Thinking of starting a sole proprietorship

[airmanwilliams]

So im thinking of starting up a small business on the side to help pay for school and keep us afloat. Question is can some of you that have started your own small businesses please tell me what all I need to do as far as paperwork, registration, or whatever else I need to do?

 

[skippy]

Hire an accountant/tax person make them handle all of that crap

 

[airmanwilliams]

Hire an accountant/tax person make them handle all of that crap

If only I thought I would make enough to spend on someone else to do it. Might have to see if I can bribe someone haha.

 

[Deleted member 12904]

Do an llc so if something happens they cant take your home, wifes car, kids college fund or any of the other personal assets your family may need.

Check legalzoom.com its under $200 and mucg less complicated than doing it on your own.

Sent from my DROIDX using Tapatalk 2

 

[Rogerwh0]

I have several currently, its really not hard at all. The state website has fill in the blank forms to walk you through all of it. Depending on what you are doing will determine the best structure be it Sole Prop, S Corp or LLC. There is different tax advantages to all. Some to have more direct benefits and some have a better shield if something does happen to go wrong. I would not pay the cost to have them done professionally. The set up and registration is really easy these days.

 

[airmanwilliams]

I have several currently, its really not hard at all. The state website has fill in the blank forms to walk you through all of it. Depending on what you are doing will determine the best structure be it Sole Prop, S Corp or LLC. There is different tax advantages to all. Some to have more direct benefits and some have a better shield if something does happen to go wrong. I would not pay the cost to have them done professionally. The set up and registration is really easy these days.

Really what I want to do is start selling my underbody lights more on a few more forums and start a website with a few options for underbody lighting but some forums require a business license to get a vendor account to post what your selling.

 

[Rogerwh0]

S Corp is my recommendation for the retail type stuff. You can account for a lot of personal stuff for a huge tax advantage at year end. Keep clear cost and income statements including ANYTHING related to the business, even to the extent of the amount of the time you spent on the internet selling. Makes it easier to determine what percentage of all of the daily costs the business can absorb,(write off). Super easy to do just takes a little organization. I think the last one I set up took about 20 min. I can help you with any of it if you get stuck.

 

[neagtea]

Subscribed

 

[ricsrx]

Yes subscribed, step by step details would be cool..

 

[Cody]

Step by step on how to register an LLC, or step by step on how to start a business?

 

[Rogerwh0]

LMAO Getting the business to be a PROFITABLE venture with any staying power is far harder than the process to get it started! I say go for it.

 

[Cody]

I put down the LLC info only. Setting up your business (for success) is the tricky part. I could write a 50,000 word post on the intracasies of that - and I'm a relative novice having only run two businesses in the past. One did well and the other I dissolved when I chose to move to Utah. There was a lot to do to get it to where I wanted to be. I was in over my head with that one. I gained a lot of experience, though.

I'm about to begin on a venture I've been putting off since I've been remodeling a house for the last year and a half. Once I'm done, it's game on. I've gotten a lot of the market research and business organization and legal docs done but there's still a lot more work to do.

I was asking which they were looking for, not for someone to tell me

Regardless, the formalities of registering the business really don't need to happen until you finish a business plan. You can register a name in advance, but until you've actually done your due diligence on the business plan, you really don't need to worry about spending money on a registration. Just my 2 cents.

Also, for the record, LLC is probably preferred for a sales type endeavor (at least IMO). The LLC can elect to be taxed as a subchapter S if the tax implications make sense to do so.

 

[Cody]

werd

 

[pELYgroso]

the formalities of registering the business really don't need to happen until you finish a business plan. You can register a name in advance, but until you've actually done your due diligence on the business plan, you really don't need to worry about spending money on a registration. Just my 2 cents.

Also, for the record, LLC is probably preferred for a sales type endeavor (at least IMO). The LLC can elect to be taxed as a subchapter S if the tax implications make sense to do so.

ditto.

It is really easy to register a business. a few steps to take are as follows:

1. Pick a name, and get your website domain registered. If you pick "Sweet lighting, brah!" and all variants of that domain are already used, you might want to tweak your name a little...

2. Once you have the name picked out, register it with the state here: http://corporations.utah.gov/index.html this is where you'll choose What entitiy type, etc.

3. Get a tax ID number here: http://www.irs.gov/Businesses/Small...n-Employer-Identification-Number-(EIN)-Online

4. Get a Utah sales tax account here: http://tax.utah.gov/sales You'll have to charge sales tax on Utah sales and pay it quarterly to the State.

5. Get a city business license.

These are the basics. Hope it helps. You can do steps 1-4 in an hour easy. Different Cities have different procedures for the City licence. Just keep all of your info organized. I believe that you'll need to do these steps in order because you'll need the previous info for each step after #1.

That was more than I intended to write....