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Posts: 941
Location: Freedom, WI | Liability is the main one, it ends up being a whole package as you usually can not get just that. |
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| You don't need insurance. And a sole proprietorship will be just fine. If you get to the point that you are considering hiring employees or leasing office space, you can reorganize as an LLC and get insurance. No need for it before then. There's risk, sure, but there's risk when you get out of bed in the morning. |
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Posts: 184
| I highly recommend getting that DBA and tax ID- I got busted last summer and I fully blame myself but I know that it all came from posting on here. It was a long headache so be careful b/c some people do not have your best interests in mind. Its a cut throat business so just be warned. People think that your gonna sell more than them and take food off their table. Best luck and listen to Roger, he is pointing you in the right way, he's a good guy!
Edited by zach2626 3/31/2012 11:04 AM
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Posts: 910
Location: South-Central VA | I'm with Zach! Do things right when you start and you won't have any worries.
I started out building rods and lures for myself. I soon had more and more friends asking for stuff. It got to the point where I thought that even if I don't want to pursue this as a source of income, I need to register as a business, get my licenses and EIN, and pay my taxes to make sure I'm covered. After I got my PA sales tax license and my EIN, I decided to pursue the 'business' end of things a bit more. I made sure I was legal with all papers and filings in place from the start and I don't regret it one bit. It can be a bit of a hassle to get everything done, but not as much of a hassle as being nailed for operating without a business license or not paying taxes.
I can honestly say that I genuinely like everyone that I've met in this business so far. No matter what your career, there will be cutthroat people that seek to do you harm. Some are very insecure and can't do without a little competition. As Zach found out, there are some guys out there that would be happy to turn you in if they think you're not operating legally. As long as you are doing everything you should, you don't have to worry about it. The cool things is, you can find out who turned you in!
jeremy
Edited by bowhunter29 3/31/2012 1:50 PM
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Posts: 1207
Location: Pigeon Forge TN. | having a good CPA will also be of help and he can keep track of everything and make sure your quarter taxes are paid on time. Paying quarterly is the best way to go |
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