Remainder of 2013 Will Be Busy!

I am not sure how much of this should be made available for public knowledge, but my wife and I will be owning a business in the near future.  We are purchasing the assets of a business in an Article 9 sale and have learned or will soon be learning many aspects of owning and running a small business such as:

  • Negotiating with a bank
  • Completing an Article 9 sale
  • Forming an LLC
  • Getting a Federal tax identification number
  • Collecting and paying sales tax
  • Hiring and firing employees
  • Meeting vendors
  • Plus tons of other stuff that would be overwhelming to list right now

Our goals for this week will be to form the LLC with the help of an attorney since there are some legal issues involved, get the tax ID numbers and start the sales tax application.

In the meantime, we are shopping for business checking accounts, a line of credit, and figuring out how the system works to collect via credit or debit cards.

Now my wife and I have some experience with most of these issues, but it ends up occurring at an entirely new level.  I have formed 2 LLC’s in the past which are still active.  But it is just my wife and I with some real estate so there are no major legal issues between us. Getting tax numbers was easy as well.

But sales tax adds another whole dimension as does dealing with multiple customers and vendors.  I am looking forward to the knowledge and challenge, but it will be quite a lot of work so I am not sure how I feel about all of this leading into the holidays with everything else that needs to get done.

Of course, there is also the concerns that this whole thing might not make a profit or even support itself.  We will know more about that over the next several months.

Anyway, I have several emails that I need to write related to all this so we can keep this moving this week.

 

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