biz procedures

[rlachenal]

Hello folks,

I am planing on starting my own phisical business in March. I've already made the registration of the biz name etc but when I went to the IRS and asked them for my tax ID, they told me that I wouldn't need it as long as I won't have employees. is it correct what they said or not? what do I need to start my biz besides the registration of the domain name and zoning of the shop?
Any information would be so appreciated and thanks in advance.
respectfully
Safarion

[Dalen]

They are correct, but acquiring a FEIN is common practice because it provides your company with a "social security number" of its own. If you want to apply for a company checking account, they'll suggest that you have one. It is a good idea, so I'd suggest you apply for one. It's the first start of separating your personal interests from your business.

You should decide if you want to be a sole proprietor, LLC or s-corp. I'd recommend an LLC (http://www.sosweb.state.ar.us/corp_u...-05_FLC-05.pdf)(ttp://www.sosweb.state.ar.us/corp_ucc/corp_forms/forms_03/LL-01.pdf), again common practice, but it's your call. If you're selling products, you'll need to register with the state to collect sales tax (http://www.arkansas.gov/dfa/taxes/sa...T1_200307f.pdf)

Also, you'll want to meet with an insurance agent to discuss the types of insurance that you'll need to carry. If someone gets hurt in your store, you don't want the liability from the lawsuit.

Lastly, you'll want to purchase an accounting program to keep track of everything. Quickbooks is the best, imo, but Peachtree is also good and Simply Accounting is adequate. Last, you'll want to hire an accountant to take care of your books and tax filings (I offer my services if you're interested).

I don't think I forgot anything, but feel free to contact me (eightmanagement@yahoo.com) if you have further questions or would like for me to fill out some of the forms for you.

Otherwise, good luck.

[rlachenal]

Hello Joshua,
Many thanks for your interesting information, I really do appreciate it. all what you said is logical and true.
I use the quickbooks program too thanks for advice
As you know, any venture at the first step is tough
that's why I am trying to follow all the rules of the game I am asking all the experts and experienced people in the feild like you. BTW I've already made the business survey and study, the results were terrific.
I sure will return back to you one day after standing on my own two feet. Joshua I appreciate your willingness of helping the small business owners and really give you credit for that as well as all the contibutors of this forum
God bless you all
Safarion

[Dalen]

My pleasure. Do you mind if I ask what your business will be? Just curious.

Good luck in your endeavor.

[Captain X]

You may want to trademark your name, logo, and slogan if you will have these. You can do federal trademarks if you will be doing business across the country. These are a little more pricey but they yield greater protection. Also consider registering your domain name with as many extensions as possible (.com, .net, .biz, etc.) A very affordable place to register domains is www.registersite.com ($10/yr). Also think about getting your domain with relevant keywords in it as well and separate them with dashes. eg. If you are a automotive tire store called "For Wheels" you would register http://www.forwheels-tires-rims-bala...g-arkansas.com (up to 63 Characters) This good because search engines like to see your keywords in your domain name and they actually prefer them to be separated by dashes. The reason you should register these now is that your competition might have the same idea and get them before you do. You can make all the domains you register point to the same site.

I think eightmanagement covered the rest.

Good luck to you in your endeavors,

[rlachenal]

Hello folks,
thanks for all your input I do appreciate it. back to you Joshua , I will be selling some imported handmade goods (carved wood, carved brass, Rugs, leather itmes...).
thanks Mr, jonneebee for your information I appreciate that. take care everybody and God bless.

[spatter9999]

You have been getting great advice so far... Let me throw my two cents in (ha ha..) I have a background in wholesale/distribution/Point-of-Sale. Since you are opening a brick & mortar store, importing merchandise to sell, e-commerce (I'm assuming would be a logical step), I suggest you also look at other software than just Quickbooks/Peachtree. Joshua is correct that Quickbooks is a great accounting package (I've used it as well) but that is also its weakness. It focus is on accounting and basic inventory control, etc. but lacks key functionality needed to easily integrate all key business operations and grow with your business.

I use/market a product called Everest developed by a company called Icode. The product provides ERP functionality to the small business owner, integrating backend operations (acct, inv, pur, multi-currency, order mgmt, shipping, CRM, etc.) with POS and e-commerce storefronts, and is scalable from one 1 - 100 users. Take a look at it or similar products to get a better picture of what functionality is available to the small business owner and guage it against your current Quickbook functionality. Some more food for thought.

You can find out information on Everest by visiting my website at www.stratetechims.com.

[Dalen]

Keith,

I heard that Quickbooks 2004 was supposed to have integrated several of the missing modules from past versions, as we've all grumbled about. They should finally have a module that will track and depreciate assets, so you no longer need a separate piece of software.

Everest looks interesting, I'll have to review more of it later.

[spatter9999]

Originally Posted by eightmanagement

Keith,

I heard that Quickbooks 2004 was supposed to have integrated several of the missing modules from past versions, as we've all grumbled about. They should finally have a module that will track and depreciate assets, so you no longer need a separate piece of software.

Everest looks interesting, I'll have to review more of it later.

According to what I've read QB2004 will finally start integrating various functionality including the one you described. When I find it (it's on my PC somewhere), I'll post a link which describes in more detail key functionality added to the product.