What do I need to start my own business? 5 Answers as of June 09, 2011

I am starting my own magazine with several friends, but we are uncertain if we need to get a ficticious business, or if there are specific steps that we need to take for tax purposes. Is it also true that I don't have to show a profit immediately?

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Law Office of Sam Levine, LLC
Law Office of Sam Levine, LLC | Sam L. Levine
I would be happy to talk with you if you are interested. Please feel free to call if you would like. Take care!
Answer Applies to: Georgia
Replied: 6/9/2011
Steven J. Fromm
Steven J. Fromm | Steven J. Fromm & Associates, P.C.
To start your own business, you not only have to have a good product or service. You must have a good business plan or model with assumptions and projections. You also need to have your legal vehicle determined. Should you operate as a C corporation, an S Corporation and LLC or limited partnership? The choice of entity consideration involve tax, business and practical issues. You need a good corporate/tax attorney to guide you in this selection based on your business model and tax considerations. Finally, you want to have a good team of professionals, both an attorney and accountant and a financial guy in place for regular advice and counsel.
Answer Applies to: Pennsylvania
Replied: 6/8/2011
Law Office of Harry Gordon Oliver II
Law Office of Harry Gordon Oliver II | Harry Gordon Oliver II
1) Fictitious business names get one if you want to make it a valuable asset. 2) May want to incorporate or be LLC. 3) No tax specific steps, but keep good business books & records, etc 4) Start ups usually start up with losses.
Answer Applies to: California
Replied: 6/8/2011
Givner & Kaye
Givner & Kaye | Bruce Givner
You need to sit down with a competent CPA and have a discussion about the form of business: LLC; partnership (limited or general); corporation ("C" or "S"); sole proprietorship. This is not the type of question for which you can get an answer over the internet. However, of course you do not have to show a profit immediately: few businesses do. If you tell me where you are located I will be glad to give you the contact information for a few CPAs.
Answer Applies to: California
Replied: 6/8/2011
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