Wednesday, June 16, 2010

Small business set-up

Today I sent in my LLC formation to the New York Secretary of State, Division of Corporations. The next steps on my set-up list:
LLC formation publishing requirements
Open a small business bank account
Apply for a small business credit card, preferably with some sort reward points (so papi can get to Barbados)
Finances
For finances, two major steps stand out:
Establishing deductible expenses
Setting a personal salary
First, I need to identify what my business expenses are, and what can be deducted from my taxes. For this, I need to contact an accountant. Second, I've decided to start paying myself a salary, so that a portion of my revenue can go into the business. My overhead is low, so this division is largely to help me mentally separate myself from the business. Hopefully, it will allow me to strategize better and make more informed decisions on pricing, etc.


I'm currently searching out useful small-business resources, especially those aimed at creative professionals. It may be time to get involved in a local business organization (e.g. Kiwanis), at least to get a feel for the world of business owners. What do they talk about? What are their eating and mating habits? Etc, etc. It would be great to find a business mentor...

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