Starting a small business
in Business, Accounting & Taxes ·
Thanks so much!!
A true enthusiast at heart... 🙂 🙂 🙂
A true enthusiast at heart... 🙂 🙂 🙂
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Ethan Reyes › Posts
Posts by Ethan Reyes
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Starting a small business
in Business, Accounting & Taxes ·
Oh boy, I am completely out of my element here... if anyone would be willing to help me make sense of this...
So, here is my situation: I have an economics degree, I currently work at a bank, and I’m in the middle of retraining to become a cosmetologist. My ultimate dream is to open my own salon and quit my corporate job entirely, but given the current state of the economy, I can't just jump into the deep end without a life jacket. My plan is to start small by setting up a sole proprietorship, hire one woman to help me out, and see how things go for a few months before I officially hand in my resignation. If all goes well, I'll transition into full-time work, etc... that's the long and short of it!
Now, my big question is: since I am married, am I legally allowed to open a business in my own name?
If I do, would I only be responsible for her payroll taxes, health insurance, and social security contributions?
And would I also be permitted to work shifts at the salon myself from time to time?
I know that getting a small business license set up involves dealing with $333. Roughly how much should I expect to pay each month in taxes, government fees, and her employee withholdings?
Lastly, is it possible for me to handle my own bookkeeping, or would I be required to hire someone else?
Thanks so much
So, here is my situation: I have an economics degree, I currently work at a bank, and I’m in the middle of retraining to become a cosmetologist. My ultimate dream is to open my own salon and quit my corporate job entirely, but given the current state of the economy, I can't just jump into the deep end without a life jacket. My plan is to start small by setting up a sole proprietorship, hire one woman to help me out, and see how things go for a few months before I officially hand in my resignation. If all goes well, I'll transition into full-time work, etc... that's the long and short of it!
Now, my big question is: since I am married, am I legally allowed to open a business in my own name?
If I do, would I only be responsible for her payroll taxes, health insurance, and social security contributions?
And would I also be permitted to work shifts at the salon myself from time to time?
I know that getting a small business license set up involves dealing with $333. Roughly how much should I expect to pay each month in taxes, government fees, and her employee withholdings?
Lastly, is it possible for me to handle my own bookkeeping, or would I be required to hire someone else?
Thanks so much