Starting a small business
in Business, Accounting & Taxes ·
Jesse Chase32 said:So, here's the deal: I spend my free time flipping stuff online, basically buying low and selling for maybe a 15-35% markup. Honestly, for a college student just trying to get by, things are actually going pretty well right now. Over the last 11 months, I’ve managed to pull in about $2333 in profit. I'm starting to wonder if I should go through the whole headache of registering a business or if I should just keep it on the low. Like, is this even worth turning into a formal thing? I don't really have a website or anything to promote myself, so I'm just kind of flying under the radar at the moment.
Setting up a sole proprietorship for $150 is a decent idea, sure—but there's a catch. That setup won't work because what you're doing is basically wholesale, and for
wholesale operations, you really need to incorporate as an LLC. 🙂 With an LLC, you're looking at roughly $27 $0.00 plus maybe another 20,000.00 in startup costs, and then there's the other $7
—you know, the notary fees, filing with the Secretary of State, stamps, all that bureaucratic nonsense😵. www.photocopy.net:no way, he knows: