What infrastructure should I have in place for my business?

nimcus38318 · 11-20-2009, 12:55 AM

Oddly enough, this has been a barrier for me for a while now. I'm curious for those of you out there making some decent money:

What kinds of things should I have in place before the IRS notices that I'm alive?

For instance, do I need to have an accountant? How about an attorney? Can I get the financial stuff that I need done with a program like Quicken?

Should I set up an account in my business's name? Do you send in quarterly income taxes for projected income?

I'm kind of concerned that (God forbid) when I start to make more than a trickle of money that I won't be prepared for the legal aspects.

Here are a few more of my doofy questions, then I'll let it go...

How much does it cost (ballpark figure) to have an accountant and an attorney available to you? Is it wise to incorporate or form an LLC before things really get going?

Any wisdom would be appreciated.

jaybaker · 11-20-2009, 02:06 AM

Call up your local cpa and get a quote or ask around town.

Do the same for an attourney.

My suggestion would be to open up a biz account at your local bank.

It may be wise to form an llc. Keep in mind that different states charge different amounts. In indiana where I am originally from it costs I believe $25 for an LLC where as in CA it costs $800. Rule of thumb for taxes to be turned in quarterly although you can use a web based app such as outright.com to enter in your expenses and income. It will even provide deductions and such to show a profit or loss for the year. It will even tell you if you owe anything for the year in fed taxes. Hope that gives you something to start off of.

nimcus38318 · 11-20-2009, 02:16 AM

Thanks Jason. I just finished (?) having a run in with the IRS so I'm a bit gun-shy when it comes to not doing things right. So, instead of doing things wrong, I've done nothing at all and I'm getting real tired of that.

I appreciate the advice!

11-20-2009, 12:55 AM	#1
nimcus38318 Active Warrior War Room Member Join Date: Jun 2006 Location: , , USA. Posts: 79 Thanks: 92 Thanked 6 Times in 5 Posts Social Networking	What infrastructure should I have in place for my business? Oddly enough, this has been a barrier for me for a while now. I'm curious for those of you out there making some decent money: What kinds of things should I have in place before the IRS notices that I'm alive? For instance, do I need to have an accountant? How about an attorney? Can I get the financial stuff that I need done with a program like Quicken? Should I set up an account in my business's name? Do you send in quarterly income taxes for projected income? I'm kind of concerned that (God forbid) when I start to make more than a trickle of money that I won't be prepared for the legal aspects. Here are a few more of my doofy questions, then I'll let it go... How much does it cost (ballpark figure) to have an accountant and an attorney available to you? Is it wise to incorporate or form an LLC before things really get going? Any wisdom would be appreciated.

11-20-2009, 02:06 AM	#2
jaybaker Jason Baker War Room Member Join Date: Oct 2009 Location: Fairfax CA Posts: 536 Blog Entries: 2 Thanks: 113 Thanked 106 Times in 52 Posts Social Networking Contact Info	Re: What infrastructure should I have in place for my business? Call up your local cpa and get a quote or ask around town. Do the same for an attourney. My suggestion would be to open up a biz account at your local bank. It may be wise to form an llc. Keep in mind that different states charge different amounts. In indiana where I am originally from it costs I believe $25 for an LLC where as in CA it costs $800. Rule of thumb for taxes to be turned in quarterly although you can use a web based app such as outright.com to enter in your expenses and income. It will even provide deductions and such to show a profit or loss for the year. It will even tell you if you owe anything for the year in fed taxes. Hope that gives you something to start off of.
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11-20-2009, 02:16 AM	#3
nimcus38318 Active Warrior War Room Member Join Date: Jun 2006 Location: , , USA. Posts: 79 Thanks: 92 Thanked 6 Times in 5 Posts Social Networking	Re: What infrastructure should I have in place for my business? Thanks Jason. I just finished (?) having a run in with the IRS so I'm a bit gun-shy when it comes to not doing things right. So, instead of doing things wrong, I've done nothing at all and I'm getting real tired of that. I appreciate the advice!