Business Tips

Below, you will find tips to help you start and maintain a successful business. Please contact us at (301)649-1600 in Silver Spring, Maryland, (703) 538-2222 in Vienna, Virginia or at cstanleycpa@verizon.net to learn more about how we can assist and guide you in starting and maintaining a viable small business.

Starting Your Own Business

Are you planning to start your own business? Well, here are some simple tips to help you along the way:

• First, you will need to decide on a name for your business. If you plan to form a corporation or a limited liability company (LLC), you will need to file with your selected State, Articles of Incorporation or Articles of Organization, respectively, depending upon which entity you intend to form. There are advantages and disadvantages for each type of entity, depending on your specific type of business. Contact us for an in-office appointmernt to discuss this important matter.


• Second, you will need a good business plan complete with revenue and expense projections in order to estimate your profit or loss. This procedure is commonly referred to as a budget. Your plan should also focus on maintaining adequate cash flows during the start-up phase in order to meet your operating needs.
  
  
• Third, if you form a LLC or corporation, you will need an EIN (employer identification number) from the Internal Revenue Service (IRS). Complete Form SS-4 and either mail, fax, or call the IRS to obtain an EIN#. Alternatively, you may visit the IRS website (www.irs.gov) to obtain an EIN for your new business.
  
  
• Fourth, you will need to register your business with the State or States in which you intend to conduct business for purposes of taxation (i.e. - payroll withholding, personal property, income tax, sales tax, etc.). Contact your State's Dept. of Taxation or applicable authority or visit their website to obtain the necessary forms or to register online.
  
  
• Fifth, you will need to decide on your fiscal year (calendar year or some other 12 month period). It is important to consider your business cycle in making this selection.
  
  
• Sixth, consider whether your business is suitable as a home-based business or whether you will need commercial office space. Check local ordinances to determine permissibility of and requirements to operate a home-based business in your area.
  
  
• Seventh, keep meticulous records of your household expenses such as utilities, maintenance costs, real estate taxes, and other expenses. A pro-rata portion of these expenses may be deductible as home-office business expenses. The basis for the pro-rata portion is generally related to either office size or some other reasonable method for allocating costs between business and personal use.
  
  
• Eighth, last but not least, "get busy", promote your business, have fun, and achieve success.

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