Decisions to Make When Starting a New Business

Decisions to Make When Starting a New Business

So, you're ready to start your own business? In this video, Mel discusses the decisions that need to be made when starting a new business and the elements of a successful small business. The first decision to be made is the selection of the business entity. Are you going to be a Corporation, an LLC, a Partnership, or some other business entity allowed by the government? A wrong decision at this point could be disastrous for your new business down the road. Mel also talks about the tax filing responsibilities you may encounter, from collecting and paying sales tax to various IRS registrations that are required depending on what you will be selling. Other topics include maintaining proper financial records and the need for a dependable payroll service. These are just a few of the topics Mel discusses in this episode of Brass Tacks.