Legal Structure

This week was very informative to me. I learned a lot about the legal side behind business. I learned a lot from websites and decided from those sites to register my business as a sole proprietorship. I used that information and decision to fill out the form to assume a business name in the state of Idaho, so I now own my business name, Mountain Burkes. I then talked to my dad who has been in accounting for nearly 30 years about the tax side. He informed me about the importance of keeping track of expenses and income in an excel sheet so that I can correctly report my taxes for this year. Because I will probably end the year in the negative, this will help me save money using write-offs on my tax forms. My plan for putting all of this information into action is this. I am going to open a separate bank account for the business in order to easily track expenses and income from the business. As a backup, I am going to create an excel sheet in order to keep track of all of that information, too. I think this will help me make sure I am on top of the legal and tax side of my business.

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