How would I start up a company?

Question

I want to start my own company in probably 1-2 years from now. What are all the steps that I make to do this.

Answer 1

It depends what state you are in and what kind of business you want to start. If you want to start a bar or drinking establishment, for instance, you need an alcohol license first. Most states allow you to run a small business from your home but once you start to earn money you will need a business license. Business licenses are typically around $100. year for a small company. You need to make sure you do not use a copyrighted name that someone else has for your business so picking a name is important. Most states will refuse to give you a license if you pick a name that is already used. You cannot have employees unless you hire a payroll company. It is best to start a small company by yourself. Also, if you are going to be working with the general public then liability insurance is highly recommended. If you damage someone's property then you can be sued. All income is taxable in the U.S. You are supposed to pay taxes on every penny you earn. But with a new start-up company, typically you do not earn a profit until you have been in business for at least 5 years. You only have to pay taxes on profit. So if you earn $10,000. in sales your first year but it costs you $10,000. to run the business then you have not earned any profit but if you do not save receipts or keep accounting records then the IRS could make you pay taxes, even if you did not make a profit. I would recommend a cheap accounting program like Quicken to keep track of your business expenses. Anyone who has ever run their own company will tell you that keeping track of the accounting is MOST of the work. Most companies fail in their first year and often because they do not keep track of their accounting and bookkeeping. If you run checks through your bank then you had better make sure you keep good accounting records or the IRS will make you pay them lots and lots of money. Bookkeeping is the hardest part of running any business. Best of luck to you.

Answer 2

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Answer 3

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