Business Owner Toolkit A working handbook Formation · Money · People · Planning

The handbook

Everything about running a business that nobody sits you down and explains.

Structure, formation, banking, bookkeeping, paying yourself, quarterly taxes, hiring and the annual filings. Written as a reference you can work through in order or dip into when something comes up.

Start at chapter one →

Contents

12 chapters · 4 parts

Formation

Setting the thing up
Choosing a business structure Sole proprietorship, partnership, LLC and corporation — what actually differs, including the S-corp election that is not an entity type. Compare How to form an LLC Name, registered agent, articles, operating agreement, EIN — in the order that avoids rework. How-to Getting an EIN Who needs one, how to get it free in minutes, and the paid services that exist to charge you for it. How-to Operating agreements What goes in one, why single-member LLCs still need one, and the clauses that matter when partners disagree. Reference

Money

Keeping it straight
Opening a business bank account What you need to open one, and why commingling funds is the fastest way to weaken your liability protection. How-to Bookkeeping basics Cash versus accrual, chart of accounts, reconciliation, and what your accountant actually needs from you. Reference Managing cash flow Why profitable businesses run out of money, and the levers that change the timing. Reference Paying yourself as an owner Owner draws versus salary, how it changes with your tax election, and reasonable compensation. Reference Estimated quarterly taxes Who has to pay, the deadlines, the safe harbour rules, and how to stop it being a surprise. Reference

People

Bringing others in
Employee or contractor? The control tests, why the label on the agreement does not decide it, and what misclassification costs. Compare

Planning

Staying on top of it
Writing a business plan What a plan is for, what lenders look for, and how much detail is enough. How-to Annual compliance checklist Annual reports, registered agent, franchise tax, licence renewals and the federal reporting rules as they now stand. Checklist

How to use this handbook

General information Written for owners. Not legal, tax or accounting advice for your situation.
State rules differ Formation and tax rules are set by states. We say where it varies rather than guessing.
No scores or rankings We do not rate services or publish league tables. Recommendations are in words, with reasons.
Primary sources Chapters link to the IRS, SBA or the agency that actually administers the rule.

Something out of date?

Thresholds move and filing rules change. If a chapter no longer matches what the agency says, tell us and we will fix it against the source.

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