I Need Advice On Officially Starting My Business!
I'm at the point now in my online business that I am generating steady income each month. It's still small, but it's growing.
I feel like I should actually file for my own business license to legitimize myself, both in my own head and on my actual website.
The only thing is, I know absolutely nothing about the different business structures, which would be best for the type of business I have (just one guy with one website making money from affiliate sales), which would be best for tax purposes, etc. Basically I have a lot of questions about it all.
I also will be branching out to other niche sites in the future, but I think I would want them to all be under the "Kirby's Marketing" business. So, I don't know how that plays into everything.
Honestly, getting into all of this legal stuff is slightly scary because I don't want to do something wrong.
So, those of you that have filed your business, how did you do it? What would you recommend I do? Should I wait? Or should I start the process soon?
Thanks again and I look forward to hearing what you all have to say!
Dustin
P.S. I think Kirby's Marketing, Inc. sounds a lot better than just Kirby's Marketing!
Recent Comments
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Dustin, at least in the U.S. that is too complicated a question to answer casually because it has such long range implications. The answer or answers depend on so many things that are personal to you and would be different for others. It will relate to your family situation, your long range goals, what you want to accomplish and many other things. The least expensive advice you can get in this area is EARLY and then you will be working a plan that can have unbelievable long range consequences and differences. Best wishes. Moral of this: Making money can bring on a whole new set of issues and even problems....but it beats being broke.
Harold
I am right in thinking you are in the USA,, it works differently in the UK I know all that it entails for here
we a a government agency that provide help and support for those in small businesses for free perhaps you have something similar over there to, however I was advised that it is best to wait till you have a reasonable steady income before doing all the legal stuff
I don't have the answer, though I would love to hear what some of the others like Steve, Eddy, Dom, Leo etc would advise!
They all seem very eager to help! I have at one time or another contacting each of them except Steve and I have always received an answer!
Yeah, I always go to Eddy...because he's my referrer, so I guilt him into it by reminding him I'm paying him $22.50 a month! Hahaha
Hi Dustin! Here is some info from the IRS that might be helpful!
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business
TheOldSilly, has hit the nail on the head. If I was making a steady income I would go with a LLC.
Sorry Dustin.That is way out of my league,I would not be able to advise you about anything here.
All you really need is a D.B.A Sole Proprietorship if you never intend to have employees. With just that you can write off lots of business expenses. If you want to step up the liability protection, then an LLC would work, too. limited Liability Corp's offer considerable protection from liability lawsuits. There is a fee to set one up, but you can find really good attorney services for cheap online. Doubt you'll ever need to go full C Corp, unless you grow far beyond what your written intentions above state.
Thanks! I've looked into getting my LLC before, but I just never felt comfortable enough to commit to anything. Haha...It looks like I have some research to do.
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There are some pretty easy accounting systems but I would say draw up your plan on a piece of paper so its clear to you. The income is legitimately yours under your own name. But when you want the income to belong to a business or company of which you are an employee it may be necessary to get advice from an accountant to put the structure in place. I do my own accounting for businesses but used accountants when I was running companies. Keep away from lawyers. Read the fine print on anything you sign.
Start worrying when you can't think of how to spend all your income!
The lawyers will solve that problem quickly. Mistakes are how we learn quickly.
Ok. Yeah, I guess one of my biggest questions is if I even need to be considering this at this point...or if I should just wait.