Read below to learn more about each section of the book.

Click the links to jump directly to that section

Part 1: Understanding and Forming Your Entity

Part 1a: What to do AFTER your entity is formed (Bank Accounts, Business Licenses, Raising Money, Insurance, and more)

Part 2: How Money Flows Through Your Entity

Part 3: Understanding Processes and Regulations

Part 4: Tax Mastery

Part 5: Help Beyond the Book

Part 6: Appendix – State Web Site Information

Part 1: Understanding and forming your entity

·        Understand the different types of entities and make sure you know the best type of entity for YOUR situation.

·        Learn about the different types of entities because, believe-it-or-not, it really does make a difference depending upon the type of business you’re operating. (For example, you would never want to form an S-Corp for your rental property)

·        You’ll get a simple step-by-step guide to forming a corporation or LLC for the do-it-yourselfer, because you really can do this yourself – and do it the right way.

o       If you follow these seven simple steps to filing an Incorporation, you can do it yourself (and learn about the tricky areas that could get you in trouble)

o       If you follow these four simple steps to forming an LLC, you can do it yourself (and learn about the tricky areas that could get you in trouble)

·        All about creating your corporate entity – because:

o       If you’re doing it yourself you can save a lot of money, and you definitely don’t want to mess this up

o       If somebody else is doing it, you need to be able to answer their questions and make sure they’re doing it right

·        Learn what is so important about choosing the right type of entity for your situation – and understand the exact type of entity for you

·        Once you learn about the different ways of doing business (Sole Proprietorships, C Corporations, S Corporations, LLCs), you’ll completely understand which one is best for you

·        Avoid unnecessary tax and legal issues by learning why you might (or might not) want to form your entity in another state

·        Learn how to protect your assets – and what state is best for asset protection

·        Learn which states are the most popular for entity formation – and why

·        Don’t get caught with the wrong entity type for your situation – learn how to choose the right corporate entity for you

·        Save yourself a lot of headaches by learning what information to have handy before getting started on your formation

·        Do you like your stuff? Learn all about personal liability, and how to keep your stuff yours.

·        Learn what entity types allow ownership by foreigners, which ones don’t, and the pros and cons of foreign ownership

·        What can you do yourself, what should be done with professional help because there are things that are easy – and things you don’t want to get tangled up in

·        What is a registered agent and why do I need one? Because it’s the law – and because the consequences of not doing this properly are huge

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Part 1a: What to do AFTER your entity is formed (Bank Accounts, Business Licenses, Raising Money, Insurance, and more)

·        Once you have created your entity, it’s just an empty legal shell – and you need to know steps still need to be taken before it’s actually ready for business

·        Learn how to open a separate bank account for your Incorporation or LLC, because this is not nearly as simple as walking into a bank to open a personal account. You need lots of paperwork, and it’s not all obvious.

·        Find out what licenses and permits you may need to be legal to do business - because if you don’t get this part right then all the work you did forming your entity is for nothing

·        All about dealing with local building and zoning officials because this is an art form unto itself, and if you can’t convince these people about what you’re doing then you may not be able to go into business at all

·        Learn how to Add and Remove shareholders because when the time comes (and it will come) you need to know what you’re doing. If you can easily do this, new shareholders will feel comfortable with your business acumen, and old shareholders won’t be able to mess with your affairs

·        Learn all about maintaining your entity, because if you don’t keep the right records and send in the proper paperwork then your Incorporation or LLC becomes nothing more than worthless paper (and opens you up to all kinds of nasty legal hassles)

·        Discover how to raise money for your business because this is one process you can’t fake your way through. When you approach a money man you need to know what you’re doing or they’ll turn you down without a second thought

·        Learn about insuring your business because, in certain industries not having insurance is a recipe for disaster, and sometimes you can’t even land business without the right kind of insurance

·        There are pros and cons for home-based businesses, which are outlined here in detail. For example, the tax benefits of a home business can be huge, but zoning might be an issue, and your Insurance company may not be happy

·        Explore the benefits of Incorporation and LLC because these are the real reasons you go with a corporate entity over a sole prop or partnership. Discover things like tax savings and liability protection, but also the little known fringe benefits like vehicles, meals and retirement

·        Learn all about how an Incorporation or LLC provides asset protection. If you like your house and car and big screen TV, this is an important section for you.

