Thinking about opening a business

[AdamG]

I am thinking about opening another business and am looking for some advice. I'm going to be looking to get a starter loan.

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[AdamG]

Hey guys I contacted the bank about doing a small business loan today. They said everything is good credit wise and I just need to write up a business plan. which I am going to work on over the winter.

Now what are you small business owners do for book keeping? Are you using a accountant or software or a mix of both? Also did you seek any legal advise about laws before hand so you didn't get fined or did you just wing it and hope you got all your ducks in a row in terms of regulations?

[JCzNova]

What kind of business are you looking at?

[AdamG]

A truck and jeep accessory shop. Bed liners, utility beds, Nerf Bars, running boards, performance parts, lowering kits, lift kits. Pretty much any thing you might want to do to a truck or jeep.

[Fastbird]

Best advice I can give is get an accountant, book keeper, CPA, whatever. They know the in's and out's of taxes, what you can and can't do. Worth their weight in gold.

[96LT1355Z28]

We use Quickbooks and our accountant is a QB pro advisor so he walked us through setting it up. We structured as an LLC, check you states laws as far as liability to see what's best for you. You'll want all the legal protection you can get since your going to be working on people's vehicles also budget for shop insurance.

[popo8]

Def set up an LLC.

LTXtech.com is my drug.

[MeanTA]

I use quickbooks and a family friend that is accountant helped me setup how I need to file stuff. And helps me with my taxes.

And definitely get your business registered. One to insure there isn't another business operating under that name in your state. 2nd to cover your butt if sued or something. With a lc, llc ect. They can only go after your business. And not your personal holdings.

[AdamG]

So llc. And quick books along with an accountant. Have you guys found any other things to be helpful?

Ill really appreciate the info and, any more you provide.

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[MeanTA]

Contact suppliers and figure out best cost.

I don't know how your setup will be if your going through manufacturers. But I worked out deals for the raw materials for my Carbon Fiber supplies with suppliers. And cut costs so I could keep my prices competitive.

Basically less overhead will net you better profits. Start small and don't get more then you need. I have a friend that started a business several years ago. Borrowed money from retirement, took massive loan, And she leased 2 business areas. Broke down the wall to make it larger then needed, went big on everything. And the cost was greater then she could handle. She went bankrupt in 18 months.

[Fastbird]

Guys, I want to caution you on the LLC, or at least make you aware of what you're getting into. Reason I bring this up is because I was starting the process of suing Joel Rath, the owner of Ohio Forced Inductions, LLC before he refunded me. I was going to, as said in the legal world, "pierce the corporate veil" with extreme ease in my case.

A solely owned LLC is a finicky thing. Reason being, is that under LLC protection, you have to hold monthly meetings, keep minutes from the meetings, etc. Kind of odd to do if you're a one man shop in terms of ownership, especially when it comes to intermingling personal funds and business funds which is a big no no. The list is larger than just the meetings/minutes and intermingling of funds though, so research it very carefully for what your state (or the state you register the LLC in, some states are WAY more friendly than others) has for requirements..

Just because you incorporate as an LLC doesn't automatically protect you. Just make sure all LLC requirements are met without fault and you should be fine.

[popo8]

... Just make sure all LLC requirements are met without fault and you should be fine.

:hail: