2FD 014: Starting a Business

We all seem to have great business ideas!

But there are a lot of questions on how to start a business while keeping startup costs to a minimum. Many business fails and you want to learn quickly if you have a product or service that people want before you spend too much.

Learn about the tax implications of owning a business and how it can take time to build traction until you’re able to expand your network. CHA-CHING!

Tune In Now!

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Discussion Points

  • How to create a business entity.
  • Having an accountant to reduce your tax liability as much as possible.
  • The liability protection with a LLC.
  • The life expenses you can now direct towards your business as a deduction.
  • Taking distributions from your business over a paycheck.
  • The costs of starting a business.
  • The advantages of using an accountant over a lawyer to start a business.
  • Don’t incorporate too fast.
  • Minimizing startup costs.
  • Starting a business on the side.
  • Your worst case scenario if your business fails: Get a job.
  • Making money with your business just takes time.

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