Quote: Original post by Trapper Zoid
I don't know. I only know a limited amount about the benefits of the Australian business types, and know little other than the broad details about U.S. company types. And I'm sure the tax laws vary from state to state so it will be very specific. I advise expert help.

I'm planning on starting my own small business in a few months. My strategy will be to first write a business plan, then to take that to local small business support centres, then to put it past an accountant and a lawyer for their advice on things like company type.

I'm not really sure I need a business plan since I can put it in a few lines and I would be the only owner.

1. Find hosting service and create web page.
2. Register business and acquire copyrights for my software.
3. Place Google ads.
4. Hope some people want to buy my software.

Is there anything I'm over looking?

Also what would be my place of business since I move around a lot and this is all virtual?

I didn't even know we had a forum for this! [lol]

Quote: Original post by EmptyVoid
Is there anything I'm over looking?

...Yes. [smile]

Entry and exit strategies, marketing plan (Google ads alone won't cut it), future planning for expansion of business, risk planning, budgeting, and so on. It depends on what kind of business you wish to run (I'm thinking indie games) but for a small business you don't need a massive bueracratic style plan but you do need some kind of map to shape where you want to go. Get a few small business books and see what they suggest.

Quote: Original post by Trapper Zoid

Quote: Original post by EmptyVoid
Is there anything I'm over looking?

...Yes. [smile]

Entry and exit strategies, marketing plan (Google ads alone won't cut it), future planning for expansion of business, risk planning, budgeting, and so on. It depends on what kind of business you wish to run (I'm thinking indie games) but for a small business you don't need a massive bueracratic style plan but you do need some kind of map to shape where you want to go. Get a few small business books and see what they suggest.

I'm not sure about the entry which is why I'm asking but I'm not taking out loans or anything so the exit strategy would just be to not sign up for another year of hosting. No risks and next to no budget other then what I would need to pay for hosting, registration of the business and copyrighting my software. This is also not a indie game business just application at the moment such as Binary editors, 3D modeling tools, etc. There is a small market for these things, I know because as stated before I sold them on ebay.

Quote: Original post by EmptyVoid
I'm not sure about the entry which is why I'm asking but I'm not taking out loans or anything so the exit strategy would just be to not sign up for another year of hosting. No risks and next to no budget other then what I would need to pay for hosting, registration of the business and copyrighting my software. This is also not a indie game business just application at the moment such as Binary editors, 3D modeling tools, etc. There is a small market for these things, I know because as stated before I sold them on ebay.

It depends a bit on exactly what you want out of your business and the level of involvement you wish, so you might be able to get away with minimal planning for something like a hobby business with little to no initial investment done mainly for fun. If you wish for the business to grow though I would recommend more of a plan, as I think your current approach suggests to me that the business will stagnate. Either way, I'd recommend getting a decent small business book to help and seeing an accountant, a lawyer or another professional to help with the paperwork of setting the business up.

Quote: Original post by EmptyVoid
Does that mean since I would be the only owner I would need to pay double the normal taxes?

Speak to a lawyer and an accountant. There are different types of corporations, which have different structural requirements, different tax burdens, and different property protections. In a Limited Liability Corporation, for instance, creditors can not come after your personal assets if the business should default, whereas they can in a Sole Proprietorship.

There are no short cuts here. If you try to avoid speaking to - and paying - a professional, you will get hosed. When it comes to the law, ignorance is no excuse, so I strongly recommend you take the appropriate steps to protect yourself and you hire a lawyer and an accountant to at least consult you on your options and obligations as regards starting a small business.

(The state of operation of the business has nothing to do with where you live. The business is a separate legal entity, with its own rights and duties before the law. GameDev.Net LLC, for instance, is registered in the state of Delaware, even though Kevin Hawkins, CEO, lives in Florida, and Dave Astle, Senior VP, lives in California.)

Quote: Original post by Oluseyi

Quote: Original post by EmptyVoid
Does that mean since I would be the only owner I would need to pay double the normal taxes?

Speak to a lawyer and an accountant. There are different types of corporations, which have different structural requirements, different tax burdens, and different property protections. In a Limited Liability Corporation, for instance, creditors can not come after your personal assets if the business should default, whereas they can in a Sole Proprietorship.

There are no short cuts here. If you try to avoid speaking to - and paying - a professional, you will get hosed. When it comes to the law, ignorance is no excuse, so I strongly recommend you take the appropriate steps to protect yourself and you hire a lawyer and an accountant to at least consult you on your options and obligations as regards starting a small business.

(The state of operation of the business has nothing to do with where you live. The business is a separate legal entity, with its own rights and duties before the law. GameDev.Net LLC, for instance, is registered in the state of Delaware, even though Kevin Hawkins, CEO, lives in Florida, and Dave Astle, Senior VP, lives in California.)

I think you have pretty much answered all my questions, thank you Oluseyi. [smile]