Before the Business Opens
There are several different types of business entities for a small business owner to choose among, including sole proprietorships, partnerships, corporations (both C and S), and limited liability companies. This is perhaps the most critical decision a business makes, and Part I begins by exploring this important area.
Chapter 2 looks at the types of taxes a small business owner must pay, the definitions of income and expenses, and cash versus accrual accounting. The last chapter in Part 1 covers the rules of the start-up phase: that part of the business before you receive any revenue. The final part of Chapter 3 examines ...
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