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Hi everyone! I hope I`ve posted in the right place for starters.
My wife and I (mid 50`s) have been baking and selling a variety whole grain breads as a hobby out of our kitchen for years twice a month and have decided to make a go as a full time business.
Over the years we have accumulated all the necessary commercial equipment necessary to; mill wheat, mix, proof, bake, slice and bag bread.
Our starting plan is to rent a small store front for selling product,
Now the starting questions.
1. What type of entity?
My wife (will continue to work part time) and I will both be a part of this during the start up period. I/we don`t need to take any money out for living expenses during this time and prefer to put any and all profits back into the business. Can we do this? ie: no salary?
My wife (will continue to work part time) and I will both be a part of this during the start up period. I/we don`t need to take any money out for living expenses during this time and prefer to put any and all profits back into the business. Can we do this? ie: no salary?
2. Should we go to a lawyer to handle incorporation vs going through Legal Zoom etc? I`m leaning toward LZ for ease and expense reasons. But is it the best choice?
3. We already own the equipment, so how/when do we get it into corporate ownership?
4. We intend to have a bookkeeper/accountant. What should we ask/look for?
5. Any comments, suggestions up or down would be appreciated.
I`m sure I`ll have a lot more questions as we go from here. Thanks, Bill