·        There are many fringe benefits of your corporate entity. Sure, asset protection and tax savings are great, but these little things make a really big difference in the long run

·        Learn all about the miscellaneous benefits of a corporate entity: Motor vehicles, Meals and Lodging, etc, because you definitely want to take advantage of all the benefits available to you

·        Learn about the real power of corporate retirement plans, and how you can use them to guarantee your future and reduce your tax liability even further

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Part 2: How Money Flows through Your Entity

·        Know the basics of bookkeeping because even if you don’t do it yourself, you need to monitor the person that is doing it. Lack of knowledge in this area is the number one cause of most small business failures

·        Discover the importance of keeping a separate bank account because of something called “piercing the corporate veil” (and when that happens it is NOT good!)

·        You must know the basics of bookkeeping and have a solid bookkeeping system because, although it’s boring and not what you probably specialize in, it is one of the most important pieces of your whole business

·        Learn what kind of records to keep (and what you can toss) because if the time ever comes when the IRS knocks on your door, you’ll thank your lucky stars

·        Get a brief run-down of different bookkeeping methods of tracking income and expenses so you don’t sound like an idiot when talking to your bookkeeper

·        Since the whole idea of starting your business was to make money, you’ll want to know how you take your wages and profits out of the business.

·        When you take money out of the company, there are a few different ways to do it – and it depends on what kind of entity you have! Learn the difference between member dividends/disbursements and wages/hourly pay, and why it matters to you

·        If you lose money while starting your company you can take great advantage of that on your taxes – as long as you know how.

·        Learn what type of entity is best if you are going after institutional and venture capital. There is a certain type of corporate entity that will make it much easier for you

·        Learn how to create a good credit score for your company because this is something to think about (and take action on) waaaay before you need that bank loan or investment

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Part 3: Understanding Processes and Regulations

·        Hey, I know you don’t want to think about the processes and regulations of running your company. You’re good at other stuff and this ain’t it! But, to be successful, you have to master many other things besides running the core operations of your business. This is your reference to all the little things your company will need to do.

·        What you need to know about hiring employees – because it’s not as simple as writing your employee a check! (I wish!) Not to mention – have you thought about background checks, discrimination and interviewing issues?

·        Learn about the pros and cons of using a payroll company because if you find the right one, they can make life a lot easier

·        Learn how to investigate job application information so you can make sure your employee actually has the right education training and experience for the position

·        Read about immigration law requirements so you don’t get busted for hiring illegals!

·        Keep employee morale up and make sure you’re complying with discrimination law by learning about proper personnel practices inside your company. Get a complete personnel policy outline.

·        Since there are a bunch of laws that protect employees and potential employee from discrimination, here you can learn the simplest and best way to avoid discrimination (or even the appearance of discrimination).

·        Since that pesky government doesn’t want you hiring child labor or paying people $2/hr, there is a section to help you avoid a labor wage and hours violation.

·        Employee safety? It is just good business sense to have an employee safety program because injuries and illness cost you money. Not to mention, it could be the cause of damaging lawsuits.

·        Learn about workers’ compensation. Your payroll company will probably handle this for you – but it’s a good idea to know where that money you’re paying them is going.

·        Learn the proper way to terminate an employee in order to avoid a wrongful termination lawsuit.

·        Since you are required to carry unemployment insurance (What? You didn’t know that?), you need to know the ins-and-outs and state laws that make unemployment compensation a must-know.

·        Learn why determining whether someone is an employee or independent contractor is an important distinction. Make the wrong choice here and the IRS will knock your block off!

