Reddit reviews Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble (Small Time Operator: How to Start Your ... Keep Yourbooks, Pay Your Taxes, & Stay Ou)

I would recommend Small Time Operator. It is a great resource that touches on a variety of important items and issues.

Thanks for your response!

Unfortunately, I do not think the business has much opportunity to grow (aside from opening another location). It is a retail store, so there isn't a lot of equipment or machinery.

Just the fact that I needed to ask this question means that I need to read up on small business finances. Just went to the library and checked out this book. I think it will help me to break everything down and figure everything out! Thanks again!

Start with this book and you’ll be ahead of the game. Small Time Operator.

Also familiarize yourself with the IRS publications for starting a business.
https://www.irs.gov/businesses/small-businesses-self-employed/starting-a-business


https://www.amazon.com/Small-Time-Operator-Business-Yourbooks/dp/158979799X

I don't think this is true. The original proprietor is still on the hook for all the debts incurred while he was the owner of the business as these are personal debts. The new owner would only be liable if he agrees to take on the liabilities. This process would involve sitting down with the original owner's creditors to work out some kind of deal to transfer those debts.

Furthermore, if the business is organized as a sole proprietor, I would set up the business as an LLC to avoid unlimited personal liability especially considering the nature of a gym (people getting injured).


To OP: This is a great beginner's guide to starting/running a business. The book is called "Small Time Operator".

https://www.amazon.com/Small-Time-Operator-Business-Yourbooks/dp/158979799X/ref=sr_1_2?ie=UTF8&qid=1485891222&sr=8-2&keywords=small+time+operator

I don't know where you're doing your research, but these things should be easy to find. Pick up a copy of Small Time Operator - that will give you the basics of bookkeeping and the sort of issues you'll need to cover.

Then check with your county office, and the secretary of state - they'll tell you about applicable tax requirements. Check with your city or village to see if there are specific licenses they require, or ordinances you have to comply with.

Thee are millions of books around.
http://www.amazon.com/Small-Time-Operator-Business-Yourbooks/dp/158979799X/ref=pd_bxgy_14_2?ie=UTF8&refRID=0S7XN6A43GPJE4X8JWBS

You aren't going to make a living doing computer repair unless you are servicing many business accounts

There are a number of good books. One I found helpful is this one. available on amazon