@jack1998 So if you could restart, here’s how to go about this in a simple manner.
You could dissolve the original company and register/ restart as another if you want. It just requires a slightly different name with the state for business registration.
So to summarize a simple business setup:
Decide on a name
Check with the state business registrar online that the name is available and file the registration- example is ABC LLC
Go to your bank and open a checking account under your name dba ABC LLC, transfer in some seed money from your personal account.
now every dollar you spend and every dollar you make goes in that new ABC LLC checking account from this day forward. It’s never used for personal expenses and business expenses and income never go in your personal account. The end of the month if you have more money than the previous month less the seed money amount you’ve made a profit!
Secondly. Get a CPA!
once you start to make enough it’ll make sense to draw a w2 paycheck to save on the self employment taxes. You’ll need to pay yourself a ‘reasonable’ wage for the role you do in the business for the payroll. The rest is owner draws and is taxed at a lower rate.
thirdly, get two books: total money makeover and Entreleadership. Buy them with the business money as these are training materials so you can write them off (assuming you get to the point that you make enough to take more than the standard deduction)
write offs are good if it’s item you need for the business anyway but never spend $1 to save $0.15 that’s stupid. Your CPA will explain marginal tax rate and the net effect of written off expenses as they relate to actual dollars saved.
