By Mark Oldberg: October 13, 2017: Video

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Proper bookkeeping is one of the most important tasks for a small business. The foundation of good accounting practices in your business is solid bookkeeping. You can learn a lot from your business transactions, but without bookkeeping you are flying blind. One of the most important things to being a successful entrepreneur is doing your homework. Bookkeeping is definitely homework. It is not fun or glamorous to do your books but it keeps your bills paid, saves you on taxes, and might even teach you a thing or two about your business.

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If you are wanting to form a limited liability entity, there are typically 5 things you must do.

1. Choose a business structure and file the appropriate forms with the state government. Will you be an LLC or a corporation? Research the best fit for your business, and make sure you take the proper steps to legally establish your business as an entity separate from yourself. In most states you will be filing with the Secretary of State. If not, then there is another state agency that has been assigned to manage the paperwork.

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In working with small business I have witnessed, helped with, and heard about many panic creating mistakes. Many of these self-induced problems can happen to any small business, such as fights among partners or not getting your biggest client to sign a sales contract, but there is one that comes up most and this problem can take down a small business faster than the others. 

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I know that excited feeling that can come from having a wonderful idea that you know will change the world and make you a success. You know in your head this is something that people need and will buy, so why waste a single second getting it to market? However, the first thing you must do when preparing to start a business is to fight the temptation to just jump into the deep end.

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You are ready to open your business and have been told you need to apply for a business license, so you wonder "how do I get a business license?"

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Below is a checklist checklist for starting a business in Tennessee.

1. Have a plan. Try to think of everything you will need for starting a business. Think about where you will locate the business, who your customers will be, how much supplies will cost, will you need employees, how you will advertise, and the many other things that will go with starting a business. Write out your plan and then run it by others. Do what you can to speak with future potential customers before spending a dime on your idea. Make sure you will be selling something people will want to buy. 

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Many new business owners are wondering how to get their federal tax ID or EIN (Employer Identification Number). You need one of these for several reasons, and one of the earliest you will see is that you need it to open a business bank account. Obtaining the required tax numbers for your small business is very easy but there is a lot of misinformation out there. 

Let's explain how to get your Federal EIN.

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Should your small business adopt a cash or accrual accounting method? This article will explain what exactly these are, their differences, and give you advice on which accounting to use.

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So you are thinking about (or have already signed up) becoming a Takl provider and you are looking for the keys to successfully making money as a Takl provider? 

Being a Takl provider can be an excellent way to make some extra money, but what if it could become a lucrative business? Start with these 4 easy keys to making more money as a Takl provider and you could quickly be on your way to building your own handyman or landscaping empire. 

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Probably the most common area where new business owners get in trouble is taxes. If you know the tax implications of your decisions when you start a business you can save money and headaches. 

Let's learn a few basics of how LLCs with a sole member are treated for tax purposes.

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