bboutit wrote:First thing you need to do is determine what type of business you want to be, I recommend an LLC. Stands for Limited Liability Corporation. The laws may change on these is why skeptics would say otherwise, this is a fairly new entity, but you can always go S Corporation or C Corporation and be INC. But LLC is a lot easier and requires less paperwork and filings and you are not required by law for board meetings. (100$-150) depends on state.
Second: Register your business name as DBA with your local courthouse, very inexpensive like 10-14$(but only protects you in your state). Will need to renew each year (business license). If you want national protection: contact the Federal trademark office and it's like 500 to file a trademark, unless your name is really catchy and hot , I would worry about that.
Third: Establish a business checking account with a bank, they will need to see proof that you are a business, so you will need to do step TWO first and then put a small ad in the paper and bring that AD when opening your account. NEVER NEVER sign anything as YOURNAME exclusively, always sign YOURNAME, CEO of Whatever Business name LLC or INC etc. Oh, and you can setup your TIN as your SSN# which is easier to remember for filing taxes.
Now you are a protected legitimate business with Limited Liability and now you can have checks sent to your business and you can write checks to staff as well via your BUSINESS CHECKING ACCOUNT. And you will not be the sole proprietor if damages occur.
So for about 100$ and a little time, you will be a registered Label. I strongly recommend writing a small business plan with assets and what you expect to do and produce. Always forecast as LOW as possible and you can actually write off the loss on your tax returns. Which could in turn be beneficial to you at the end of the tax year.Govt. could actually give you money!
where would i go to do part 1?
