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Thread: getting started in a business
02-12-2009, 02:32 PM #1
getting started in a business
I have a question for all you entrepreneurs out there. I am starting a business with a partner and I'm not sure how to take care of the legal stuff or what exactly we need.
The business itself is a craft fair. We won't be needing financing or anything like so there's no business plan needed. What I need to know is how to take care of legal issues for taxes and being licensed. How do I know whether to be an LLC or Incorporation. Any information is appreciated.
02-12-2009, 03:08 PM #2
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My folks did the craft show circuit for many years... You need a sales tax certificate to collect and submit sales tax in the state(s) that you'll be selling in. Also a DBA certificate if you'll be using an assumed name (Nancy's Candles vs. Nancy Simpson, etc.). Both are fairly easy processes. Sales tax can usually be done online and DBAs at the county clerk's office.
For a legal partnership agreement between the two partners spelling out how the profits are to be split and when they are paid out as well as debt risk, etc., your best bet would be to see a lawyer for his/her advice.
02-12-2009, 03:17 PM #3
I agree with hunertime, you really do need a business plan. You will be thankful you have it later on. We are now working with the small business administration. trying to get ours done after being in business for 13 years. It is alot harder to do it now.
You might try calling them sba, they are alot of help and can answer alot of questions. They can help you write your plan.
I would also hire a good lawyer so you are sure you have everything covered. We are finding out now that we are responisible for paying our suppliers, which makes it hard to file a bankrupcy on the business. All states have different laws.
We started out by geting our federal employee identification number, (fein number) and registering our name with the state. THen we applied for our sales tax license.
Good Luck! There isn't much to it, it just takes time.
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02-12-2009, 03:25 PM #4
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As a person who has been in business twice. Trust me get it all in writing and clearly outline the workings of every detail.
I tried it once with family , it didn't work.
I am currently in business with friends and we are currently in the process of discovering that the way things are aren't working and I'm having a difficult time not Saying I TOLD YOU SO.
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