Starting a small business.
- Thread starter cranberry
- Start date
darthtang aw
Active Member
Originally Posted by Cranberry
http:///forum/post/3096794
I'm also lazy.
Then I wouldn't try to start a business....
Also depends on what you are thinking of starting.
http:///forum/post/3096794
I'm also lazy.
Then I wouldn't try to start a business....
Also depends on what you are thinking of starting.
spanko
Active Member
cranberry
Active Member
Originally Posted by TeresaQ
http:///forum/post/3096799
your not that old.
T
Too old to go back to school.
Originally Posted by spanko
http:///forum/post/3096809
http://www.sba.gov/localresources/district/ca/
Cool. I was poking around on that site but I didn't see that.
Originally Posted by Darthtang AW
http:///forum/post/3096798
Also depends on what you are thinking of starting.
Something that I already do. Figured maybe I should get taxed for it to help out the debt being the good citizen that I am..... oh wait, I'm not a citizen. And I guess I just want the bennies of being labelled a business.... I don't really have a conscious
http:///forum/post/3096799
T
Too old to go back to school.
Originally Posted by spanko
http:///forum/post/3096809
http://www.sba.gov/localresources/district/ca/
Cool. I was poking around on that site but I didn't see that.
Originally Posted by Darthtang AW
http:///forum/post/3096798
Also depends on what you are thinking of starting.
Something that I already do. Figured maybe I should get taxed for it to help out the debt being the good citizen that I am..... oh wait, I'm not a citizen. And I guess I just want the bennies of being labelled a business.... I don't really have a conscious
stdreb27
Active Member
Originally Posted by Cranberry
http:///forum/post/3096813
Too old to go back to school.
Cool. I was poking around on that site but I didn't see that.
Something that I already do. Figured maybe I should get taxed for it to help out the debt being the good citizen that I am..... oh wait, I'm not a citizen. And I guess I just want the bennies of being labelled a business.... I don't really have a conscious
I don't know about Cali, but typically what you have to do is get a DBA (doing business as) from there (if you're selling a product) you need to get a sales tax license.
Personally especially since you're lazy. I'd consider talking to a lawyer and a CPA. To cover your tax bases. If you are good friends with your sales clients like at the lfs, go talk to them, for info and references for the lawyers and CPAs.
http:///forum/post/3096813
Too old to go back to school.
Cool. I was poking around on that site but I didn't see that.
Something that I already do. Figured maybe I should get taxed for it to help out the debt being the good citizen that I am..... oh wait, I'm not a citizen. And I guess I just want the bennies of being labelled a business.... I don't really have a conscious
I don't know about Cali, but typically what you have to do is get a DBA (doing business as) from there (if you're selling a product) you need to get a sales tax license.
Personally especially since you're lazy. I'd consider talking to a lawyer and a CPA. To cover your tax bases. If you are good friends with your sales clients like at the lfs, go talk to them, for info and references for the lawyers and CPAs.
darthtang aw
Active Member
Originally Posted by Cranberry
http:///forum/post/3096813
Something that I already do.
That helps....
http:///forum/post/3096813
Something that I already do.
That helps....
cranberry
Active Member
Paperwork/license/whatever wise; what are the costs of setting one up.
It lists this as some things to do....
Obtain your Employer Identification Number (EIN).
File your Doing Business As (DBA) form, also known as a Fictitious Name Filing.
Obtain business licenses and permits.
Qualify to do business in multiple states.
File Annual Reports and Franchise Tax.
Are there a million hidden fees?
It lists this as some things to do....
Obtain your Employer Identification Number (EIN).
File your Doing Business As (DBA) form, also known as a Fictitious Name Filing.
Obtain business licenses and permits.
Qualify to do business in multiple states.
File Annual Reports and Franchise Tax.
Are there a million hidden fees?
darthtang aw
Active Member
Originally Posted by Cranberry
http:///forum/post/3096845
Paperwork/license/whatever wise; what are the costs of setting one up.
a business license (which is all you really need) runs about 30-60 dollars depending on where you are at. File one down at the county clerks office, then file one with the feds.
http:///forum/post/3096845
Paperwork/license/whatever wise; what are the costs of setting one up.
a business license (which is all you really need) runs about 30-60 dollars depending on where you are at. File one down at the county clerks office, then file one with the feds.
darthtang aw
Active Member
Originally Posted by Cranberry
http:///forum/post/3096855
Is figuring out the tax thing hard? I'm not talking gobs of money... I'm talking like 50 dollars
50 a year? to be honest the cost to do business is more than the benefits if you are only making a bit of money.
http:///forum/post/3096855
Is figuring out the tax thing hard? I'm not talking gobs of money... I'm talking like 50 dollars
50 a year? to be honest the cost to do business is more than the benefits if you are only making a bit of money.
reefraff
Active Member
I think I know where you are going with this.
