Average Reviews:
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I loved this book. It's been around for a while. So it should be well outlined and well written. This 2008 edition is the 32nd version and the 63rd printing. The book is 8.5 X 11 and the text is arranged in two columns on each page. There are some illustrations and pictures interspersed through the book to make it more visually appealing and informative. There are 7 sections and 44 "chapters" as follows:
I. Getting started (1-8)
II. Bookkeeping (9-16)
III. Growing up (17-21)
IV. Taxes (22-29)
V. Home business (30)
VI. Your business (31-43)
VII. The ledgers (44)
1. Getting started: Basics
2. Business location
3. Financing
4. Legal structure
5. Choosing a business name
6. Licenses & permits
7. Insurance
8. The Business Plan
9. Warming up to an unpopular subject
10. Business bank accounts
11. Bookkeeping simplified
12. Recording income
13. Credit sales
14. Recording expenditures
15. Calculators and adding machines
16. Financial management
17. Business growth
18. Hiring help
19. Partnerships
20. You, Inc.
21. Limited Liability Company (LLC)
22. Business expenses
23. Self-employment tax
24. Retirement deductions
25. Other small business tax issues
26. The Internal Revenue Service
27. Federal information returns
28. Excise taxes
29. State and local taxes
30. Home business
31. How to balance your bank account
32. Balance sheets
33. Professional help
34. Husband and wife businesses
35. Multiple businesses (more than one business)
36. Import and export businesses
37. Buying a business
38. Freelancers, professionals and consultants
39. Legal and management
40. The Internet
41. Managing and marketing your business
42. The future of small business
43. The annual update sheet
44. The ledgers
I thought the coverage for Limited Liability Companies (LLCs) was weak. There are single member and multi-member LLCs and they can be taxed as either a sole proprietorship, partnership, or corporation depending on their membership and tax elections. And I would not have promoted S corps to the extent the author does in this book. I also thought Chapter 40 regarding the Internet could have been better since it only covered a few pages of the book, if that. And Chapter 41on marketing was lame, too.
The author is a CPA who has had his own CPA firm. As a result, I didn't really expect the Internet and marketing chapters to be complete and very informative. But that doesn't stop me from complaining! All in all, except for the above complaints, this is a really good book for the wanta-be entrepreneur to get hold of and study while they are turning their business idea into a business plan. 5 stars!
PS. You can figure out how to market your small business by studying the marketing techniques of your new business' competition. There's no need to reinvent the wheel. Just go with what is proven to work. And maybe tweak the marketing system your competitors use. If you do this, then you will agree with me that this book is a goldmine of information.
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