Saturday, March 05, 2011

Business startups - being cheap

I keep my eye on startup advice -- even though I'm about 25 years past prime startup age. It's long been Plan B. (Plan C is being a Doc again. There are also Plans D through K ...)

I liked this article ...

46 Ways To Start A Business With No Money

... An LLC is probably the best business structure, but don’t worry about incorporating until you’re earning money, just do a sole proprietorship, you can always incorporate later (you can get it setup with the IRS in just a few minutes by calling them at 800-829-4933) ...

Personally I'd prefer to incorporate earlier, if only for the liability protection (nothing to sniff at if you have family assets).

Based on my own past experience, incidentally, I'd pay for a bookkeeper even if I had no money. I know I won't do bookkeeping, but if you don't know your cash flow situation then you're doomed.

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