Starting A Business: Part 1 | Minnesota

Q:  I’m looking into starting a business—exactly what do I need to do?

A:  First, what kind of an entity do you want to be?  A Sole Proprietor?  A Corporation?  A Partnership?  Are you going to have large expenses the first year so you want to deduct them?  Are you going to need to take out a business loan to pay for equipment and startup?  Are you going to have other people that own the business with you?  These questions all need to be answered first because it all depends.  I know that’s a terrible answer, but it’s the correct one.  For more information as to what entity your business should be, please contact us to go over everything for your individual needs.

Taxes, Investments, Business and maybe a little more!  Sandy Flom, CPA, CFP