2 and 3 (corporations and bank accounts)

Filed in archive Entrepreneurship by Shawn Hessinger on April 29, 2007

Link: 20 startup tips

CONTINUED FROM PREVIOUS POST

2. thou Shalt Not Incorporate

Especially not in the state of Pennsylvania where I live and which boasts (for some reason) one of the highest corporate income taxes in the nation.

Dane says 75 percent of all businesses are sole proprietorships. And, of course, incorporating is just another cost when you're not even making money yet.

Here is another alternative.

3. Thou Shalt Not Get a Bank Account

And don't worry about getting set up with Visa and Master Card either, for crying out loud! On-line services like PayPal usually already have you covered for Internet transactions on all this stuff.

CONTINUED NEXT POST

Related Entries:

Smartphones and PDAs the New Credit Cards - 11 January 2007
Bootstrapper's Primer: Plastic potential - 27 March 2007
Bank Accounts - 13 May 2007
Funding your business with credit (Part 1) - 27 May 2007
Credit Card Expenses... - 21 November 2007
Debit Card Transactions - 28 November 2007

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Vote for 2 and 3 (corporations and bank accounts):

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Rating: 1.00 out of 8 vote(s) cast.

Response from: Harry Goldburg (04/30/07 2:53pm)

I have to disagree once again. Yes, Paypal is a service that is capable of handling all types of credit cards, but they don't do it free. There is a fee involved, around the same as it cost to call in someone's credit card througb a service. What makes Paypal "worse" is that they base their fees off of a percentage. Sell a product at a higher price ($100 or higher) and you can actually have Paypal take "more" than if you handled credit cards in your business.

To further make my point, believing the world uses Paypal is a young man's folly. Most businesses (including Amazon...one of the most successful on-line businesses on the net!) don't let their customers use Paypal. It's ONE pay service out of several out there...and it's foolish business to think that everyone uses "one" service of payment.