Saturday, June 13, 2015

The legal side of starting a business

You can always find a way to avoid your dream (I know I've done it for two years), but if you know how to do it then you're being lazy (that includes me).

      This post will take away your excuse , you won't be able to count on your ignorance to keep you away from starting a business ever again, no excuses!

1. Don't over think it! An excuse you might have is "I need to figure every detail out" or "I need to get a follow on the internet so I can start with success in my field", both excuses and I could come up with more.

2. Get your EIN number(Employer Identification Number), if you don't plan on hiring anyone get one anyway, it's free and it will hide your SSN"social security number".

3. Operate under your name or operate under a different name later (it's very easy) start with your own name.

4. Get a business license, use your EIN
to keep your SSN safe. Don't worry about the income estimate "it's just an estimate".

5. Don't list property that you already own, report anything you buy for your business (I think you can take dose expenses and lower your taxes by that much). City hall has lawyers that are paid by taxes so if you want to get some free lawyer advice get an appointment!

6. Ask what business permits are required and get them!

7. Obtain a certificate of resale, this will allow you to add sales tax to your price.   If you sell things get a seller's permit.

8. Get a business bank account, keeps you from getting into tax trouble and gets you a card that will give you a name to do business under and keeps track of your tax expenses.
Get the account from a credit union (cheaper). Get business cards.

Recap.
Don't make excuses, don't over think this, EIN, business name, subtract business expenses from your taxes,
business permits, certificate of resale and Seller's permit, get a business bank account (credit union) and business cards.

Now get out there, you have no excuses left plus it will take about a day to do all this!


No comments:

Post a Comment