My Moo Entrepreneur Guide - OxenFree Financial

1

Establish the Business

Foundation and legal structure for success

🏢

Business Structure

Choose the right legal structure for liability protection and tax efficiency.

Choose your business structure (Sole Proprietor, LLC, Partnership, Corporation)
Choose your business name and look on your state's website for availability
Draft and file Articles of Incorporation / Organization with your state
Create a Business Charter / Operating Agreement / Bylaws

📝

Registration & Tax Setup

Official paperwork to make it legal.

Obtain an EIN (Tax ID) from the IRS – SS-4 Form
File for any required state or local business licenses
Register for state sales tax (if applicable)
Consider a DBA (Doing Business As) filing if using a trade name

🏦

Banking Setup

Keep business and personal separate from day one.

Open a business checking account (no co-mingling of funds)

Required Documents: You will need your Articles of Incorporation / Organization and your SS-4 IRS Tax ID form

Pro Tips

• Pick a structure with liability protection in mind — an LLC is often the simplest first step.
• Keep personal and business finances separate from day one — it saves headaches with the IRS.

2

Branding & Intellectual Property

Build a memorable brand that stands out

💡

Brand Foundation

Define who you are and why you exist.

Name Your Business – check availability of .com domain & social handles
Create your mission statement, vision statement and core values
Set up brand guidelines (colors, fonts, styles)
Secure website domain & hosting
Reserve matching social media accounts for consistency

🎨

Design a Logo

Create a professional look on any budget.

Budget-friendly options: Fiverr, 99Designs, Upwork
DIY tools: Canva, Looka, Tailor Brands
Professional option: custom design agency or local designer

🔒

Protect Your IP

Secure your intellectual property early.

Trademark / Register Your Name & Logo with USPTO
Consider patents if your product/service is novel or unique
File copyrights for creative works (books, software, designs, content)

Pro Tips

• A strong brand name + logo can make you look 10x bigger than you are.
• Do a quick trademark search before spending on marketing.
• Protect your IP early — it's easier than fighting a legal battle later.

3

Legal & Compliance

Protect your business with proper coverage

📄

Contracts & Agreements

Get everything in writing.

Draft and sign contracts (client agreements, vendor agreements)
Create employee/contractor agreements if hiring staff
Create employee policy handbook
Maintain a corporate record book (meeting minutes, resolutions, etc.)

🛡️

Business Insurance

Obtain appropriate business insurance:

General Liability Insurance – protects against physical injury or property damage claims
Professional Liability (E&O) – protects against mistakes or failure to deliver promised services
Cyber Liability – protects against data breaches and hacks
Business Interruption Insurance – covers lost income if operations are disrupted
Commercial Property Insurance – covers office, equipment, or inventory
Workers' Compensation (if you have employees)

📋

Ongoing Compliance

Stay legal and avoid penalties.

Check zoning laws or home-based business restrictions
File annual/biennial reports with your state

Pro Tips

• The right mix of insurance depends on your industry and risk profile.
• Many small businesses bundle coverage in a Business Owner's Policy (BOP).
• Even if you're a solo operator, E&O and cyber coverage can be crucial.

4

Accounting & Taxes

Keep the IRS happy and maximize deductions

📊

Bookkeeping System

Clean books = fewer headaches.

Implement bookkeeping system (QuickBooks, Xero, Wave)
Track mileage and expenses (apps like MileIQ, Everlance)
Scan and store receipts (Shoeboxed, Expensify, Hubdoc)

💸

Tax Strategy

Minimize taxes legally.

Pay quarterly estimated taxes (federal & state)
Elect S-Corp status if tax savings make sense
Work with a CPA or Enrolled Agent for tax planning
Keep track of depreciation & write-offs
Establish a separate retirement account for tax deductions

Pro Tips

• IRS loves clean books. Sloppy bookkeeping = audits + penalties.
• Mileage tracking is one of the easiest deductions people forget.
• An accounting pro usually saves more than they cost.

5

Retirement & Benefits

Business owner retirement and benefit options

🏖️

Retirement Plans

Tax-advantaged savings for owners.

Solo 401(k) – for self-employed with or without spouse employees
SEP IRA – simple setup, flexible contributions
SIMPLE IRA – for small businesses with employees
Traditional 401(k) – if expanding beyond solo
403(b) – if applicable to nonprofit/educational entity
Defined Benefit Plan / Cash Balance Plan – for high earners wanting large contributions

Note: Don't forget to get your ERISA Fidelity Bond from your property and casualty insurance agent. Required for retirement plans like 401(k) to protect against fraud or misuse of plan assets.

💊

Health & Group Benefits

Coverage for you and your team.

HSA (Health Savings Account) if offering a high-deductible health plan
Group health insurance
Group life insurance
Disability insurance
Dental and vision coverage

Pro Tip

Solo 401(k) usually gives highest contribution limits for solopreneurs. A Defined Benefit Plan can allow six-figure contributions — great for high-income years. Offering benefits, even modest ones, helps retain great people.

6

Growth & Scaling

Build systems to scale beyond yourself

⚙️

Systems & Processes

Document everything for scalability.

Establish processes and systems (SOPs, CRM, workflows)
Hire staff / contractors responsibly (W2 vs 1099)
Develop a marketing plan (branding, website, funnels, ads, social presence)
Protect intellectual property continuously as you grow

Pro Tip

Document your systems (SOPs) — it makes the business scalable and sellable. Marketing doesn't have to be expensive — but it does need to be consistent.

7

Business Exit & Legacy

Plan your exit before you need it

💼

Exit Options

Various paths to liquidity.

Sale of Business to individual or competitor
ESOP (Employee Stock Ownership Plan)
Deferred Sales Trust (DST)
Delaware Statutory Trust (DST) for tax deferral
Installment Sale Agreements
Succession planning – pass business to children or key employees
Buy-Sell Agreements (funded with life insurance if multiple owners)

🏛️

Tax & Liquidity Planning

Minimize taxes and ensure liquidity.

6166 Deferral – allows heirs to stretch estate tax payments over time, avoiding forced sales
Minority Stake Sales to Institutional Investors – partial liquidity for taxes or growth while retaining control
Credit Facilities Pre-Arranged During Life – ensures access to liquidity for taxes or buyouts without a fire sale
Charitable giving strategies (DAF, charitable trusts) with business exit

🔐

Advanced Estate Tools

Sophisticated planning strategies.

IDGT (Intentionally Defective Grantor Trust) – shifts growth outside taxable estate while maintaining some control
GRAT (Grantor Retained Annuity Trust) – transfers asset growth to heirs with reduced gift/estate tax exposure
Freeze Structures – locks current value for estate purposes while pushing future appreciation to heirs

Note: These are advanced estate planning tools requiring skilled legal/tax counsel. Best suited for high-net-worth business owners with significant expected appreciation. Including them as part of planning can dramatically reduce estate tax exposure.

Pro Tip

Always plan for exit before you think you'll need it. A business with clean books, systems, and contracts sells for more. Charitable strategies can cut taxes on sale proceeds dramatically. Liquidity planning (6166, minority sales, credit lines) prevents heirs from selling under pressure.

8

Ongoing Stewardship

Maintain momentum and stay aligned

📅

Regular Reviews

Keep your business on track.

Annual business plan review
Regular tax planning and retirement contribution review
Audit insurance coverage yearly
Update legal documents as business evolves
Keep personal & business goals aligned
Maintain generosity & legacy focus – build a business that outlives you