New Business Kit

Jim Comstock Business Advisory Services (JCBAS) offers a Business Guide to help the entrepreneur understand the requirements and nuances of handling the administrative side of the business. The guide is generic in nature due to the breadth of business that is viewing the guide. Specific advice and direction should be obtained from a competent professional.The guide has many pages and exhibits. Therefore, I ask that you stop by or call to arrange delivery of the guide. The guide is complimentary and all I ask is the opportunity to shake your hand and answer a question or two that you may have. Otherwise, there is no obligation on your part. Enjoy the guide.
TABLE OF CONTENTS
CHAPTER 1: SELECTING A LEGAL ENTITY
Sole Proprietorship 1
Partnership 1
Corporation 2
S Corporation 2
Limited Liability Company 3
CHAPTER 2: REGISTERING WITH THE TAX AUTHORITIES
Internal Revenue Service 5
Employment Development Department 5
Business License 5
Tax Calendar 6
CHAPTER 3: ACCOUNTING AND BOOKKEEPING
Chart of Accounts 7
Cash or Accrual Accounting 8
Accounting Records and Record-Keeping 9
A Word About Computers 9
Internal Control 10
Illustrative Chart of Accounts 11
CHAPTER 4: PAYROLL TAXES
Available Publications 13
Tax Deposit Requirements 13
Federal Unemployment Taxes 14
State Unemployment Taxes 14
Supplemental Wages 14
Fringe Benefits 14
Other Tax Requirements 15
Independent Contractor Reporting Requirement 15
Tax Rates 16
CHAPTER 5: SELECTING A YEAR-END
Which Month to Choose 17
How to Make the Election 17
Changing the Year End 18
CHAPTER 6: INCOME TAXES
Income Tax Forms 19
Estimated Tax Payments 19
Due Dates 20
Extensions 20
First Corporate Return 21
Tax Planning 21
State Taxes 21
Conclusion 21
CHAPTER 7: CASH PLANNING AND FORECASTING
Starting the Analysis 23
Cash Collections 23
Disbursements 24
Projected Statement of Cash Flow 26
CHAPTER 8: OBTAINING CREDIT AND FINANCING YOUR OWN BUSINESS
How Do I Get the Money 27
Financing Alternatives 28
Debt Financing Sources 28
Equity Financing Sources 29
CHAPTER 9: INSURANCE
Required Policies 31
CHAPTER 10: SELECTING PROFESSIONAL ADVISORS 33
EXHIBITS
Pages
Form SS-4 Application for Employer Identification Number 1 – 2
Form DE-1 Registration Form for Commercial Employers 1 – 2
Form DE 542 Report of Independent Contractor(s) 1 – 2
Form W-2 Wage and Tax Statement 1 – 2
Form W-3 Transmittal of Wage and Tax Statements 1 – 2
Form W-4 Employee’s Withholding Allowance Certificate 1 – 2
Form W-9 Request for Taxpayer Identification Number 1 – 2
Form I-9 Employment Eligibility Verification 1
Form 1096 Annual Summary of U.S. Information Returns 1 – 2
Form 1099-MISC Miscellaneous Income 1 – 2
Form 941 Employer’s Quarterly Federal Tax Return 1 – 2
Form 940-EZ Employer’s Annual Federal Unemployment Tax 1 – 2
Form DE-6 Quarterly Wage Report 1 – 2
Form DE-7 Annual Wage Reconciliation Report 1 – 2
Form BOE 400 Application for Sales Tax Permit 1 – 2
Form BT-401 State, Local and District Sales and Use Tax Return 1 – 2
Form 1040 U.S. Individual Income Tax Return 1 – 2
Form 1040-ES Federal Estimated Tax Payment Vouchers 1 – 2
Form 540 California Resident Income Tax Return 1 – 2
Form 540-ES California Estimated Tax Payment Vouchers 1 – 2
Form 1120 U.S. Corporation Income Tax Return 1 – 2
Form 100 California Corporation Franchise or Income Tax Return 1 – 2

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