> No need to obsess to make sure you are not getting shafted left and right.
This is a fantastic point. People tend to check-out and glaze over when they have to deal with accounting and tax matters, and that's a really efficient way to variably either run your business into the ground, artificially hamper it, or screw yourself later.
When my colleagues and I opened our business we had a few concise discussions on corporate structure. We went with a C Corporation because at the time we all had major financial changes on the horizon in our personal lives and we didn't want our personal and business taxes to be interrelated.
Still works for us to this day, and was a wise choice give our respective personal tax situations.
Likewise, early advice I'd give anyone is to invest in an accounting solution that fits your business model.
This is a fantastic point. People tend to check-out and glaze over when they have to deal with accounting and tax matters, and that's a really efficient way to variably either run your business into the ground, artificially hamper it, or screw yourself later.
When my colleagues and I opened our business we had a few concise discussions on corporate structure. We went with a C Corporation because at the time we all had major financial changes on the horizon in our personal lives and we didn't want our personal and business taxes to be interrelated.
Still works for us to this day, and was a wise choice give our respective personal tax situations.
Likewise, early advice I'd give anyone is to invest in an accounting solution that fits your business model.