In Progress

Business Foundations

Bookkeeping and taxes

Use QuickBooks or Xero from Day 1, connected to your business bank account. Even with $0 revenue, you must file taxes annually. International LLC owners must file Form 5472, failure carries a $25,000 fine. Get an Operating Agreement, IP Assignment (vital for investors), and Terms of Service. File your BOI report within 90 days.

In the U.S., the IRS doesn't care if you're a student; if your business makes money, they want a cut.

You can use software like QuickBooks Online or Xero from Day 1. Connect it to your business bank account so every transaction is recorded automatically.
Even if your business makes $0, you must file a tax return every year. For international owners of a U.S. LLC, you often have to file Form 5472—failing to file this carries a **$25,000 fine**!
Hire a "Startup Accountant" or use a service like Bench or Pilot once you start making revenue. Don't try to do business taxes yourself.

Resources

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