You need to be careful. If your business doesn't turn a profit after 3 years the IRS can reclassify it as a hobby and disallow all your previous deductions. There are ways around that like change the name or type of business you are doing every 3 years. It would be best to talk to a CPA before you get too involved.
I know someone who started a home business years ago thinking she would get a bunch of great write offs and be a stay at home wife. They really didn't need her income and figured the write offs would be nice and she would have something to do. Turned out to be more work than she thought and dog if she didn't end up making more money than her husband does.
You need to be careful. If your business doesn't turn a profit after 3 years the IRS can reclassify it as a hobby and disallow all your previous deductions. There are ways around that like change the name or type of business you are doing every 3 years. It would be best to talk to a CPA before you get too involved.
I know someone who started a home business years ago thinking she would get a bunch of great write offs and be a stay at home wife. They really didn't need her income and figured the write offs would be nice and she would have something to do. Turned out to be more work than she thought and dog if she didn't end up making more money than her husband does.
reefraff
Active Member
Originally Posted by Cranberry
http:///forum/post/3096881
It would be a legit business, could they convert it back to a hobbyist if it really isn't something most hobbyist do? The write offs aren't the bennies, and I didn't actually think of that. We're talking wholesaler bennies, connection bennies.
Ahhhh, OK. I know people that used to do amway just because they had 8 kids and used a ton of the products.
As long as you can show a profit once in a while you are safe. I am not sure the IRS has any guide lines as far as the hobby classification. They just use that so people can't create a shame business to evade taxes. Any activity you engage in that doesn't produce a profit could be considered a hobby.
http:///forum/post/3096881
It would be a legit business, could they convert it back to a hobbyist if it really isn't something most hobbyist do? The write offs aren't the bennies, and I didn't actually think of that. We're talking wholesaler bennies, connection bennies.
Ahhhh, OK. I know people that used to do amway just because they had 8 kids and used a ton of the products.
As long as you can show a profit once in a while you are safe. I am not sure the IRS has any guide lines as far as the hobby classification. They just use that so people can't create a shame business to evade taxes. Any activity you engage in that doesn't produce a profit could be considered a hobby.
bulldog123
Member
Talk to a CPA first. Maybe the sameone that does your taxes. If that works out the way you want go see a lawyer. Make sure this works in your favor.
deejeff442
Active Member
i have been in business for over 15 yrs and alot has changed.
there hardly is a need for an attourney anymore.
accountants can take care of most everything.
since you wont state what kind of business it would be hard to give you a direction of filing a company licence meaning dba,inc,llc etc.
once you pick out a name you need to go to the county and look to see if is taken if not you can file a dba if you go another route you need the accountant to file the paper as to how you want the business to run ,personal weekly pay,percentages of home writeoffs ect.
also ask how a non-profit company works.
there hardly is a need for an attourney anymore.
accountants can take care of most everything.
since you wont state what kind of business it would be hard to give you a direction of filing a company licence meaning dba,inc,llc etc.
once you pick out a name you need to go to the county and look to see if is taken if not you can file a dba if you go another route you need the accountant to file the paper as to how you want the business to run ,personal weekly pay,percentages of home writeoffs ect.
also ask how a non-profit company works.
stdreb27
Active Member
Originally Posted by deejeff442
http:///forum/post/3096993
i have been in business for over 15 yrs and alot has changed.
there hardly is a need for an attourney anymore.
accountants can take care of most everything.
since you wont state what kind of business it would be hard to give you a direction of filing a company licence meaning dba,inc,llc etc.
once you pick out a name you need to go to the county and look to see if is taken if not you can file a dba if you go another route you need the accountant to file the paper as to how you want the business to run ,personal weekly pay,percentages of home writeoffs ect.
also ask how a non-profit company works.
The reason she won't mention it would be out of respect for the mentioning competition rules we have in these forums... If that gives you any idea.
http:///forum/post/3096993
i have been in business for over 15 yrs and alot has changed.
there hardly is a need for an attourney anymore.
accountants can take care of most everything.
since you wont state what kind of business it would be hard to give you a direction of filing a company licence meaning dba,inc,llc etc.
once you pick out a name you need to go to the county and look to see if is taken if not you can file a dba if you go another route you need the accountant to file the paper as to how you want the business to run ,personal weekly pay,percentages of home writeoffs ect.
also ask how a non-profit company works.
The reason she won't mention it would be out of respect for the mentioning competition rules we have in these forums... If that gives you any idea.