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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?
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