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OK guys, how do you go about setting up a business? what are the advantages/disadvantages of an LLC vs an Inc. and where do you start and who do you need to talk to about getting it all set up and going? What about liability insurance and stuff like that, can your regular insurance companies do all that for you or do you need to go some place special. give me some help here guys cause I don't know $#!+ about it, but need to figure it out.

Start here: http://www.sos.ms.gov/BusinessServices/ ... fault.aspx

Develop a business plan and start up budget.

Contact an attorney to discuss LLC vs Inc in relation to what you specifically want to do and have them draft original documentation.

I use Nowell Agency for business insurance and have been very pleased.

Depending on the location and number of jobs the business could create, there may be grant opportunities for start up. Pick a good bank and start developing relationships.

Best advice I've ever received was to BE FRUGAL.

Definitely get an attorney to help you with the paperwork and how you classify it. Develop a business plan if you need funding. Nowell Agency is good. We used Continental Brokers in Madison.

I assume you are going into a business where you are good at said business/job. Get ready to go from being good at one job to being good at one job and probably not so good at the other 20-30 jobs you will now be doing. In my business I was great at the core job but didn't know a lot about the bookkeeping, making tax payments, dealing with vendors, being the HR department, insurance stuff, managing employees, filing payroll returns, sales tax, making company policies, etc. Learning curve is steep. You can make the climb just don't let it overwhelm you at first. Don't expect to be good at everything at first. It takes time but it won't kill your business while you learn.

First: Get good accountant

Second: Get good attorney

Third: Im an accountant

Honestly i could probably help you with the majority of it if your interested. Just shoot me a PM

Are you an accountant that likes to coon hunt? If so, I might want to talk to you just because of that. Most accountants are hard to talk to, but I could have a discussion with a coon hunting accountant!!;)

420 racin wrote:OK guys, how do you go about setting up a business? what are the advantages/disadvantages of an LLC vs an Inc. and where do you start and who do you need to talk to about getting it all set up and going? What about liability insurance and stuff like that, can your regular insurance companies do all that for you or do you need to go some place special. give me some help here guys cause I don't know caca about it, but need to figure it out.

FOR LLC, Need to file certificate of formation with Delbert.

Then you need to get an employee identification number (accountant usually gets it from IRS)

Banks need your EIN to open bank accounts.

If the llc is going to borrow money, bank may want a copy of the llc operating agreement.


I help clients in Vburg set them up and can help you get started if you like. Call 601-636-6565 and ask to speak with Philip, or email me at pschrader@tellerlaw.com

HAHA ive coon hunted a time or two .... i jsut stuck that on there dont ask why ... no clue haha

1. Hire an accountant to help you do payroll, taxes, etc. Unless that is what you do, you won't make money trying to "roll your own".
2. Watch your expenses but don't obsess.
3. Have some cash reserve before you start, it'll cost more than you plan. When you make a little money ahead, keep some ratholed back for the hard times.
4. Set a budget that gives you enough salary to pay bills, etc. You can't focus on doing your best work if you're stressed about paying bills at home.
5. Avoid the temptation to give work away too cheap or let people ride you on payables. You provide goods or a service, you should get paid for what you provide.
6. Keep customer service a maximum priority, but family first.

I could probably rattle on for a while, but after 16 years in business, these are things that stand out.

#5 is a definite, people will take advantage in a heartbeat, not all but some, be fair in price, great in service, and expect prompt payment.

rjohnson wrote:#5 is a definite, people will take advantage in a heartbeat, not all but some, be fair in price, great in service, and expect prompt payment.

Those M-I-L's and 2nd cousins are the worst...

Your asking a very broad question. What kind of business (service, retail, restaurant) and why are you interested in starting a business? Depending on the business, franchise my be a good alternative. Before you spend a lot of time with lawyers and cpas now, might be good to find someone in the business willing to offer advice.

One bit of advice that worked really well for me was to make mine an LLC instead of an S-corp.

Now......... it has been awhile so things may have changed, my "facts" may be wonky, but the gist of it is that as an LLC you'll deduct and file the payroll taxes as you go. With an S-Corp you would do it quarterly and that's where you can get into a real bind, not taking it out as you go along and then whammy, a quarterly payment owed to the KGB........... that you can't make,............. then the KGB owns you.

There was also some other pain in the ase with an S-Corp, quarterly meeting minutes, annual meeting minutes had to be filed too.

boog sez - LLC

1) hire good lawyer

2) hire good accountant

3) use good insurance agent to get appropriate coverages

4) work hard

5) have a good business model -- do your homework

6) pay the taxman what is due -- do what you can to minimize, but stay on top of it

All very important

PM me. I have been doing this for 21 years in the Delta.