I'm starting my own company in the next 3-4 months. What are the best books to learn the pitfalls and legal hoops I have to jump through.
As an example. I have no idea about setting up employees on a payroll and reporting to the gov in regards to who's on my books. How to pay dividends etc.
It's a service company just me and my father to begin with but will be expanding to another worker as the work picks up.
One question that came into my head. Uk law here: Can you work under 16 hours to avoid tax but get paid double to compensate (so I'm actually earning 40+ hours in reality)
Yes I'm putting my dad in his favourite dress out on that street corner and getting him to shake what his momma gave him.
It's fixing boilers, radiators. General handy man stuff but its a skilled job as most of it will be gas based problems.
He's got the skills and I'm the administration side as I'm bringing my understanding of technology to the table.
Op here, Currently I have: Noam Wasserman
The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup
Robert B., PhD Cialdini
Influence: The Psychology of Persuasion
Then on my wishlist:
The Lean Startup: How Constant Innovation Creates Radically Succ... by Eric Ries
How Google works by Eric Schmidt
Have I missed anything?
Damn. I've always wanted to read cialdinis book. Sorry OP not an entrepreneur but I may pick these books up and knock em out. I've always wanted to start a biz too, outside of the simple rental game
UK taxation is not based on number of hours worked, but on income from working.
Just on the fact that you did not know that, shows you have a long way to go.
You trading as a limited co, sole trader or partnership?
I run my own limited company (IT contractor), and pay myself through dividends to avoid income tax, but have to pay corp tax ofc.
How'd you learn all this? I'm willing to graft and get stuck into books so I'm ready.
Me and my dad will be self employed and itl be mostly cash in hand work. So a limited company?
That's an idea I had with the dividends to avoid tax.
Where'd you start out and how'd you learn the ropes?
Any good websites or books to reccomend?
Truthfully? I got made redundant, and looked for anything I could get, and got offered a contract gig with a big firm.
From there, started my own limited company that invoices my end client, then my accountant does the rest - top tip, just get an accountant, they will always save you cash.
If its just a 2 man band, and cash in hand gigs, registering self employed may be the best way to do it, or if you want to offset expenses ect, go Limited.
A good place to learn all of this - http://www.contractoruk.com/ - not 4chan!
I was gonna give you advice, but you are in the UK and I am in the USA, so I dont know what is different there.
But, I would hang with other small business owners on a regular basis. Maybe even join one of those networking clubs.
People will just freely tell you what you need to do.
For me it was:
> form an LLC
> set up a business bank account
> set up a website
> use a small payroll company
> set up an excel sheet with profits, costs, labor
its not that complicated but those first 10 weeks of setup can be fucking overwhelming.
its a marathon not a sprint.