1. There are things called sole proprietorship,partnership,LLCs,and corporations.What is the difference between them ? Are there different benefits to each one? How do I know what is right for my business?
2. I am going to need some other people to perform some of the services for me. How should I handle the payment for that ? For example , what would be the difference between me hiring you as my accountant and me making you a partner in REC to do the same work ? Which would you prefer and why?
3. I see three different statements : Balance Sheet, Income Statement and Statement of Stockholders Equity . Why do companies need so many statements ? What is the difference between them ?
4. All of the things on the transaction list happened this month. I think they are all important . I just don't understand why some things may need to be included in accounting records and others don't. Why would something NOT need to be recorded ? How can I learn what matters for accounting and what does not ?
5. I am still not clear on what the different statements can tell me. Looking at the October statements, I see I still have a fair amount of cash in the bank account. And I expect to get more soon. Does this mean that I am doing well? How does an accountants measure "well"? What are the conclusions you can draw from these statements?
6. What concerns do you think I should have after this first month ? Are there things I am not dealing with well ? How can I tell if I am ready to expand the business?