Owning a small business (obviously NWR)

Are there any LIW brides who own/run a small business out of their home? FH and I are thinking of starting a business (a record label, to be exact) after the wedding. If anyone has any advice or suggestions for us, please let me know. We know nothing about starting a business, although amazon.com is sending us some information on the subject, so any anecdotes or personal experiences are welcome.
TIA

FH ownes and runs his own IT profesional service out od the house...the only advise I can give is if you all ready dont have a tax guy that you trust GET one...there are things you can and cannot write off and they are the best ones to let you know how to do things

GOOD luck

WOW.... so much information out there!

You can contact the chamber of commerce, BBB, there are plenty of business associations that help/have forums on developing businesses.

Sometimes, there are seminars organized by county colleges (they send brochures of their classes).

Check with you town since you may need a permit to work out of your house/appt.

Be very wary of phony people or books that are just there to make a few $$$$

if you're looking to start it together I would suggest incorporating as an S-Corp. It separates the personal from the professional assets. Meaning if something were to go wrong, they can only come after the business - not the house. Partnerships and sole proprietorships offer no such protection.

I second the poster who said find a trustworthy tax guy and also you may want to speak to an attorney before incorporating. There are a lot of little nuances in the law that you might want to know to protect yourselves and to set yourselves up.

there's a ton of knowlege out there...

Congrats and good luck!

oh and one more thing... Keep receipts/bills/invoices for everything... Cell Phone, ethernet, electricity...

When you work from home a portion of the home bills may be allowed as a write-off for the business. Track mileage if you're going places to check out talent or conduct a meeting.

(i used to prepare taxes and there is so much you can write off...)

Definitely a good accountant.
And incorporate.

Good luck!!!