New buisness? whats the name? YOU decide

[yukanaoe]

Re: New buisness? whats the name? YOU decide

i am only doing this as a hobby/extra pocket change. but i've been enjoying it so much it really has become another fulltime job ^.^ and i'm loving it ^.^ I've already fulfilled 2 orders

[Roknrol]

Re: New buisness? whats the name? YOU decide

In Nevada at least (and I think it's the same way in most of the US), if you're making something like less than $5k a year you don't have to pay taxes or have a business license. It may be different in your area, but it's well worth a look - I know that for me to get a business license here in Vegas the price is a bit more - something like $30 a year, plus a $50 filing fee for the first license...some shit like that. The last time I looked into it it wasn't prohibitive, but it certainly made me want to make sure I had a valid business idea before spending the money on it.

[yukanaoe]

Re: New buisness? whats the name? YOU decide

yeah... i highly doubt i'll make that much but will look into ty

[DanieMarie]

Re: New buisness? whats the name? YOU decide

i am only doing this as a hobby/extra pocket change. but i've been enjoying it so much it really has become another fulltime job ^.^ and i'm loving it ^.^ I've already fulfilled 2 orders

Yay!

I'd just say to learn as you go along....you can read a lot of stuff about business online. If you expand, you can get a business license and make a business plan

[Gobae]

Re: New buisness? whats the name? YOU decide

i am only doing this as a hobby/extra pocket change. but i've been enjoying it so much it really has become another fulltime job ^.^ and i'm loving it ^.^ I've already fulfilled 2 orders

Then it's not really a business. Enjoy the hobby!

Cheers!

[Hawkfeathers]

Re: New buisness? whats the name? YOU decide

I set mine up as a "sole proprietorship" as opposed to a "LLC", and didn't have to pay anything. I pay state taxes on my sales, etc., that's it.
And, JMHO, once you make that first sale, you cross the line from hobby to business. Congrats!

[DanieMarie]

Re: New buisness? whats the name? YOU decide

I set mine up as a "sole proprietorship" as opposed to a "LLC", and didn't have to pay anything. I pay state taxes on my sales, etc., that's it.
And, JMHO, once you make that first sale, you cross the line from hobby to business. Congrats!

I don't know how it works there, but you -can- sort of be in between. If you're an artisan and you sell things and you're making under a certain amount (and I think that can still be enough to be considered an income) you can be a freelancer and you just file the income alongside any other income you make. From the sounds of it some states have something similar....it's just a bit easier because you don't really have to file things quite the same and you don't have to get any licenses. But I guess if it doesn't cost anything it doesn't matter?

[Hawkfeathers]

Re: New buisness? whats the name? YOU decide

I'm not certain of the legalities - my accountant handled it and told me a sole proprietorship would be best for me as there are no other partners, investors, etc., involved. I'm sure it's a different case in each individual circumstance.

[B. de Corbin]

Re: New buisness? whats the name? YOU decide

The sole proprietorship works by putting your regular income in with your small business income as far as responsibility goes... Uh... in other words, if you go into debt in your small business and can't pay it off, your creditors can take your house, car, property, first born child, a pound of flesh - or you can file for bankruptcy.

Essentially it's the same as it would be if you over extended yourself making any other purchases.

An LLC (Limited Liability Company) and most of the other options (like a corporation) work by keeping your business and personal finances seperate - if your company fails and you end up with huge debts, your company files for bankrupcy, but debts can't be collected out of your personal property - unless you specifically used something (like your house) for collateral.

Sole Proprietorship is best for most small businesses because it's cheap and easy, both to set up and to maintain - most Mom & Pop stores run as sole proprietorships.

However, if you want to pull off a savings & loan type scam where you funnel company money into your private bank account, you're better off setting yourself up as a corporation. Contact any white collar criminal in a minimum security prison for further and more specific details.

[DanieMarie]

Re: New buisness? whats the name? YOU decide

See here you -can- use one account for your private and work and all that jazz....you just need to be declared a freelancer and make sure you file your earnings. Which is why I mentioned it. It involved less if you're just doing it on the side or as a startup if you don't have to open new accounts, deal with accountants, and all that jazz. But once again, don't know the laws for each state (and they all seem to be different!)

[Hawkfeathers]

Re: New buisness? whats the name? YOU decide

LOL no scamming here!!!

The sole proprietorship works by putting your regular income in with your small business income as far as responsibility goes... Uh... in other words, if you go into debt in your small business and can't pay it off, your creditors can take your house, car, property, first born child, a pound of flesh - or you can file for bankruptcy.

Essentially it's the same as it would be if you over extended yourself making any other purchases.

An LLC (Limited Liability Company) and most of the other options (like a corporation) work by keeping your business and personal finances seperate - if your company fails and you end up with huge debts, your company files for bankrupcy, but debts can't be collected out of your personal property - unless you specifically used something (like your house) for collateral.

Sole Proprietorship is best for most small businesses because it's cheap and easy, both to set up and to maintain - most Mom & Pop stores run as sole proprietorships.

However, if you want to pull off a savings & loan type scam where you funnel company money into your private bank account, you're better off setting yourself up as a corporation. Contact any white collar criminal in a minimum security prison for further and more specific details.

[Hisdyingbride]

Re: New buisness? whats the name? YOU decide

Hey everyone!
I'm looking to start a new business, a sole-proprietorship actually. Does anyone know if you're allowed to post market surveys anywhere on here? It's an online Pagan store and I've been trying to get some research but... we Pagans tend to say hidden and finding out demographic information is pretty difficult. So I made my own survey (though people are free to tell me if I'm missing something they feel is important) and I'm looking for people to participate. It's completely confidential, no names or anything like that!

[B. de Corbin]

Re: New buisness? whats the name? YOU decide

Hey everyone!
I'm looking to start a new business, a sole-proprietorship actually. Does anyone know if you're allowed to post market surveys anywhere on here? It's an online Pagan store and I've been trying to get some research but... we Pagans tend to say hidden and finding out demographic information is pretty difficult. So I made my own survey (though people are free to tell me if I'm missing something they feel is important) and I'm looking for people to participate. It's completely confidential, no names or anything like that!

A moderator will have to tell you about posting, but I'm willing to take your survey, if you want to PM me a copy. I have to warn you, though, I figure my finances using negative numbers, so I don't buy much...

Good luck with your business! You might want to read over my blogs on capitalism, to make sure you're doing it right...