I am in the planning stages of opening a business. The company will initially have only one employee and be based in Minnesota. I'd like to know how to establish a benefits plan. I realize that several benefit plans are available. I'm battling with what's prudent vs. what's required and what's nice to have vs. what's needed. Also, how should buying benefits change when additional employees are hired?
I want to start a new venture but have little money and a good amount of debt. Should I go for it? I'm young, don't have children, have a mediocre paying job, don't own a thing, and it would take me years to pay off my debts given my current job. I really don't want to be stuck in my current profession and am eager to start this venture before someone with a similar idea tests the waters. If this becomes a viable venture, it may be my ticket out of debt and a free-flowing and creative new venture and lifestyle.
I received a one-third ownership of a piece of property through a will closing out my parent's estate. That property is rented out to form a steady stream of income. My two siblings and I formed an S corp for tax purposes.
I don't want to cause conflict. I recently went to work in a new small retail business as part of a commissioned sales team. I don't want to lose this job as it provides me with flexible hours but this is becoming uncomfortable and frustrating.