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Knowledge for Gen Y's in Small Business Planning & Real Estate Law

Maintaining Your Business

Alright, so you got your business all set up with the right entity for you and you got all of your other ducks in a row, like trademarks and copyrights. Well now you get to play the maintaining game.

The State of Minnesota requires you to file annual reports for your business. What those reports entail depend greatly on the business entity you chose.

In addition to the reports your have of course taxes. When you first start out it may make sense for you to only file your taxes once a year during tax time, however once you get some money rolling in, you may want to think about changing your tax payments to a little more frequently. For instance if you are a retail business you may want to file your sales tax payments quarterly or monthly even. Heck you might be required to by your state to do that.  As far as income taxes, there is an option to pay your taxes quarterly so the payment stings a little less.

Another maintenance item might be hiring your first employee, or even firing your first employee. While I will be discussing that in more detail fairly soon, I will touch on it. So your first employee hiring and firing. You will want to be sure you know if you are classifying them as an employee or an independent contractor. Whichever one you decided is fine, just know the differences. Also, is an employee contract a good idea? Depending on what you are having that employee do, absolutely is the correct answer.

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