I'm just getting started and was curious about what type of entity you all set up for your home based businesses (LLC, Schedule C w/DBA, etc.)? I saw in another post a mention about a business license. Can anyone give me some feedback on that? As we all know, you need a successful "team" around you of people that help your business...with that said, can anyone give me some input on their "power teams" (such as I should have an accountant, lawyer, marketing person, etc.)? What professional people are absolutely essential in the beginning to help with the details that you can not handle yourself?

Thanks

Originally Posted by denise3

I'm just getting started and was curious about what type of entity you all set up for your home based businesses (LLC, Schedule C w/DBA, etc.)? I saw in another post a mention about a business license. Can anyone give me some feedback on that? As we all know, you need a successful "team" around you of people that help your business...with that said, can anyone give me some input on their "power teams" (such as I should have an accountant, lawyer, marketing person, etc.)? What professional people are absolutely essential in the beginning to help with the details that you can not handle yourself? Thanks

This is a Great Question! I will like to know also more about "power teams" needed when beginning this type of business.

I've been in business for six years full-time five of those. I have been a sole-proprietor that entire time. After discussions with my accountant I am now in the process of incorporating.

As far as a "power team", at a minimum you should have a tax preparer (EA or CPA) and a lawyer on your team. That doesn't mean you need to keep them on retainer or anything just have a lawyer you know that you can contact and have a tax preparer that you know will be handling your taxes at year end. Unless you have a background in bookkeeping I'd, personally, recommend a bookkeeper before hiring a marketing person.

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Lanel Taylor, CVA ~ Virtual Bookkeeper
Taylored Office Solutions
Custom fit solutions for all your office needs.

Thanks Lanel. I'm trying to make this start-up as simple and painless as possible.

I am an LLC and have a CPA close to hand (although I am a bookkeeper) and this forum.

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Lily Chambers, The Virtual Office Goddess, LLC
Author "How to Do Your Own Small Business Bookkeeping"

There are several discussions on the forum already regarding the benefits of different types of business structures (LLC, Sole-P, Corp, etc.), that have some valuable information.

As far as business licenses, you would have to research your State guidelines as this does vary by State. A business license is not the same as registering to do business. You could probably save yourself a lot of time by just contacting a local CPA and asking if you need a business license in your State.

I wouldn't pay a CPA to do bookkeeping, because more than likely he is either paying a lesser paid employee or subbing the work out to a contractor and charging you the higher rate for it anyway. I would however consult a CPA regarding taxes, licensing, business registration, etc.

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Rebecka Melson ~ Virtual Business Services