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All business agreements should be concluded with a contract. To moderate any risk in those agreements and create important relationships, contracts should be accomplished through seven steps.Contract management has taken on a bigger role in day-to-day responsibilities as businesses work towards increasing potency without increasing their representative numbers. As the number of contracts in business transactions grows, it’s imperative that contracts save time, not consume more of it. Having a general understanding of the contract management process can minimize time spent managing administrative tasks and maximize strategy to stimulate and automate the deal.Step 1: Contract PreparationContracts are legally binding documents that should not be approached lightly. It’s important to be organized and prepared with the right resources. Properly identifying the needs, reasons, and ultimate goals that require a contract makes any decisions down the line much easier. Contracts should seek to define and mitigate risk in a relationship, looking ahead to any potential scenarios that could occur over the lifetime of the document and accounting for them in the contract. For example, the terms of the agreement within a contract should address what happens if the client files for bankruptcy, go out of business, or sells the company, along with any other contingencies that may arise.Another example is a contract that is intended to set pricing terms for customers. One goal of this document should be to make sure the business is financially protected despite the scenario and will be paid once the tasks outlined in an agreement are complete. A contract ensures that even if a business relationship is strong, each side is going to obtain exactly what is expressed in the contract.Once the reasons for creating a contract are fully established, it’s time to begin drafting the contract.Step 2: Author of the ContractConsulting with In-House Counsel or an attorney is wise, especially if there are any uncertainties. Better yet, using a preset template drafted by your legal team to ensure all the information is up-to-date and all required clauses and terms are automatically included.When authoring the terms of the contract, it’s also important to pay attention to specific wording. Any ambiguity leaves contracts up for interpretation, even down to a comma. State and country laws will also need to be taken into consideration, especially if the two parties are in different locations.Step 3: Negotiate the ContractNo matter how much research, planning, and preparation goes into the first draft of a contract, negotiation almost always follows. Negotiation should begin with transparency and trust. Anticipating and researching the other party’s needs before the conversation simplifies the process and creates a strong foundation for a lasting relationship.As redlining begins, it’s easiest to use a contract management platform so both parties can view the working document to make changes and collaborate in real-time. Email and offline documents can be confusing and cause costly mistakes, but a single source of truth for conversations and contracts will result in quicker negotiations and a contract that provides visibility for both sides.Step 4: Get Approval Before Finalizing the ContractAfter negotiations are complete and both parties agree, next comes approval. In larger companies that need manager approval or have audit procedures, all the requirements for approval will need to be met before finalizing the deal. For example, if a company has specific procurement policies, they will need to be met before gaining approval for the contract. In a contract management platform, this is as simple as setting up an approval workflow so that whoever needs to approve the contract receives a notification and can view, edit, and comment on the contract in real-time.Step 5: Execute the ContractThe signing should be the simplest part of a contract: both parties agree, the wording is exact, and the next step is simply making it official. However, many businesses make agreements across the country or even the globe, and getting signatures isn’t as straightforward as meeting in person. Especially if deadlines are tight or time zones are incompatible, overnight mail or even email may not be the best way to get signatures faster. A legally binding online signature (e-signature) can solve all these problems, allowing you to move faster, accelerating signatures and revenue.Step 6: Keep Up With Amendments & RevisionsContracts are rarely stagnant. Revisions and amendments are a common part of the life-cycle of a contract. Tracking changes and the effects for each party can be confusing; however, this is another reason to implement a reliable process, such as a contract life-cycle management platform, to easily record edits and add amendments. It’s important to stay ahead of the changes and make sure both parties are fully aware and in agreement on any revisions.Step 7: Manage After the SignatureContract management doesn’t stop once the ink dries. Performing regular audits will ensure obligations are met and value is realized. Alerts should be set for deadlines and renewals. Missed renewals mean lost opportunities to continue a relationship, and most importantly for a company, lost revenue. Being aware and making contact well before the renewal time shows reliability and care for the relationship, and will continue to build trust and loyalty.Contract management can be a time-consuming task, but if properly managed, can be one of the most lucrative areas for building business relationships and generating revenue. A contract lifecycle management platform simplifies contract management processes, providing the ability to manage and avoid risk and compliance issues through templates and approval workflows, streamline negotiations with online redlining, deliver more revenue and faster with online signatures, and more easily manage documents after their signed helping organizations grab opportunities that may otherwise have been missed. Forward-thinking companies are turning to contract management platforms to reduce costs, mitigate risks, and increase profitability. Are you? Interested in learning more? Schedule a demo below.

