LAW REVIEW: Starting your own business - KTIV News 4 Sioux City IA: News, Weather and Sports

LAW REVIEW: Starting your own business

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For many, their dream is to be their own boss. But, you have to know a lot before you start your own business.

Matt Breen asked, "Jim from Sioux City says, 'I am considering starting a business, what are some steps I need to take?'" Jeana Goosmann, Goosmann Law Firm said, "Have a business plan. Then identify strengths, weaknesses, opportunities and threats. Talk with an attorney, a CPA, and bankers. Then, make a budget."

Matt Breen asked, "How does someone handle business partners?" Jeana Goosmann, Goosmann Law Firm said, "Make sure you have an operating agreement. Also, look into a "buy-sell" so there's a plan for a time when you, and your partner, aren't in business together. And, lastly, draw up a partner agreement."

Matt Breen asked, "What does someone need to know about taxes?" Jeana Goosmann, Goosmann Law Firm said, "You have to register with the IRS. Ask them for an Employer Identification Number, which is like a social security number for a business. You'll need to be aware of withholding state taxes and payroll taxes."

Matt Breen asked, "Who else should they be talking to?" Jeana Goosmann, Goosmann Law Firm said, "An attorney, a banker, a CPA, and an insurance agent."

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