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Hi,

There is a chance that I will be self employed next year. As such, I wanted to start looking into the various legal structures now in order to be prepared if and when the time comes. I've started to browse through Amazon.com for some good books, but haven't found anything that looks overly helpful yet.

The books with high consmer ratings tend to have subtitles that turn me off, such as "Inc. Yourself: How to Profit by Setting Up Your Own Corporation". Oh, all I have to do to make money is incorporate myself? Sweet!

I would likely be doing some form of IT consulting. I would be the only employee. The monies generated by my work would likley be a good deal higher than the prevailing salary the same position would pay to an employee.

The prevailing salary for the position would actually be enough to live on, so any extra income the business generates would (again, hopefully) be saved as efficiently as possible for retirement (so, ability to setup retirement funds is a plus).

Liablitly is a concern, though not a huge one. Obviously, minimizing taxes to the fullest extent possible under the law is desired, as we are DINKS (Dual income no kids) with a decent income, and our tax bill isn't very friendly.

I know the basics: standard business, LLC, C-Corp, S-Corp, etc. I understand basic tax implications with each, as well as the legal work necessary to maintain them. Whatever I don't know I can figure out, provided I know enough to be asking the right questions.

So, what I really need is a book (or a good site, even) that will help me to better understand my options. It would cover the pros and cons of each method, some benefits that I might not even be thinking of (possible tax deductions, insurance, etc), and generally help lead me in the right direction.

I'm sure if and when the time comes I'll consult with professionals, but at this point I simply want to get a good portion of the homework done on my own.

So, has anybody read any good books?

Thanks,
-Ortman
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So, has anybody read any good books?.....


In my research a book that I bought was "Lower Your Taxes-Big Time" by Sany Botkin, CPA,ESq. (former IRS Attorny and Senoir Tax Law Specialist) It talks about the tax side of deduction by the type of corporate structure pros-cons. $17 or so....you can listen to him talk at this link below...Max Tax Strategies - mpg3 downloads...

http://www.liveoutloud.com/downloads.htm

Then, the book and others about business at this link...

http://www.liveoutloud.com/products.htm

Just another source of info about doing business.

as so a free seminar at http://www.liveoutloud.com/5BYBteleseminar.htm

tclippinger
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I would likely be doing some form of IT consulting. I would be the only employee.

www.nolo.com is my default reference.

http://www.nolo.com/lawcenter/index.cfm/catID/EC0EEB1C-16EA-4F81-833ED5890B19383A/subcatid/0D973BC0-3287-4CA1-944DC75DE82DC59F

The book that is probably most relevant is:

"Working for Yourself"

http://www.nolo.com/lawstore/products/product.cfm/objectID/68464A84-FD9B-45A8-8F5A576D33A0DECA
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The book that is probably most relevant is:

"Working for Yourself"


I think we have a winner.

Thanks.
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<<In my research a book that I bought was "Lower Your Taxes-Big Time" by Sany Botkin, CPA,ESq. (former IRS Attorny and Senoir Tax Law Specialist) It talks about the tax side of deduction by the type of corporate structure pros-cons. $17 or so....you can listen to him talk at this link below...Max Tax Strategies - mpg3 downloads...

http://www.liveoutloud.com/downloads.htm>>


Gawd save me from gooroos who want to sell me the notion that it's not about working harder, it's about working smarter.

Working for yourself in a small business is in the most part working MUCH harder and for MUCH longer hours as well as working MUCH smarter than the average "wage slave" (where's the "slavery" in getting a gua-RON-teed paycheck and benefits package in exchange for doing the job you were hired for?)

Hate to break it to future self employed types....but making it in this field is about having a better product to sell than the next guy and making sure the purchasers of said product are prepared to part withh their $$$bucks in order to get their hands on it......not trying to dodge Uncle Sam on monies you haven't yet generated.

Vivienne

Personally....I'd looove a tax "problem"
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1. A business owner has to know a bit about everything, hence I would start with the portable MBA to get your feet wet on every business topic

2. It is easy to learn from your own mistakes, but even better to learn from others. I would read guts and borrowed money to learn some simple basic "don't" that a lot of people do and didn't have to.

3. Selling your business is going to be one of the biggest issues you face, accordingly I would steer you to the "I hate selling book" which is written for those selling profesional services.

Beyond that I would work out a business plan, which means when you go into business you don't wind up while doing to work wondering how you get something done you've allready done it. Further, discover where you local small business devolpment center is and spend some time there since it's FREE! The one near me has a huge libary of sample business plans, and also some guides to starting a paticular business which covers just about everything. Seeing how other people wanted to do things can be very helpfull.
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<Personally....I'd looove a tax "problem" >

Have to go with Vivienne on this one. I haven't paid tax for more than 12 months and it has been the saddest 12 months of my self-employed life. No one likes paying taxes but at least it means you are making a profit...

It is good to be sensible about dealing with tax and the like but the most urgent question in business is how do you make money. If you make money other agencies will want some of it but at least there will be some left for you.

Lynn
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