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My wife is starting up a small alternative healthcare type business in a few months. She will be the sole employee. We have enough capital set aside to cover the initial expenses (equipment, office lease, etc..) so there will be NO business loan. Registration with the state is done. Insurance is in the works. It'll be an LLC. She will sublet office space from an associate that operates a business in a field that should create referrals. Office space rental will be well within our initial budget. I can't begin recall all the things we have to discussed to try and get off on the right foot, but that should cover the basics.
Anything to throw my way to help make for a smoother start?
Phone service - Does using Google Voice as a business phone number make any sense? She would generate a standard 10-digit Google Voice telephone number and the calls will come to whichever phone number she chooses (most likely her cell phone). Or is a dedicated land line more appropriate? I suspect she'll be doing little if any faxing. Or would adding another cell phone to our Verizon family plan be a better option? It would only be an extra $10/month and I wouldn't need to increase the minutes. I'm not concerned about about $120/year tax deduction for the telephone business expense.
I'm not sure I understand this one. Someone suggested buying the equipment out of our personal account and leasing it to the business. The reason was to keep the equipment safe from legal action if that were ever to happen. I would only be able to write off the lease expense therefore losing my ability to write off the purchase as business related. I would also have to claim a profit on my personal income tax for the rental of the equipment. I'm not sure I want to go this route unless someone can tell me something I'm seriously overlooking.
It'll be a general health type business, not some hipster herbal place you find in Portland. And my wife has agreed to continue to shave her legs, forever --- it was the only way I was going to agree to the deal
Thanks guys. Keep em' center mass!
Anything to throw my way to help make for a smoother start?
Phone service - Does using Google Voice as a business phone number make any sense? She would generate a standard 10-digit Google Voice telephone number and the calls will come to whichever phone number she chooses (most likely her cell phone). Or is a dedicated land line more appropriate? I suspect she'll be doing little if any faxing. Or would adding another cell phone to our Verizon family plan be a better option? It would only be an extra $10/month and I wouldn't need to increase the minutes. I'm not concerned about about $120/year tax deduction for the telephone business expense.
I'm not sure I understand this one. Someone suggested buying the equipment out of our personal account and leasing it to the business. The reason was to keep the equipment safe from legal action if that were ever to happen. I would only be able to write off the lease expense therefore losing my ability to write off the purchase as business related. I would also have to claim a profit on my personal income tax for the rental of the equipment. I'm not sure I want to go this route unless someone can tell me something I'm seriously overlooking.
It'll be a general health type business, not some hipster herbal place you find in Portland. And my wife has agreed to continue to shave her legs, forever --- it was the only way I was going to agree to the deal
Thanks guys. Keep em' center mass!