I'm Starting a New Business...What Do I Need To Do?

Jeanine Answers: In order to start and maintain a successful business, you need to determine how to own your business. Some of the ownership types are sole proprietorship, partnership, limited liability company and corporation. The type of ownership determines your exposure to liability and how your income will be taxed. Other business issues include cash flow, inventory, earnings and profits, employees, payroll, insurance, real estate, leases, buy-sell agreements, retirement plans, etc. Even though you may not be able to deal with all of these issues at once, it is important to get your business headed in the right direction with the proper advice from your attorney and accountant.