Starting a business is very, very hard work. And simple things which are set up early on, if done wrong, can really really cost you–never mind just money but real aggravation.
K. asked me in April 2014 to call his accountant, who was not competent to advise on this, and I said, ‘whoa. Hold on here. You need a plan, you need to know your budget, business type, business description….’
After a lot of carefull planning, I advised he and his partner B, NOT to receive revenue in Nov or Dec 2014, but to defer this to Jan to avoid a tax mess. I also did not bill him till the new year, and it was all good.
By late Jan, I had figured out, after talking to ALL the lawyers, you don’t need them for generating documents, but serious advice, and did all the state filings for them, got them a Tax ID number, did the DBA forms, including articles of organization. Very stressful. But saved them thousands upon thousands and a lot easier for THEM.
This is business between Australia and the United States, involving manufacturing, export, import, prototypes, pricing, scheduling, budget, sale process, feasibility, market analysis, contact management, enterprise planning. Fabrication, estimates, negotiation, creating and refining and inventory process. All of it. Lesson learned every day.