I recently started a food truck using personal loans, and credit cards. I am looking for some advise on how to set up my business accounts and how to transfer debt or make a loan to the business. I plan to eventually seek the services of a Professional Accountant but currently funds are low. I plan to open on September 3, 2016.
Answers
Hi Kerrine:
To add on to what Jerry mentioned about Chamber of Commerce assistance, you can also obtain free mentoring from SCORE volunteers (www.score.org). Here is the Tampa office contact info:
2101 E Palm Ave., Suite A
Tampa, FL 33605
813.448.2311
Good luck with your new business!
Scott
Hi Kerrine, What ever you do make sure you keep detailed records. This way the accountant or other service you use can recreate the trail and make sure you don't have any issues later on (especially tax issues). Good luck!
Visit your local Chamber of Commerce. In medium sized cities they have retired executives that offer assistance in these types of areas. If you live in a smaller community, they may recommend you visit a neighboring larger Chamber for assistance. It is a great program on everything on writing business plans to advice on accounting.
First step is to write a business plan. Simply incurring alot of debt without any plan to run the business usually results in failure.
Second step is to incorporate or form an LLC. Until you do that, any liability the business incurs will be your personal responsibility. Things like a traffic accident or someone getting food poisoning will go against your personal net worth and you could loose all you have.
Third step is, never ever take on personal debt to finance a business. Business debt is handled differently with respect to the law than personal debt.
Better option is for you to liquidate everything you bought, pay off your credit cards, and start over the right way.
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