Starting a new business can seem like an overwhelming and confusing experience. But with a little planning and the right resources, you can get your small business off the ground in no time! This updated edition of How to Run a Business For Dummies gives you the tools you need to turn a startup into a successful business.
Accounting
If you’re thinking about starting your own business, it’s important to know what it takes to get started. It involves time, money, and more. You need to manage your financial risks, write a winning business plan, secure funding, and much more. But don’t worry, you don’t have to be a finance expert. Just learn the basics, and your business can thrive.
If you’re ready to take the plunge, Starting a Business All-In-One For Dummies will show you how to navigate all of these issues and more. It’s packed with the same essential information from 11 bestselling For Dummies books. It’ll help you build a successful business from the ground up, and it’s written in plain English so everyone can understand it. This is the go-to resource for beginners who want to set up a small business, no matter what industry they’re in.
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Payroll
Payroll is one of the most important areas of your business to master. It not only involves paying employees, but it also entails a number of legal and tax responsibilities.
A well-organized payroll system can help you stay on top of your responsibilities as an employer, and it can also save you time. But it can also be complex, and if you’re not an expert, you could face serious penalties from the IRS.
Whether you choose to do your own payroll or use an automated system, it’s crucial to keep records of gross pay, deductions and net pay. These documents should be stored in a safe place and protected from potential disasters like floods.
Taxes
Taxes are the bane of many a small business owner, but it’s important to know your stuff. Fortunately, there are plenty of resources to help you navigate the complex landscape of corporate tax law and state and local government regulations.
If you’re looking for a streamlined and scalable method to handle your business’s taxes, consider seeking the assistance of a tax professional. Whether it’s a CPA or an expert in the local tax code, you’ll find the help you need. For example, you can find a nifty little device called an “Employer Classification Tool” at the IRS that will calculate your company’s tax rates and make filing for your business easier than ever. The best part? You don’t even have to leave your desk!
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Legal Issues
Every business, regardless of its size or industry, faces legal issues. These can range from misunderstandings between business partners and clients to government regulations that your company must comply with.
As a business owner, it’s important to know your legal rights and obligations before opening your doors. Federal, state and local laws apply to most businesses; make sure you understand and follow all of them. For example, there are laws that regulate how you run your business, how much money you must report to the IRS, and how you must protect yourself in case of an accident. There are also rules governing what type of business you can operate from your home and how many people you can hire in your place of business.