Home Business

Journey Life

Journey Life an employee owned company in partnership with Journeyman Software.

Small Business – Checklist

    • Determine if the business taps into your skills, experience, and interests
    • Use a break-even analysis to determine if you can make money
    • Write a business plan, profit/loss forecast, cash flow analysis
    • Investigate business financing
    • Set up a basic marketing plan

Business Areas:

    • (E) - Employee (T. Rowe)
    • (S) - Self-Employed, Sole Proprietorship (Bank of America, TD Ameritrade)
    • (B) - Business: S-Corp (under 75 people), C-Corp (over 75)
    • (I) - Investing (T. Rowe, TD Ameritrade)

Decide on a Legal Structure: Forms of Business Organization

    • Sole proprietorship
    • Partnership
    • LLC
    • C Corporation / B Corporation
    • S corporation

Identify the factors in the business structure

    • Number of owners
    • How much protection from personal liability you’ll need
    • How you’d like to business to be taxed
    • Whether your business would benefit from selling stock

Get self-help resource from a lawyer

Choose a name for your business

    • Think of several business names for your company and products

Check availability of business names

    • Check domain names
    • Check county clerk
    • Check with secretary of state
    • Do a federal or state trademark search

Small Business – Register, License, and Taxes

    • Business Name - Journey Life
    • Business License - $15 - 30
    • Business Location - PO Box $10 month or Home Office Deduction
    • Register Business Type - Sole Proprietor, Partnership, S-Corporation, C-Corporation, LLC
    • Taxes - W2 - Employee, 1099 - Self Employed, W9 - Independent Contractor, EIN – Employer

Small Business – Paperwork

    • Prepare organizational paperwork
    • Find a business location
    • File for license and permits
    • Obtain insurance
    • Setup tax reporting and accounting
    • Hire workers

Small Business – Hire Workers

    • Employees or Independent Contractors
    • Systems and procedures
    • EIN – IRS Form SS-4
    • Unemployment insurance – IRS Form 940
    • Payroll system – IRS – Employer’s Tax Guide
    • Worker’s compensation insurance
    • OSHA requirements
    • Department of Labor notices

Harpers Business