·        If you are going to be doing business out of state, I could save you hundreds or thousands of dollars in wrong decisions.

·        If any part of your business is conducted in another state, this is essential: Learn “why” and “how” you would register as a “foreign corporation” doing business in another state.

·        Save time and money – and learn what you must do qualify to do business in another state.

·        Of course, one of the reasons a state wants companies doing business in their state to register is to generate revenue through taxes. Learn about collecting and paying taxes in other states

·        What happens if you are sued in another state? Well, honestly, it depends on how much attention you paid to other areas of the “Doing Business Out of State” section!

·        If you conduct any part of your business on the Internet, you’ll need to know the tax implications (now you can find out).

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Part 4: Tax Mastery

·        We all know that death and taxes can’t be avoided. But with a little of the knowledge found here, you can at least pay fewer taxes before you die!

·        Learn about the substantial advantages that the small business can use to reduce taxes. (Pay your fair share of taxes, but keep what you deserve!)

·        Learn about marginal tax rate and tax brackets, and how it affects the amount of money you owe.

·        Learn what business expenses are deductible and what aren’t. Learn what you can get away with and what might get you into trouble with the IRS.

·        Learn about an important tax distinction: Is it a current or future year expense? Learn about the difference between office paper and office computers…

·        Take advantage of as many deductions as you can with this list: Top 25 deductions for business expenses

·        Learn how to expense your vehicle. Since this is one of the most attractive deductions for small businesses, it is also the most controlled – and you need to know what you’re doing

·        Learn: What is – and isn’t – income? It really is important to know since you’re only taxed on income.

·        Learn the tax implications of Home-based businesses because there are pros and cons of this type of operation when it comes to taxes

·        Learn: Tax Treatment of Business assets. When your business begins to accumulate assets, the IRS wants to make sure you’re treating them the right way – and you will want to know how to maximize the benefits of owning them. Including:

o       When expenses MUST be deducted

o       How to depreciate business assets

o       Why you might want to lease instead of buying assets

o       How to recapture depreciation of certain business assets

·        Learn why the business entity you choose originally will make a difference when it comes to losses your business incurs: All About Business Losses and Failures

·        It’s a rude truth: if you have employees, your tax concerns multiply. Learn all about the additional issues you’ll deal with when you employ people to work for you

·        Learn how to obtain an EIN in 5 minutes, for free. (All businesses need an EIN, and some places charge $100 to get this for you!)

·        Learn about IRS filing and payment requirements for employers, because there are some very specific laws that you must follow – at your own risk.

·        So, you have a sole prop? Or is it an LLC? S Corp? Whatever the type of entity you have – there are very specific laws and regulations that you need to know about. Including:

o       How profits left in the business are handled

o       How they are taxed

o       Tax benefits of this type of entity

o       Tax pitfalls of this entity type

o       Taking money out of this type of entity

o       Ending the business

o       Death and taxes

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Part 5: Help Beyond the Book

·        In this book you’ll find a lot of knowledge – probably more than you can digest – but I realize that I can’t fit everything there is to know into an ebook, so I’ve included an entire section of links and telephone numbers to make it easy for you to find more info.

·        How to find answers to tax questions. Learn the best (free) resource to find answers to your tax questions. Including urls and phone numbers.

·        One of the most important members of your team is your accountant. You need the right accountant for you. (Fact) No kidding. This is someone who will know the most intimate details of your business – and it is someone you need to trust. When you read this section of the book you’ll have all the info you need to go out and find the right accountant for you.

·        Learn why you might want to use an online service to form your entity for you. If you don’t have the confidence to do it yourself, but you don’t want to spend the money an attorney would charge you, you can use an online service to do it for you. It is professional and costs much less than an attorney.

 

Part 6: Appendix: State Web Site Information

·        Get web site links to every state web site. This is where you can go directly for help, documents, and resources (assuming you can’t find it with this package)

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