how do i go about starting my own business from scratch? taxes, employin people etc??

Answer 1

First off, knowing what you want to do with your company is very important. If you're thinking about starting a company that actually sells physical goods, you'll need a business license in your particular city (check your city for more details on that one)

Next, you need to seriously think about how this business will make you money. The IRS has a pretty solid view of a business vs. a hobby, so you have to go in knowing that 1) you will make money and 2) you will lose money.

How will you finance this company? If you're going into an area such as the online business market, getting traditional funding (like an SBA loan) may be more difficult than it seems.

Company structure is also important -- will you be a corporation, a partnership, a sole proprietor, or a limited liability company? If you don't know the difference between these business structures, you need to look that up. I will tell you this -- organize as anything but a sole proprietor, as being an SP doesn't protect your personal assets as much as being a corporation does.

Employing people -- I wouldn't have employees, but you may want them depending on what you're trying to do as a business. I would outsource people as much as possible -- you can talk to your local staffing agencies, like Penmac and Express Personnel Services, or you can even take your search online, to places like elance.com, and guru.com.

Without knowing precisely what you're trying to do, I can't give you anymore advice. For what it's worth, I am not a lawyer, nor am I an accountant. If you need legal / financial assistance, talking to a lawyer or a CPA may be best.

Do feel free to message me if you want more clarity.

Answer 2

Well, you should start by assessing your business plan. What are you in business to do? You will need to consider what type of form your business should take: corporation, partnership, etc. The form will dictate the taxation (IE: Subchapter S corporations are taxed differently than other corporate forms). Plus, the type of jobs that the "employees" perform may dictate whether you need to hire actual employees or contract labor, etc. I suggest that you talk to an attorney to help you figure out the things that you will need to do. Or, keep doing your research on your own until you feel confident about starting the business. Taxes and employees are not necessarily the places to start when forming a new business. Good luck.

Answer 3

look for a local business enterprise (you know like prince trust but thats aimed at young people and dont know if you are) you can get a grant and advice on how to run a business my aunt went to one and got £800 grant and it was all free and not a pay back loan .

Answer 4

the answers so far are all good. but to be honest your best bet would bne to go to your local library and get a few books on the subject to read. and if you find a book useful and want a copy then buy a copy it will be cheaper than paying the library late fees.

good luck.

Answer 5

To have your own business without all the hassles you speak of go to ..........http://www.mangosteen101.co.uk or e-mail me [e-mail] for all the information about starting and building something that you hav'nt even dreamt about yet!
All you have to worry about is your health & wealth to start......no taxes (yet) no employing people no hassles........just all the help you need freely given to you!

Answer 6

what i done was went to a business advisor, then the inland revenue and then the job centre.

Answer 7

Alot of info is here http://www.hmrc.gov.uk/