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Old 11-19-2009, 02:54 PM
  #22  
Lostn51
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Join Date: Oct 2009
Location: Bikini Bottom
Posts: 5,652
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*File for not only a tax number but make sure to be a LLC (then you become a wholesaler on shows....all you have to do is inquire)
The reason for the Limited license corporation (LLC) is to protect your assets and everything you own so if you get sued they cant take you to the cleaners.

Figure in at least 30K to start up a business and have enough money on hand to be able to run the business for a year without any income coming in. It would be best if you could run it out of a room in your house then you can deduct that from your taxes along with the new computer, sewing machines, cell phone, partial of your utilities, etc to be able to run the business.

You also have to pay yourself a salary and if you use a room in your home you can pay yourself for the use of the room. And if you offer delivery or go to shows you can either lease your car to the business or buy another one for it and that would be another deduction along with mileage.

Also make sure you find yourself a good accountant and a tax attorney!!!

Billy
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