We recently decided that the half bath on the main floor of our home needed some new floors. So, like when we get any work done on the house I set about trying to find three companies to meet with and get quotes from. First thing I did? I searched Google of course. I chose what looked like the best company based on reviews and ratings, and that also had good information on their website. I then asked some business contacts for referrals. I got 2 more names from that. I then started doing additional research on these companies. So of course I went looking for their websites. What I found out was very interesting.

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Proper bookkeeping is one of the most important tasks for a small business. The foundation of good accounting practices in your business is solid bookkeeping. You can learn a lot from your business transactions, but without bookkeeping you are flying blind. One of the most important things to being a successful entrepreneur is doing your homework. Bookkeeping is definitely homework. It is not fun or glamorous to do your books but it keeps your bills paid, saves you on taxes, and might even teach you a thing or two about your business.

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If you are wanting to form a limited liability entity, there are typically 5 things you must do.

 

  1. Choose a business structure and file the appropriate forms with the state government. Will you be an LLC or a corporation? Research the best fit for your business, and make sure you take the proper steps to legally establish your business as an entity separate from yourself. In most states you will be filing with the Secretary of State. If not, then there is another state agency that has been assigned to manage the paperwork.

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In working with small business I have witnessed, helped with, and heard about many panic creating mistakes. Many of these self-induced problems can happen to any small business, such as fights among partners or not getting your biggest client to sign a sales contract, but there is one that comes up most and this problem can take down a small business faster than the others. 

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I know that excited feeling that can come from having a wonderful idea that you know will change the world and make you a success. You know in your head this is something that people need and will buy, so why waste a single second getting it to market? However, the first thing you must do when preparing to start a business is to fight the temptation to just jump into the deep end.

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You are ready to open your business and have been told you need to apply for a business license, so you wonder "how do I get a business license?"

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Below is a checklist checklist for starting a business in Tennessee.

 

1. Have a plan. Try to think of everything you will need for starting a business. Think about where you will locate the business, who your customers will be, how much supplies will cost, will you need employees, how you will advertise, and the many other things that will go with starting a business. Write out your plan and then run it by others. Do what you can to speak with future potential customers before spending a dime on your idea. Make sure you will be selling something people will want to buy. 

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Many new business owners are wondering how to get their federal tax ID or EIN (Employer Identification Number). You need one of these for several reasons, and one of the earliest you will see is that you need it to open a business bank account. Obtaining the required tax numbers for your small business is very easy but there is a lot of misinformation out there. 

Let's explain how to get your Federal EIN.

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Should your small business adopt a cash or accrual accounting method? This article will explain what exactly these are, their differences, and give you advice on which accounting to use.

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So you are thinking about (or have already signed up) becoming a Takl provider and you are looking for the keys to successfully making money as a Takl provider? 

Being a Takl provider can be an excellent way to make some extra money, but what if it could become a lucrative business? Start with these 4 easy keys to making more money as a Takl provider and you could quickly be on your way to building your own handyman or landscaping empire. 

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Probably the most common area where new business owners get in trouble is taxes. If you know the tax implications of your decisions when you start a business you can save money and headaches. 

Let's learn a few basics of how LLCs with a sole member are treated for tax purposes.

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This summer the Takl app will be launching in Nashville, TN. It will be a great new way to earn money as an entrepreneur. You will be able to earn extra money or launch a variety of handyman type businesses. 

While Uber is a way to put your car to work, Takl is advertising itself as a way to put your skills to work. 

So what should you think about from a legal perspective as you consider signing up as one of Takl's first providers?

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If you have recently heard about working for Takl, you might be wondering what the requirements are for being a Takl provider. In this post I will lay out the requirements to work for Takl. If you do meet the requirements it is a pretty simple process to get started.

 

Here are the detailed requirements to become a Takl provider:

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If you are a retail store are you accepting EMV cards yet? As of October 1, 2015 you are supposed to be prepared with new equipment to accept EMV credit cards (those ones with a chip in them). 

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When you decide to start a business one of the first things you must decide is what legal structure your business will utilize. There are many different choices for legal entity and even some special ones if you are a certain kind of business. 

Part 5, the final entry in this series, will cover Corporations. Corporations get the most publicity and are synonymous with business to many. A company is a corporation if you see an Inc., Co., or Ltd. after its name. Corporations are often the form of choice for large publicly traded companies, but generally are not a great fit for the average small business. 

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Just a friendly reminder that your September federal estimated taxes and Virginia estimated taxes are due tomorrow, September 15.

 

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When you decide to start a business one of the first things you must decide is what legal structure your business will utilize. There are many different choices for legal entity and even some special ones if you are a certain kind of business. 

Part 4 is going to cover what I would recommend for almost every small business, the Limited Liability Company or LLC. The LLC is flexible, easy, and fully protects you from liability. The LLC can be customized to meet the needs of any business. The LLC is particularly beneficial if their is only going to be one owner of the business.  

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When you decide to start a business one of the first things you must decide is what legal structure your business will utilize. There are many different choices for legal entity and even some special ones if you are a certain kind of business. 

Part 3 is closely related to Part 2. Part 3 will cover limited liability partnership models.

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When you decide to start a business one of the first things you must decide is what legal structure your business will utilize. There are many different choices for legal entity and even some special ones if you are a certain kind of business. 

Part 2 in our walk through the different types of business structures takes us to partnerships. This article will cover the default general partnership model.

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My next series of posts on how to start a business will walk you through Choosing a legal business structure. In this series I am going to walk through each type of business structure 

When you decide to start a business one of the first things you must decide is what legal structure your business will utilize. There are many different choices for legal entity and even some special ones if you are a certain kind of business. Our first stop is the Sole Proprietorship.

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This provides a basic checklist for starting a business in Virginia.

 

  1. Have a plan. Try to think of everything you will need for starting a business. Think about where you will locate the business, who your customers will be, how much supplies will cost, will you need employees, how you will advertise, and the many other things that will go with starting a business.
  2. Pick a name. The name you choose must be unique in Virginia. You can check it against the State Corporation Commissions database here.

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