Author Topic: How to Start a Business  (Read 1136 times)

AlienRobotAnthropologist

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How to Start a Business
« on: January 21, 2017, 11:02:46 PM »
At some point down the road (probably in FIRE or something), I'd like to start a business. Is there a good book (maybe a business law textbook?) or website on the nuts and bolts of doing this? I am NOT looking for information on business plans, how to make a lot of money, etc. I'm looking for information on:

- What forms I need to fill out with the government (USA) and what rules come with different decisions and structures? I'm assuming an LLC or S corp would be best, but I really know very little about this.
- How do the taxes work? How will it interact with my personal finances?
- What are the best ways to go about securing capital? I think debt financing would be better than equity for my interests, but I don't want this to affect my personal finances in a worst case scenario.
- Are there important generic regulations to be aware of? How to I find industry specific regulations?
- Is there anything involved in renting space, leasing industrial machinery, setting up retail locations, etc. beyond writing the check?
- If I want an employee or contractor, what legal things are there to be aware of around hiring people? What benefits and working conditions am I legally obligated to provide? How realistic is it for a small business to provide things like health insurance?
- Other information in the same vein as these questions.

EricL

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Re: How to Start a Business
« Reply #1 on: January 22, 2017, 04:45:29 PM »
Everything you're asking for is basically what entire college courses are devoted to.  There's no way for me to summarize it all and no intent to try. But I can recommend some books.

-  The Practical Guide to a Rapid Start Up by  Melissa Visconti Moreno.  This is the QuickStart guide for entrepreneurs. Very useful if you're thinking about starting a business that is somewhat unique.

-  Entrepreneurial Finance by Steven Rogers with Roza Makonnen.  Basically what the title says. Not too much into the nitty-gritty but general guidance and understanding.

-  Legal Firms for Starting in Running a Small Business By Fred S. Steingold.  This is put out by NOLO, a do it yourself legal firm. (www.nolo.com).  It's got form templates you can use. Though the more complicated ones you might want a real lawyer for.

- Legal Guide for Starting in Running a Small Business By Fred S. Steingold.  Another NOLO  do it yourself book.

Good luck!

Mtngrl

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Re: How to Start a Business
« Reply #2 on: January 22, 2017, 05:25:30 PM »
When my husband started his business, he did 4 things:
Had a free consultation with a SCORE volunteer -- these are retired business people who volunteer their time to help out others. (www.SCORE.org)
Took a free class from our state on sales tax -- it's a complicated topic in Colorado and we were expecting to be bored silly, but we learned a ton.
Got -- and read -- the free small business handbook published by our state -- it lists every form you need and what order to file them.
And finally, we consulted an attorney who specialized in small business to help draw up the contracts/paperwork for setting up the LLC.