Resources from Pennsylvania CPAs for starting, funding, and growing your small business.
Often, entrepreneurs rely on personal savings to start their new business; sometimes they may not have enough available. A trip to the bank to secure financing may be needed. Banks will require a loan to be secured by business assets, including owned office equipment and machinery. In addition, they may require a personal guarantee of repayment.
People change jobs for many reasons. But if you are looking for something that you’ll truly enjoy, perhaps making a business out of your hobby is the way to go. Before you do, first you need to know if the idea is viable, then you should understand the tax consequences.