Develop programming and business expertise. Obtain a degree in computer science by taking programming classes in a variety of computer languages as well as business courses in accounting, finance, marketing and human resource management. If you feel you have the right skills without getting a college degree, you can get an entry-level job at a software company where you can train with a software development mentor.Work for a software company in a management capacity. Strengthen your leadership and communication skills by managing people and bringing new software products to market. Pay particular attention to the needs of end users that are not being met by other software companies, and learn product marketing processes.Generate a product idea. Develop an innovative product idea based on what you have learned and observed about the needs of end users. Once it becomes clear that a market exists for your product idea, consider starting your own software company.Do a lot of market research to find out if there is any current or potential competition. Consult with experts in your field and set up focus groups to provide feedback on your idea. Your local chapter of the American Marketing Association can help with this.[1]Make sure your product idea is viable. Speak with experienced software developers and test out your idea to see if it is doable before making further investments of time and money. Have them sign a non-disclosure agreement (NDA) before discussing the idea.Protect your product idea. Obtain the necessary patents and trademarks. Ask your team of collaborators, if applicable, to also sign a non-disclosure agreement.A template for a non-disclosure agreement can be found online at Legal Forms and ContractsLegal Forms and Contracts. [2]You may want to hire an intellectual property attorney to see if your product qualifies for a patent. Visit the U.S. Patent Office website for instructions on how to search for existing patents and how to file for a new one.[3]You can trademark your product by adding a "TM" symbol whenever you use your product name. A registered trademark that prevents others from using your product's name needs to be obtained from the U.S. Patent Office.Create a business plan. Write a plan that describes the purpose of your business, product, branding approach, market audience, product competition, and financial needs and plans. This is a strategic plan that will guide you in achieving your goals for the business. You can find more details about how to write a plan here, but you will want to include:Your business concept: The focus here is on describing your business and the market for your products.Market research: Market research is critical, as it describes the nature of the market you are entering into. Identify who your major competitors are, who your target market is, and the preferences and needs of your target market.A marketing plan: This should describe how you plan on addressing the needs of your market, how you will communicate with customers, and how you will advertise your product.An operations plan: This will describe your operations on a day to day basis. It would include, for example, how you plan to develop the product, a timeline, and people and equipment required.A financial plan: This would outline how you will finance your business, what your expected costs are, and projections as to your revenue.Determine the legal structure of your business. This will have implications for how you file taxes and how much you will need to pay. Most small businesses are sole proprietorships that are the easiest to set up and require the least paperwork. If you are considering another legal structure, you may wish to consult a lawyer who specializes in new business start-ups and who can help you pick the structure best for you.Sole proprietorship – A sole proprietorship is owned and run by one person, and there is no legal separation between the individual and the business. As a result, all profits, losses, debts and deeds of the business are your responsibility. This option can be attractive for a small business due to its ease of formation, and due to the complete control it provides.[5]Partnership – A partnership simply refers to the sharing of ownership between two or more people. Partnerships are formed through the negotiation of an agreement between the partners (assisted by a lawyer usually), and each individual partner is liable for his or her share of profits, losses, or liabilities. This can be attractive if you are choosing to run the business with another person to take advantage of combined skills.[6]Keep in mind that each partner is generally liable for the full debts of the partnership. Partners may have to seek payment from the other partners separately if they do not pay their share of a debt. The amount of liability depends upon the terms of any loans the business takes out.Limited liability company (LLC) – To start an LLC, you must, at a minimum, choose a name and file articles of organization with your state, often for a fee. LLC owners pay taxes on their proportion of profits through their individual income tax returns and have to pay self employment tax, but are protected from personal liability for the decisions and actions of the company.[7]Corporation – An independent legal entity owned by shareholders. To register your corporation you must choose a company name and file articles of incorporation with your state. You will also need to register with the IRS and get a tax ID. Corporations file taxes separately from their owners. This may prove advantageous, allowing owners to take advantage of the corporate tax rate, but it may also lead to double taxation (which refers to your corporation's income being taxed, followed by your income from the corporation being taxed when the company pays a dividend or makes a distribution). You should speak with your lawyer or accountant to see if this form of business will benefit you. This structure is generally not appropriate for smaller businesses.