DFW Entrepreneur Startup meeting Thursday, 26 April 2012

Nine people attended the DFW Entrepreneur Startup meeting on Thursday, 26 April 2012; the small group ensures that each attendee gets to ask questions. Richard Sherman, CPA told the group:

• There is no need for individuals to start a corporation since this does not mean you have limited liability
• Purchase insurance policies appropriate to the business
• Keep all business accounts separate from personal accounts and vice versa – do not comingle business and personal accounts doing so can cause tax deductions to be overlooked and credibility to be lost causing any gray areas to be suspect and scrutinized
• Having personal and business accounts at the same bank makes it easy to transfer funds from personal account to business account as a loan; each transfer should be a large enough amount in whole dollars that it will not be confused with typical business income
• Use a computer program such as QuickBooks to record all business transactions
• Use a computer program such as Quicken to record all personal transactions
• Record all miles driven for business and keep vehicle maintenance receipts for the odometer reading on them; the maintenance receipts provide an independent record of miles driven that satisfies Internal Revenue Service requirements.
• Too much detail in record keeping is preferred to ensure that required information is not lost.

Richard A. Sherman, CPA does business as Sherman Accounting and Tax Services in Arlington, Texas.

The next DFW Entrepreneur Startup meeting is scheduled for Thursday, 10 May 2012 from 11:00 AM to 1:00 PM at Dallas Baptist University, 110 Grapevine Hwy, Hurst, Texas. This will be a brainstorming session where somebody will present a business for group discussion. The official source of information about DFW Entrepreneur Startup is http://finance.groups.yahoo.com/group/dfw_estartup/.