Finance/Small Business ownership etc.

[def90]

It is really hard to answer this question. You might want to start with this read:"The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It" http://www.amazon.com/The-E-Myth-Rev.../dp/0887307280

Owning a business is only something you can truly understand once you have lived it. It's like living under your parent's roof and thinking that life would be so much better if you were out on your own. Once out, however, you realize how little you knew. But once your out, no matter how painful it is, you will never want to move back under their roof.

Great book! Wish I had read it before I went into business for myself as well, (I read it a few years after the fact) it would have saved me several years of pain and suffering..

As far as the bank goes.. If you own the business you are liable for all debts the business acquires. As far as loans go, all banks are different. If you are a middle aged white guy forget getting credit/money from a bank, it won't happen. They will look at business records as well as your personal credit history, they will make you run through hoops and in the end find some reason to deny you. Most small businesses are financed via credit cards but based on my experience I would highly recommend paying cash for everything, buy only what you need when you need it using little to no credit. Things can go downhill fast.

My company is set up as a LLC and I file with the IRS as a S-Corp. All debt is considered mine, most business classifications are for general liability, not financial liability.