[8]Register your business name with your state government, if necessary.A DBA (Doing Business As) is needed whenever you are doing business under a name other than your own. Registering a DBA name is typically done through your state government or county clerk's office.You can search the specific requirements of your state online. This process typically only takes a few minutes to complete.This is typically useful for sole proprietorship, since not using a DBA name means that your business name will automatically default to your personal name. Note that a DBA name is also required if you are starting a corporation.Determine if you need to get a tax identification number for your business.Corporations that must file tax returns will need one, as well as partnerships, which don’t file taxes, but do have to file business information annually with the IRS.The IRS does not generally require a tax ID number for sole proprietorships (you can use your Social Security number instead).Become knowledgeable about licensing, taxes and insurance. Once you determine the legal structure for your business, research the requirements of your locality for licensing, paying sales tax and income tax, liability insurance and other requirements. Check What Federal Licenses and Permits Does Your Business Need? to see if your business needs any federal permits or licenses, and What State Licenses and Permits Does Your Business Need? to see if it needs a state permit or license.There are also permits and licenses that may be required by your city or county. The best way to find out if your particular business requires any unique permits is to contact your city, describe your business, and inquire about any requirements. For example, many cities require "Home Occupation Permits", if you plan to operate a business from your home. Consult an accountant or attorney, if necessary.[12]It is important to have liability insurance for a software company in case your software has a bug that ruins your client's computer system.[13]Raise funds for your software company. Software development requires time and resources. Make a complete list of the start-up capital you will need to finance your business.Explore venture capital funds. Contact venture capital firms that have previously funded software companies to discuss the possibility of entering into an agreement. Do an online search to find companies that have provided early-stage funding for products similar to yours.[15]Note that you will be giving up equity in your company if you accept venture capital funding.Research grants and loans. Contact your local Small Business Administration office to see if you qualify for an SBA-backed bank loan. Explore the availability of funding from local universities who may be interested in financing start-up companies.[16]Find investors among relatives and friends. Discuss your software product idea with family and friends to explore the possibility of their investment in your business.Consider online funding sources such as the Lending Club and Kickstarter.[17][18]Purchase the necessary equipment and applications. Equip your development team with computers, programming applications, data storage capability, servers and all of the necessary tools for creating and distributing the software. Find office space to rent using a real estate broker who specializes in commercial real estate.You will need to hire a freelancer to design packaging if this is a product that will be offered on a store shelf. You will also need to hire a company to manufacture the CDs, if applicable.Hire developers. When hiring developers, look for candidates who have the required programming skills and the desire to work in a software start-up environment. Consider offering key employees stock in the company.Advertise on job boards such as Monster Jobs - Job Search, Career Advice & Hiring Resources and one search. all jobs. Indeed.com. Be very specific about the skills and number of years of experience you are looking for. In addition to knowing the right programming languages, look for those who have experience working on teams to bring a new product to market. Check all references carefully.Ask friends and colleagues in similar types of software industries for recommendations.Create a development time line for the product. Allot a reasonable amount of time to the development of your software product. A complicated data management system may take much longer to develop than a simple mobile phone application.Before creating the time line, get input from your development team and outside experts to make sure the time allotted is appropriate for the type of software you are brining to market. You want to beat any other potential competition, but you do not want to offer a product that is full of bugs because it was rushed.Oversee the development process. Facilitate clear communication between you and your development team to ensure that everyone is operating under the same product vision. Hold status meetings weekly to make sure progress is being made according to your timeline.Test your software product after the development phase. Establish a structured quality control and assurance process. This may involve a small team of developers testing each feature for smooth functioning on various operating systems, or bringing in new testers with fresh eyes to interact with the product.Write up a complete set of testing procedures and make sure all testers are following it to the letter. If steps are skipped it will not be a valid test.2Gather a team of beta testers. Allow a small and select team of end users to use your product to gauge its user-friendliness, effectiveness, accuracy and/or efficiency. Then fix all bugs and retest. Finalize your product by fixing all bugs and errors, and conduct a final test to ensure quality.Choose beta testers from industries that you previously determined have a need for your type of software.3Market your product. Hire a marketing firm or experienced marketing professionals to work for your company. Consult with such professionals during the product development process to help shape decisions about product features, uses and market audience.Marketing professionals should be getting feedback on product features, etc., from potential customers rather than just from the software developers in your company.Develop a website and a Facebook page for your company when your product is ready to launch. Provide a lot of "teasers" about what is to come and what the software will be able to do for them.4Determine the price point for your product. Compare it to similar products on the market. Then decide if you want to charge via a licensing fee, a time-limited subscription or per transaction by the end user.Licensing fees are usually a one-time charge for the life of the product, such as purchasing the current version of Microsoft Office. A time-limited subscription would be for a specific period of time before an additional charge is incurred. This would be appropriate if you foresee a lot of upgrades being released. Per transaction would be a charge every time the customer uses the software such as at a point of sale.

