Comstock & Associates offers a Business Guide to help the entrepreneur understand the requirements and nuances of handling the administrative side of the business. The guide is generic in nature due to the breadth of business that is viewing the guide. Specific advice and direction should be obtained from a competent professional.
The guide has many pages and exhibits. Therefore, I ask that you stop by or call to arrange delivery of the guide. The guide is complimentary and all I ask is the opportunity to shake your hand and answer a question or two that you may have. Otherwise, there is no obligation on your part. Enjoy the guide.
| TABLE OF CONTENTS | ||
|---|---|---|
| CHAPTER 1: SELECTING A LEGAL ENTITY | ||
| Sole Proprietorship | 1 | |
| Partnership | 1 | |
| Corporation | 2 | |
| S Corporation | 2 | |
| Limited Liability Company | 3 | |
| CHAPTER 2: REGISTERING WITH THE TAX AUTHORITIES | ||
| Internal Revenue Service | 5 | |
| Employment Development Department | 5 | |
| Business License | 5 | |
| Tax Calendar | 6 | |
| CHAPTER 3: ACCOUNTING AND BOOKKEEPING | ||
| Chart of Accounts | 7 | |
| Cash or Accrual Accounting | 8 | |
| Accounting Records and Record-Keeping | 9 | |
| A Word About Computers | 9 | |
| Internal Control | 10 | |
| Illustrative Chart of Accounts | 11 | |
| CHAPTER 4: PAYROLL TAXES | ||
| Available Publications | 13 | |
| Tax Deposit Requirements | 13 | |
| Federal Unemployment Taxes | 14 | |
| State Unemployment Taxes | 14 | |
| Supplemental Wages | 14 | |
| Fringe Benefits | 14 | |
| Other Tax Requirements | 15 | |
| Independent Contractor Reporting Requirement | 15 | |
| Tax Rates | 16 | |
| CHAPTER 5: SELECTING A YEAR-END | ||
| Which Month to Choose | 17 | |
| How to Make the Election | 17 | |
| Changing the Year End | 18 | |
| CHAPTER 6: INCOME TAXES | ||
| Income Tax Forms | 19 | |
| Estimated Tax Payments | 19 | |
| Due Dates | 20 | |
| Extensions | 20 | |
| First Corporate Return | 21 | |
| Tax Planning | 21 | |
| State Taxes | 21 | |
| Conclusion | 21 | |
| CHAPTER 7: CASH PLANNING AND FORECASTING | ||
| Starting the Analysis | 23 | |
| Cash Collections | 23 | |
| Disbursements | 24 | |
| Projected Statement of Cash Flow | 26 | |
| CHAPTER 8: OBTAINING CREDIT AND FINANCING YOUR OWN BUSINESS | ||
| How Do I Get the Money | 27 | |
| Financing Alternatives | 28 | |
| Debt Financing Sources | 28 | |
| Equity Financing Sources | 29 | |
| CHAPTER 9: INSURANCE | ||
| Required Policies | 31 | |
| CHAPTER 10: SELECTING PROFESSIONAL ADVISORS | 33 | |
| EXHIBITS | |||
|---|---|---|---|
| Pages | |||
| Form SS-4 | Application for Employer Identification Number | 1 - 2 | |
| Form DE-1 | Registration Form for Commercial Employers | 1 - 2 | |
| Form DE 542 | Report of Independent Contractor(s) | 1 - 2 | |
| Form W-2 | Wage and Tax Statement | 1 - 2 | |
| Form W-3 | Transmittal of Wage and Tax Statements | 1 - 2 | |
| Form W-4 | Employee's Withholding Allowance Certificate | 1 - 2 | |
| Form W-9 | Request for Taxpayer Identification Number | 1 - 2 | |
| Form I-9 | Employment Eligibility Verification | 1 | |
| Form 1096 | Annual Summary of U.S. Information Returns | 1 - 2 | |
| Form 1099-MISC | Miscellaneous Income | 1 - 2 | |
| Form 941 | Employer's Quarterly Federal Tax Return | 1 - 2 | |
| Form 940-EZ | Employer's Annual Federal Unemployment Tax | 1 - 2 | |
| Form DE-6 | Quarterly Wage Report | 1 - 2 | |
| Form DE-7 | Annual Wage Reconciliation Report | 1 - 2 | |
| Form BOE 400 | Application for Sales Tax Permit | 1 - 2 | |
| Form BT-401 | State, Local and District Sales and Use Tax Return | 1 - 2 | |
| Form 1040 | U.S. Individual Income Tax Return | 1 - 2 | |
| Form 1040-ES | Federal Estimated Tax Payment Vouchers | 1 - 2 | |
| Form 540 | California Resident Income Tax Return | 1 - 2 | |
| Form 540-ES | California Estimated Tax Payment Vouchers | 1 - 2 | |
| Form 1120 | U.S. Corporation Income Tax Return | 1 - 2 | |
| Form 100 | California Corporation Franchise or Income Tax Return | 1 - 2 | |