The Lounge Board

Joined: 01/05/2001 Posts: 2524
Likes: 524

What's this?

Pit falls / negatives?

Taxes, specifically the with holdings and reports associated with payroll.

Insurance - Professional liability, general liability, workers comp. and unemployment if you have employees / payroll. Depending on what you are doing you might need specialty insurance also - if you have state or fed contracts they might have special insurance requirements too.

Business Lic. and associated costs / paperwork. Each county locality is different. Gross receipts tax? Property taxes (anything the business owns including depreciating assets - PCs, furniture, etc - then you have to have a schedule to depreciate).

DUNS # / W-9s (document customers / clients will ask for before they pay you / cut checks.

References for Vendors if you buy need to buys things - financial and business references - then their paperwork / forms

And state sales tax number / account if you resell and then you must file and pay collected sale taxes

Annual State Corporation comm. filing and payment.

That's all off the top of my head . . . I'm sure I missed some too.

(In response to this post by HokieAl)

Posted: 02/15/2016 at 3:23PM

PREV NEXT REPLY

Insert a Link

Enter the title of the link here:

Enter the full web address of the link here -- include the "http://" part:

Current Thread:

Really considering starting my own business. Anyone got advice? -- HokieAl 02/15/2016 2:49PM

You'll need an accountant... -- Hokie CPA 02/15/2016 9:53PM

Says the accountant. -- Freddyburg Hokie 02/15/2016 11:08PM

Thanks everyone for the responses -- HokieAl 02/15/2016 6:20PM

Can't go wrong with white rocks out front ** -- WestyHokie 02/15/2016 5:46PM

Check the track record of the type of business you are considering -- VaAkita 02/15/2016 5:27PM

I have never held my hand out for a pay check ...ever. i have also -- Fuzzymon 02/15/2016 4:33PM

Have the capital to pay all expenses including a salery for you. For at l -- Betabeachbum 02/15/2016 4:08PM

What kind of business? What do you do now? -- Baltimore Hokie 02/15/2016 3:42PM

Pit falls / negatives? -- RichwebHokie 02/15/2016 3:23PM

Those aren't negatives, they are 'things you have to do to be in business' -- Baltimore Hokie 02/15/2016 4:14PM

Very good list ... and pretty much what I was referring to .... -- vt90 02/15/2016 3:37PM

Some references too - if you're interested . . . -- RichwebHokie 02/15/2016 3:58PM

PUt down on paper a very conservative business plan. Then -- UTPr0sim 02/15/2016 3:23PM

Is starting the business on a part-time basis an option, while you keep -- Hokie360 02/15/2016 3:09PM

This is a very good idea.^^^^^ ** -- UTPr0sim 02/15/2016 3:23PM

Head shop in Colorado... Bring cash. ** -- aint2Hokie4me 02/15/2016 3:04PM

Missed that boat already -- 76 B210 02/15/2016 3:16PM

Wouldn't be surprised if the market gets saturated in a few years.... -- `lag 02/15/2016 3:41PM

I did it 5.5 years ago and ... -- vt90 02/15/2016 3:03PM

Do you have source income in DC for your S corp or is all Virginia? -- BG Hokie 02/15/2016 4:14PM

I do all my work in Virginia ... -- vt90 02/15/2016 4:33PM

If you're not performing any work in DC, there is no issue. -- BG Hokie 02/15/2016 4:35PM

You won't have / owe any taxes as an "S" corp, but will have to file -- RichwebHokie 02/15/2016 3:13PM

Wear a condom ** -- bigbadbird 02/15/2016 3:01PM

Helping hot teenage unwed mothers get their start. -- Major Kong 02/15/2016 3:00PM

My BIL started a Medicine Shoppe. Had no idea if he was in the black. ** -- TomTurkey 02/15/2016 2:59PM

For the first couple of months. ** -- TomTurkey 02/15/2016 3:00PM

I just talking to a co-worker about this... -- vtbones 02/15/2016 2:55PM

Do you have a business plan? ** -- Hokie Bird 94 02/15/2016 2:54PM

Yep. Actually kind of stuck in analysis paralysis right now -- HokieAl 02/15/2016 2:59PM

Get a Mac. Drink heavily. ** -- BobG 02/15/2016 2:53PM

My advice: -- Freddyburg Hokie 02/15/2016 2:51PM

Pit falls / negatives?

Insert a Link

Tech Sideline is Presented By:

Our Sponsors