If you formed an s-corp, it's probably not because it's something you've been dreaming of doing since you were a child. No kid has ever thought, "Gee, I can't wait to be a grown-up so I can form a corporate entity all my own!" That would be disturbing. You probably formed an s-corp because your accountant, attorney, or colleague told you it was a good idea and that you'd save a bunch of money on taxes, like maybe even thousands of dollars. Which seems like a great trade-off, right? Your accountant or attorney files some paperwork, you come up with a funny corporation name, you open up a bank account, and then you get to save money on taxes.Having an s-corp is a lot like having a car. Having a car has its advantages, you have flexibility and freedom when it comes to getting around, and you can haul crap from one place to another. But besides the actual cost of a car, there's also car maintenance - something I loathe. There are oil changes and wear and tear, and factory recalls, ah the joys of automobile ownership. With an s-corp, there are income tax advantages, the flexibility of using pre-tax business income for business expenses, and personal liability protection because a corporation is a separate entity. But like a car, there are upfront costs and maintenance requirements. Yes, you have to "maintain your s-corp."It's bureaucratic, but once you learn the requirements, you'll realize it's easy, albeit annoying. The good news is that there are various professionals and services to help you along the way.When it comes to maintaining your s-corp, there are three different zones. There's the financial zone, the legal/administrative zone, and the tax zone.In this article, I'll teach you all about these three different zones of s-corp maintenance required after you've formed your company. Let's dive in.THE FINANCIAL ZONEOPEN UP BUSINESS BANK ACCOUNTS AND USE THEMAfter you've set up your s-corp, one of the first things you need to do is open up your business bank account(s). To do this, you'll need to have requested and received a nine-digit Tax ID number that gets given to you by the IRS. The Tax ID number is also known as an EIN or FEIN, which stands for Employer Identification Number or Federal Employer Identification Number.HOW TO CHOOSE A BANKWhen it comes to choosing a bank, there is no right or wrong bank to choose. It's a matter of what you value. If you value convenience when it comes to local branches and ATMs, you probably want to go with a big, traditional bank. If you want an online interface that is easy to use and communicates with other applications well, you might want to go with a newer, online-only bank. If you would rather sacrifice convenience not to support evil banks, go with a credit union.WHAT YOU NEED TO OPEN UP AN ACCOUNTYou'll need the state incorporation paperwork showing the state's acceptance of your filings.You'll need your corporation's nine-digit Tax ID number that gets given to you by the IRS.You'll need a form of identification.You'll need to be ready to deposit funds into the account. The bank will set the minimum amount required, so check directly with the bank.You might need corporate bylaws, operating agreements, shareholder certificates, stock certificates, and the confirmation paperwork from the IRS that approves your election to be taxed as an s-corp. I have opened up a lot of corporate accounts, and I was never required to bring these items, but other banks might.USE THE BUSINESS BANK ACCOUNTS.Whenever a client pays your business for work, your business will do or has done, even if it's just you doing the work, make sure the payment gets deposited into the business bank account. And when you have business expenses, which are things like office rent, website costs, or a bill from your accountant, make sure to pay for these expenses with business funds from your business account.KEEP THE BUSINESS FINANCES SEPARATE FROM THE BUSINESS OWNERS, DIRECTORS, AND OFFICERS.Do not use your business account to pay for personal expenses. If you need to, you can transfer the funds to your personal account in the form of a draw. Yes, I realize it's silly kabuki, but a corporation is kind of kabuki if you think about it. It's just paperwork and then imagining that you formed a company and then everyone else collectively using their imaginations to agree that you made a company and then following all these rules to show that the company is a separate, legal entity.When your personal finances and business finances are mixed and commingled, you're treating both as if they are not separate from one another. And that might feel confusing if you're a writer or an actor or a model who has an s-corp for your writing, acting, or modeling services because you think, "My business and I am the same." I get that. But your s-corp is its entity, and you are the owner who also might happen to be the employee.Keeping the financials separate is a way to show that your entity is separate from you. This distinction is vital if your personal liability. Only having business transactions within the business accounts will also make the record-keeping and bookkeeping much more straightforward, less time consuming, and less costly.KEEP DETAILED FINANCIAL RECORDS (BOOKKEEPING)Bookkeeping and accounting records need to be accurate so you, as the business owner, can use those records to make business and financial decisions. You might easily see that one service or product you offer generates the majority of the revenue with minimal cost, while other services or products lose money.Accountants need bookkeeping records to file all the various tax filings your business might be required to file. They can't do their job correctly without accurate records. And bad data, which leads to bad reports, can cost you. For example, you might overpay with taxes. Or, in the event of an audit, inaccuracies that get discovered, may cost in taxes, penalties, and fees.THE TAX ZONEINCOME TAX FILINGSMany people choose to elect their