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Saturday, April 9, 2011

Life as a new business person

Hello,

This is my first blog post!  Two weeks ago I decided that I wanted to have my own software company.  So I have started down that path, created Monster Software LLC.  It is still in the early phases, still getting stuff setup.  I wanted to document the steps I have taken thus far and then continue as my business grows.

Taking the advise of a friend I found a lawyer that could help me figure out what kind of company I wanted to be, given each company is different.  I also found an accountant that helped me understand my new tax responsibilities, however took some looking and talking to find the right CPA fit; so don't just use the first one you talk to.  First thing I found out was that, being that I am the only owner and have no employees the best fit ended up being a Limited Liability Company.

As far as taxes go, which was the most worrying part given I now have to pay myself, I found that I would need to keep about 24 - 25 % of my business income.  I'll get into the tax specifics later since it can be its whole blog post, and I am still finding out more as I go.  If your thinking about going into business for yourself always remember, you will pay more in taxes.  Unless you can keep good records and be smart, talk to a certified accountant and/or tax attorney.

Undeterred I moved forward with the creation of my company.  I am still in the process of getting the federal id's and a client list built, but feel there is a service I can provide that others can't.  This is being committed to quality software development and solution oriented approach to problems, forsaking expedient development for more maintainable code.  There is still lots of things to be done and creating this blog was one of them!

This blog will be to document my successes, failures, hopes, experiences and overall life journey.  There will be a blog on my company website dedicated to software development and common software development issues, so please have a look!  This is a new season to my life, and one I will own up to!

Hope all is well with everyone!
(here is a link to my company website: www.monstersoftwarellc.com)

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