- Joined
- Apr 8, 2011
- Messages
- 82
Rep Bank
$280
$280
User Power: 26%
Okay. Im on the verge of getting my thing done, and Im working on a few details. This is one area I have zero experience in. so, I thought Id run it by you all who have probably went through it.
I have a partnership with a manufacturing company in California. I am in Tennessee. We are about to turn on our website, and start creating a little trafic with some pictures and videos, and currently plan on being ready to rock in January.
My question is, when orders start coming in (and I know itll take awhile), what kind of financial structure do I need in place? Ive always been paycheck dependent, but this will be different. So, I set up a bank account for the online cart, and other payments to come in....then what? I dont want to handle it, for fear of making mistakes, which sometimes are unlawful, even if they are mistakes. And I would feel better with a 3rd party handling payroll. We have an agreement that states after the bills are payed, we share profit 50-50. How do I make it easy for him to cover manufacturing, shipping and other expenses, and for me to cover design, legal, industry, and travel expenses, without having to swim in a nightmare of paperwork and receipts? What type of legal service am I looking for?
A friend suggested I call my tax service, to see if they have a financial service that could handle it. I would also need the ability to have the account audited at least once a year, by both parties if requested. Thats why I think a 3rd party would work better. No bias.
What have you all done? I know when it starts, it wont be much. But what if (and we anticipate an increasing volume after we go to a trade show, and have magazine coverage) we check the account one day, and its got big stupid numbers? I have no idea what to put aside for future use, taxes, bills, etc...How do I stay out of trouble?
I have a partnership with a manufacturing company in California. I am in Tennessee. We are about to turn on our website, and start creating a little trafic with some pictures and videos, and currently plan on being ready to rock in January.
My question is, when orders start coming in (and I know itll take awhile), what kind of financial structure do I need in place? Ive always been paycheck dependent, but this will be different. So, I set up a bank account for the online cart, and other payments to come in....then what? I dont want to handle it, for fear of making mistakes, which sometimes are unlawful, even if they are mistakes. And I would feel better with a 3rd party handling payroll. We have an agreement that states after the bills are payed, we share profit 50-50. How do I make it easy for him to cover manufacturing, shipping and other expenses, and for me to cover design, legal, industry, and travel expenses, without having to swim in a nightmare of paperwork and receipts? What type of legal service am I looking for?
A friend suggested I call my tax service, to see if they have a financial service that could handle it. I would also need the ability to have the account audited at least once a year, by both parties if requested. Thats why I think a 3rd party would work better. No bias.
What have you all done? I know when it starts, it wont be much. But what if (and we anticipate an increasing volume after we go to a trade show, and have magazine coverage) we check the account one day, and its got big stupid numbers? I have no idea what to put aside for future use, taxes, bills, etc...How do I stay out of trouble?
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