corporations (and LLCs) to be taxed as an s-corp because of its federal income tax advantages considering their business and their personal accounting and tax situation. One tax advantage of an s-corp over a regular c-corp is that an s-corp doesn't pay federal corporate income taxes. A c-corp pays federal income tax at the corporate level, and the employees and owners also pay federal income taxes on the money received from the company. That's double taxation.The profits an s-corp earns gets "passed-through" the business and down to the owner, and then the owner pays taxes at the personal level. There are no federal corporate income taxes that an S-corps needs to pay. Remember, we're just talking federal income tax here, not state or local or payroll.An s-corp does, however, have a responsibility to file an annual Federal tax return via Form the 1120S. This tax form is for informational purposes only and provides the IRS with an aggregate view of the business' earnings and expenses.We recommend hiring an accountant who understands your business to file your 1120S on your behalf.QUARTERLY PAYROLL TAX FILINGSIf you have employees, you'll need to set them up as a W2 employee (it's filing paperwork internally and with the Federal and state governments) and pay them via payroll. Paying an employee through payroll most likely means you're getting set up with a payroll service.In general, if you are the owner who also works in the business, you are also required to pay yourself via payroll. Payroll is the area where owners who are also employees can leverage the tax laws in their favor and find significant tax savings. You need to work closely with your accountant to determine the best way to set up your payroll.Even if you don't have employees, or maybe you didn't pay yourself via payroll yet, the s-corp still needs to file a "zero report."STATE TAX FILINGS (USUALLY, ANNUALLY)Every state has its own rules and regulations when it comes to s-corps and their required annual tax filings. Some filings have expensive fees associated with them, like California, where there is an $800 Franchise Tax fee due each year for LLCs and S corporations. Other states have less expensive annual fees. Your accountant will know the required yearly filings for your s-corp. Your accountant might do it for you, or they might give you instructions so you can complete it yourself. If the latter, you might want to put a reminder on your calendar, so you don't forget to file and pay the fees.LOCAL TAX FILINGS (USUALLY, ANNUALLY)Just like with state tax filings, your local city and county government might require you to complete annual tax filings for your business. Each local government is different and unique with its own laws and regulations. Make sure to check with your accountant, even if you don't think you'll owe any. You might still be required to file a zero report.THE LEGAL & ADMINISTRATIVE ZONEANNUAL SECRETARY OF STATE FILINGSEvery state will have its own requirements for its annual filings that are due to the secretary of state. The annual filing is necessary. If you fail to meet this filing requirement, you'll probably have to pay late fees. But the real risk is the involuntary dissolution of your company. With the corporation status, you'll default into being a sole proprietor. Everything you've set up will be undone and all because you overlooked what might have been an almost effortless filing.In the state of California, the annual secretary of state filing is called the Statement of Information, it's straightforward to file, you can do it online, and the fee is minimal at $25 for the year. You'll often be required to complete the annual filing pretty soon after you initially set up your company. To find out more about this requirement for your s-corp, check in with your secretary of state office, with your accountant, or your attorney.ANNUAL MEETINGSMost states require corporations and LLCs to hold an annual board member or shareholder meeting and to keep a record of the minutes. Yes, even if you're a one-person business. Yes, I think this is an idiotic requirement for a one-person business. You can find templates for meeting minutes and keep it in a running Google doc or the like.A separate, updated set of minutes is required any time you make a major decision within your company. These kinds of decisions could range from applying for a bank loan to taking legal action against another business. If you have a small business attorney, it doesn't hurt to ask for their advice on this, or if they have a template for meeting minutes, you can use it.CORPORATE DOCUMENTSThere are some other legal formalities required when setting up your corporation, shocking, I know. Some states require companies to create bylaws, and other states require these bylaws to be filed with the secretary of state. Corporate bylaws define your business' structure, roles, and specifies how your company will conduct its affairs. Check with an attorney and weigh all your options.PUBLICATION REQUIREMENTSDo some research to find out if your state has any weird publication requirements. For example, New York requires all LLCs to formally publish an announcement of the new company formation in a newspaper. Then, there needs to be a Certificate of Publication filed within 120 days of formation or else lose said formation. Not every state has this requirement, but find out if yours does.There might be some requirements that I'm missing because specific requirements might only apply to a handful of states or one county in Alaska. I don't have all the answers to all the questions, but I hope this article teaches you how to think about the financial, tax, legal, and administrative aspects of your business. And how often these elements all intersect with one another. Filings and registrations are due to different organizations and entities. As a business owner, it's your job to get familiar with these separate entities and the various obligations your business has.