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CPA Mobilization Kit: Small Business

CPA Mobilization Kit: Small Business. Small Business . Tips For Getting Started . Getting Started. • Stick to What You Know • Learn the Details. Choose an Organizational Structure. • Sole Proprietorship • Partnership • Corporation • Limited Liability . Getting Started.

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CPA Mobilization Kit: Small Business

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  1. CPA Mobilization Kit: Small Business

  2. Small Business Tips For Getting Started

  3. Getting Started • • Stick to What You Know • • Learn the Details

  4. Choose an Organizational Structure • • Sole Proprietorship • • Partnership • • Corporation • • Limited Liability

  5. Getting Started • • Name Your Business • • Write a Business Plan • • Find the Best Location • • Get Funding

  6. Getting Started • • Make it Legal • • Insurance • • Commitment • • Lean on Experts

  7. Tax Tips for Small Business • • Auto Expenses • • Home Office • • Legal and Professional Fees • • Meals and Entertainment Expenses

  8. Tax Tips for Small Business • • Travel Expenses • • Expensing Deduction • • Insurance Premiums • • Bad Debts • • Retirement Plan Contributions

  9. Tax Tips for Small Business • • Interest Payments • • Hire a Family Member

  10. How to Finance Your Business • • Do Your Homework • • Research Your Funding Options • –Short-term debt • –Long-term debt

  11. How to Finance Your Business • • Debt • –Bank Loan • • Equity • –Private “Angel” Investor • –Venture Capital • –Selling Stock

  12. Preparing Your Business Plan • • Executive Summary • • Company Description • • Market Analysis • • Operations Overview

  13. Preparing Your Business Plan • • Marketing Plan • • Management Team and Staff • • Financial Statements and Projections • • Review with a Professional

  14. What Lenders Look For • • Character • • Capacity • • Capital • • Collateral • • Conditions

  15. Get Your Financial Statements in Order • • Personal Financial Statements • • Balance Sheet • • P/L Statement • • Cash Flow Statements

  16. Explore Economic Development Programs • • Federal, State and Local Programs • • Small Business Administration

  17. Insurance for Small Business • • Your Business is Worth Protecting • • Mandated vs. Optional Insurance • • Business Owner Policy (BOP) • –Property • –Liability • –Business interruption

  18. Insurance for Small Business • • Property Insurance • –Building and Equipment • –Valuable Papers • –Crime • –Business Interruption

  19. Insurance for Small Business • • Liability Insurance • –General Liability • –Professional Liability • • Key Person Coverage

  20. Insurance for Small Business • • Group Health Insurance • –Medical • –Dental • –Vision • –Life • –Disability • –Long-Term Care • • Workers’ Compensation

  21. Small Business Retirement Plans • • Simple IRA • • 401(k)

  22. Small Business Retirement Plans • • Profit-Sharing Plan • • Money Purchase Pension Plan • • Defined Benefit Plan

  23. Selling Your Business • • The “Right Time” to Sell • –Scan the Environment • –Is Your Business Ready? • –Time it Right

  24. Selling Your Business • • Finding Buyers • –Competitors • –Customers • –Vendors • –Suppliers • –Investors • –Entrepreneurs • –Family • • Maintaining Records and Confidentiality

  25. Selling Your Business • • Determining the Business’ Worth • • Seeking Professional Help

  26. Business Succession • • When to Start Planning • • Transfer of Power • • Transfer of Assets

  27. Succession Planning Alternatives • • Transferring to Your Children Over Time • • Transferring to Your Children Through a Bequest • • Selling Your Business to Family

  28. Succession Planning Alternatives • • Transferring With a Buy-Sell Agreement • • Private Annuities

  29. Creating Effective Websites • • Determine Objectives, Messages • • Communicate Effectively • • Make it Easy to Navigate • • Use Graphics Wisely

  30. Creating Effective Websites • • Include Contact Information • • Develop Privacy, Security Policies • • Give Visitors a Reason to Return

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