Small Business
Learning how to start, manage, and grow a small business, including business structure, bookkeeping, cash flow, taxes, deductions, funding, and day-to-day operations.
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Frequently Asked Questions
What business structure should I choose?
Common options include sole proprietorships, LLCs, and corporations. The right structure depends on liability protection, taxes, and how you plan to operate and grow.
What taxes does a small business need to pay?
Most businesses deal with income taxes, self-employment or payroll taxes, and possibly sales tax. Tax obligations depend on your business structure and location.
How do estimated taxes work for small businesses?
Many owners must pay quarterly estimated taxes to avoid penalties. These payments cover income and self-employment taxes throughout the year.
Do I need separate bank accounts and credit cards for my business?
Yes. Mixing personal and business finances causes tax problems, bookkeeping issues, and weakens legal protections.
What’s the difference between SBA and non-SBA loans?
SBA loans usually offer lower interest rates, fewer fees, and longer repayment terms, but take longer to approve.
Non-SBA loans are faster to fund but often cost more through higher interest rates, more fees, and shorter repayment terms.
What credit score do I need for a business loan?
Most lenders look at personal credit, often in the mid-600s or higher, especially for small or newer businesses.
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Small Business Key Terms
The key terms you need to understand everything about small business
Business Structure
The legal way a business is set up, such as a sole proprietorship, LLC, or corporation, which affects taxes, liability, and how the business is run.
Bookkeeping
The process of tracking and organizing all income and expenses so you know where money is coming from and going.
Operating Expenses
The regular costs needed to keep a business running, such as rent, payroll, software, insurance, and supplies.
Deductions
Business expenses that can be written off to lower taxable income, such as equipment, software, and home office costs.