole
proprietorship is what you get by default. I wouldn't have had to fill out any
paperwork at all except that I wanted to be able to advertise using the name
OurDoings instead of Bruce Lewis.

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tptacek
Wokay. That makes sense. Of all the things we had to do to start our company,
incorporation was the least dramatic. Liability insurance is the real bitch.

