Business Record Retention / Business Start-up Tips Presented by: Louis Tommasino

Louis Tommasino, CPA Extensive experience in: ▫Tax services ▫Accounting and Business Consulting ▫Trust and business planning ▫Business Management services ▫Start-up companies Own Practice since 1996 ▫Small businesses ▫Non-profit organizations ▫Industries include Biotech, Entertainment, Restaurants, Real estate, and Medical Bachelor of Science in Business Administration from Arizona State University

Overview Accounting, Without It You Will Go Broke Record Keeping Record Retention Entity Selection for Your Business Other Considerations

Accounting, Without It You Will Go Broke Learn the accounting methods in your industry Create an accounting system that will manage your performance and growth ▫Example growth: The Italian Restaurant ▫Example performance: The European Bakery Use an accounting software that you can learn and get support  Quickbooks

Accounting, Without It You Will Go Broke Determine which expenses are business deductions  (see attached handout) Learn to read financial statements and determine your ratios ▫Are your earnings enough money for the efforts ▫Don’t sell yourself short ▫Start this process from the beginning Example: The Postal Annex Store

Record Keeping Record Retention Importance of record keeping provide for allowed deduction on your tax return Retention of records 5 years for tax returns ▫Receipts, bank statements, invoices Retention of records 10 years for payroll ▫Payroll journals, payroll tax returns Permanent file records indefinite ▫Contracts, Articles of Incorporation, purchase of real property, equipment

Entity Selection for Your Business Sole-proprietorship, C-Corporation, LLC, S- Corporation Advantages and disadvantages to each type of entity

Other Considerations Develop a business plan. Provision for one year operating costs and living expenses. Attain the necessary business licenses to stay in compliance ▫City business license, sales tax, fictitious business name, employer id number Insurance is an investment and not a cost

Other Considerations As an Artist, protect your design and Art before entering into a contract. Trademark your work. ▫Example: the Bunny icon Develop a relationship with an Attorney, CPA, and Financial Advisor.

Questions & Discussion