If you’re considering starting a business, then make sure you’re thinking about these three things:
#1 TAXES
When you form your business, you will incur more fees such as franchise taxes which you still have to pay even if you have NO business activity or money coming in… here in California, its a minimum of $800 every year
#2 UNDERSTANDING ENTITY TYPES THAT MAKE THE MOST SENSE FOR YOUR BUSINESS
This depends on several factors BUT you don’t want to start off with an S- corp if you’re making too little profit… you might pay less in taxes with an LLC instead
#3 FILING PAPERWORK TO DISSOLVE
People sometimes change their minds about running a business and they decide to quit BUT they forget that they are required to file dissolution paperwork with the IRS, state, county and city
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