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The time has come for me to call upon the SV Hoarde for help. Without going into a huge explanation, I need to find as much as I can about the following items:

-buying and running a small business
-getting small business loans
-LLC's vs. sole proprietorship vs. Inc. vs. full corporation
-ANY type of .Gov programs for buying a small business. C'MON OBAMA !!
-business insurance
-how to cash out of pre-tax investments before age-whatever and roll into starting new business. ie: NOT paying early withdrawal penalties.

This is a very serious matter, and I am sincerely asking for help. I would appreciate any knoweledgable input.
 

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The business I'm working for now does consulting for small businesses and can help you with 1, 3 and 5 on your list. I personally can't but if interested I'd be glad to put you in touch with the person who can.
 

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The answers to most your questions, easy read an covers most of the stuff you need to start a small business. Not sure if it has much info on govment programs though. Probably not much about insurance either.
 

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I need to find as much as I can about the following items:

-buying and running a small business
This squirrel successfully started a small business in the current economy, and it's thriving.

I would take Mr. Squirrel's lead and start something myself, but Mr. Squirrel's ***** are bigger than mine. (In proportion to his body size, of course.)





Sorry....couldn't resist.:oops:

Back to the helpful responses.....nothing to see here.

;)
 

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[snip]
-buying and running a small business
-getting small business loans
-LLC's vs. sole proprietorship vs. Inc. vs. full corporation
-ANY type of .Gov programs for buying a small business. C'MON OBAMA !!
-business insurance
-how to cash out of pre-tax investments before age-whatever and roll into starting new business. ie: NOT paying early withdrawal penalties.
[snip]
can't help you much on buying a business except from horror stories I have heard... if buying, get the business value appraised by someone independent

running a business, I chose to hire a business manager that runs the business end of my business, I'm in charge of the professional aspect

loans, good luck, don't waste your time spinning your wheels too much

LLCs (what I am) have the advantage of personal protection like a corporation, but being taxed as a sole proprieter or partnership, mine is setup in a way that I am partners with myself so that I can sell shares to have a real partner if I so choose, for the most part, going LLC is a no brainer, make sure you have good documents to establish the LLC and include how the LLC would be disolved in the event of ending the LLC this saved my ass when I disolved my former partnership company last year

don't spin your wheels too much trying to get gov't startup money, it might be to your advantage to take on a woman or minority partner

insurance....workmens comp, general liability, errors & ommissions(malpractice) not sure what yer getting into, building & equipment, inland marine for equipment that goes out on jobsites, vehicle insurance

cashing out retirement/life ins ...... borrowing against your retirement/life ins. but not actually taking it out is the only way I know of or you will have to pay penalties

I went thru a lot of this a year ago when I disolved a business partnership of 12½ years and started my own new company
 

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Question. Is 'now' really a good time to start a business? If so, how and why?
 

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My partners and I started our business (machine shop) in 1990, in a recession. We recieved help from a local organization, but you should check out this site as I believe they were affiliated. The first requirement they insited on was a fairly detailed 5 year business plan. That forced us to sit down and actually research the industry, crunch numbers and come up with a projection that proved the venture was viable. At the time we thought we made it a little optimistic, but surprisingly, at the end of our first 5 years we were pretty darn close. Borrowing money was ridiculously difficult at that time. SBA only assists women, minorities and the already wealthy. We purchased our initial equipment with credit cards! After about 2 years the banks came around.

We started out as a subchapter S corporation. This provides a little tax relief, personal liability protection and simplifies taxes/paperwork. Most independent insurance brokers can answer your questions about your insurance needs. My take: start out as frugally as you can. Debt is a killer of upstart businesses...maybe that's why banks are so hesitant to lend. If I think of anything else I'll post back.
 

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Question. Is 'now' really a good time to start a business? If so, how and why?
Yes, absolutely a good time. Industrial and commercial space is cheaper right now. Lots of things can be had for less cost right now. More businesses failing means more equipment floating around on the used market for lower prices. So this can lower your up front costs, which is essential for a new business. If you can make it work in this economy, when things pick back up, you'll often have huge growth and be able to hang on to relatively lower overhead.

GM: You may need to get real friendly with a locally owned community bank. (1-2 branch kinda place.) They are the types of banks that can help small businesses.

Cashing out retirement to buy a business sounds like a red flag to me.

Getting a loan will be tough, especially now. As Randy said, don't spin your wheels too much.

If you're buying an existing business, you need to make sure you know the industry, do your due diligence and understand what you're getting into.
 

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Yes, absolutely a good time. Industrial and commercial space is cheaper right now. Lots of things can be had for less cost right now. More businesses failing means more equipment floating around on the used market for lower prices. So this can lower your up front costs, which is essential for a new business. If you can make it work in this economy, when things pick back up, you'll often have huge growth and be able to hang on to relatively lower overhead.
Good point. The down sides of starting a business now should be fairly obvious.

As far as timing goes, would it not be best to dive in when we (our economy) bottom out and try to catch it on a up slope? I guess the difficult part is determining where the "bottom" is actually going to be. By the looks of things we still have a ways to go before this downward trend stops. A little more waiting might be good? Perhaps things are going to get even cheaper still?

Now I think of it, the 99 cent stores are probably doing quite well nowadays. There is a higher demand for cheap goods.
 
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