I am getting ready to create my company and brand to mark and market my work. I don’t have huge plans but do want to mark things for word of mouth.
I looked at one company to do the “free” LLC creation but then they ask you if you want the LM to act as an agent and keep current with regulations etc… So the free ends up being $400 a year plus the $100 to the state if you take them up on the offers.
For a one man, low volume operation is any of that necessary?
The Nolo Press books seem well-regarded — check w/ your local library?
Possibly also the local Chamber of Commerce, Small Business Administration, and see if a local college has any relevant business courses and can offer some bit of advice as a professional courtesy?
Spend the money up front. If you don’t think you can, then business is not for you.
It isn’t about the paperwork. Its all about the taxes. If all you do is fill out the proper paper, then your eyes will be opened when you try to report income and expenses. (Why else would you be in business if not for income and expenses?)
Lots of details depending on what state you are in. You don’t want to get 3 or 4 years down the road and find out why.
It’s not really the up front money that bothers me. It’s the annual charges that concern me. I guess I can pay for things now and if the money doesn’t justify the expense later I can drop.
I am starting by giving things away and casually mentioning my capabilities. Unfortunately my day job prevents me from diving headlong into the business.
Funny that I was hoping to make enough money for the CNC to be self supporting but I never had the same expectations for the many thousands of dollars spent on the other tools in my shop.
For a one-man operation, you’re already considered a Sole Proprietorship once you start selling your goods/services. No need for an LLC unless you need the extra protection it offers (in some cases). You need to file with your local city to file as an official business. Once that’s done you’re good to go (in the simplest of terms). Then there’s insurance, tax implications of running a home business, accounting, and much much more.
I would start with understanding what a Sole Prop, LLC, and S-Corp are and which best fits your current and future business ambitions.
Call your tax accountant who can file and also for a state sales tax exemption ID. You would probably get a domain name through a hosting company if you plan to have a website. Your selection for a domain the same as your name is tricky as it is probably already taken at least as a (.com). I have worked backward making sure I can get a domain for the name of the company name I choose. Neither of these is a trademark for a logo, that’s another endeavor.
This won’t hurt, but I kept my business name different and unique from my DBA and domain name. It makes many things easier after you’ve been in business for awhile. You could make your business name anything; even your personal initials etc. Sometimes it is difficult to get states and counties to register certain names. There’s a prescribed way to get there, though.
Its all about the taxes; sales tax, property tax and income tax. Here in Texas the sales tax people will crawl the crafty places checking out the vendors.