A few years ago, a man with a great idea thought about finding the resources to make his idea a reality. With a few friends, some contacts, and a whole lot of faith in their enterprise, they created a business around this one product. Soon, this one idea took off, growing into other profitable ideas.
Fast forward a few years later, the same company, who had been hauling in thousands of dollars since its inception has come across a snag – something, sadly, that could have been very well prevented. Seems like this company has overlooked one, very simple, thing – their tax payments. Now, the IRS has taken notice, and they’ve employed a tax lawyer IRS. Over the course of many months, some more hardships here and there, and having a chunk taken off of their profits, these men have learned their lesson.
While a great idea is the birthplace of any business, people must also remember that a business is not just that. An innovative product/service (or even a combination of both) can be as just as useless as a cliché idea if the proper steps in running the company that produces/renders them are not taken. Do your research, or better yet, hire an IRS lawyer to help you with one of the most complicated bits in running a business. Ignorance, after all, is never an excuse.
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