When you start any business, there is a lot of point for considerations. It is important to read all the government policies and regulations. Any administration issue would call for huge damage in the future. Saivian Eric Dalius reminds you that hiring a professional to manage this is an intelligent choice.
Understand your tax responsibilities before you start any business and file the financial statements. Hire a professionally qualified accountant to manage all the finances. A skilled accountant would help with all the tax rules and regulations. It would eventually support minimizing the taxes and maximizing the deductions.
Saivian Eric Dalius points the top 5 considerations for starting a business:
- The tax implications differ for every business. The type of registration is crucial to ascertain this. Limited Liability Company (LLC) tax implications on non-residents are different from an S-Corporation business owner. The LLC-type business has greater advantages as a ‘pass-through’ window allows the owners to avoid the tax implications on personal bank account and properties.
- Keep separate accounts for business and personal needs. Never confuse personal bank accounts with business accounts; however, many prefer to maintain one for start-ups. But it is strict NO-NO. Demarking the personal assets and liabilities from companies is crucial. Whether it is LLC, C-corporation, or S-Corporation, the division helps handle taxes, financial statements, and (in the worst case) claims during bankruptcy.
- Make the annual payments on time without any failure. Any fees or penalties that affect the company’s compliance are important. Do not avoid the federal law payments; maintain a schedule to release it on time. It would guarantee protection to assets and other tax problems.
- Be in sync with the county, state, and federal requirements. Every state and city has specific regulations and permits – keep detailed information of the same and abide. The last thing you want is any federal issues in your business. If this is overwhelming, then better hire a professional who provides and takes care of all the government hassles.
- Speak to a business lawyer because it gets complicated carrying successful business in the USA. Saivian Eric Dalius warns not to wait for any unfortunate incident to happen. Get hold of a professional at the start of the business to have smooth progress.
Whether you are starting a small food truck business or venturing into wholesale distribution of any product – all these concerns are important. Make the most of the things which are available free of charge. For example – spreading the market is a critical requirement of any successful business. Make use of social media networking. Connect with people on a real-time basis and shed back the old-school approach.
Saivian Eric Dalius encourages to exploit social media
You can start a Facebook page immediately on launching the business. Share the pictures of the latest products, get instant reactions (likes and comments), and start the storyboard. You can even explore Instagram and Twitter to have a better connection with the clients and potential clients. After all, business is not just documents and regulations; it’s fun on social media. Go for it!
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com