Tax / Legal Talk for IT Consultants / Startups

Jeff Strauss from ArchitectNow is presenting.

Starting a business is a dream for many professionals. And professionals in the IT industry are certainly no exception. The draw of independence, self-reliance, flexibility and agility, growth and profit potential are all very appealing to right kind of individual. Indeed being a freelance consultant or part of a small company can prove to be extraordinarily rewarding. However, to quote the popular cliché, "with great power comes great responsibility." If all you want to do is sit at a computer and write code all day, then professional independence is not for you. You have to think about marketing and sales, accounting, billing, managing contractors or employees. And not least of all, you must always be cognizant of the legal and tax implications of your actions and decisions.

This discussion is definitely NOT a replacement for seeking advice for your own qualified tax and legal advisors. However, we will delve into some of the major issues facing owners of new small businesses. This includes the choice of an appropriate business entity (e.g., sole proprietor, partnership, LLC); actual incorporation; asset protection for your business and your family; taxes; and how to actually pay yourself. If you are a small business owner -- or are seriously considering becoming one -- hopefully at the end of this session you will have a solid start to the questions that you need to ask yourself, and your accountant and lawyer, to make the best possible decisions for your situation.