Posts by gentletrucker67

Nathan Cox25 said:Great 🙂
Plus you'll need a bank statement—then your accountant just fills out the paperwork you take down to the IRS.

I already have a personal checking account open. Is that what we're using here, or do I need to set up a business account?

Got some good news to share 🙂
I hit up the Office of Management and Budget today and finally got my small business paperwork sorted out. - just had to provide my ID, a thumbprint $6.75, pay the $250 opening fee, plus the fee for the actual business license $67. I should have the official docs in hand by early next week.

I set it up as a seasonal business starting June 1st—basically just when things pick up. Once the license arrives, I'll head straight to an accountant and get a company stamp made.

Nathan Cox25 said:Ugh, I’m thinking you probably need to have an LLC or something already set up—makes sense, though. Might be worth checking out to be sure.
When you head down to the Small Business Administration, just lay it all out—tell them you're looking into manufacturing souvenirs and retailing honey products so you can run those local market stalls and whatnot. They should point you in the right direction.
As the owner, you can't exactly be working part-time elsewhere—and the payroll taxes alone will run you about $600 every month. At least, that's the ballpark if you aren't working any other job besides the business.

Well, I guess we'll see how things shake out for this summer.🙂
Will I need any specific permits or requirements for making the souvenirs? Like, showing off a workspace or whatever?
I currently have a full-time job at a corporation.

Nathan Cox25 said:Honestly, you don't need a degree for this kind of thing.
The problem is, you haven't given us enough details—are you actually growing the lavender and honey yourself, or just reselling it?

01.49 Raising other animals (bees, honey and wax production)
01.28 Growing plants for pharmacy use, aromatic, spice, or medicinal herbs
10.89 Production of other food products—the description mentions artificial honey, though I have no idea what they mean by that.
47.89 Retail sales of other goods at stalls and farmers' markets
47.91 Retail sales via mail or online

Though, if you head down to the local Small Business Administration office, they can give you the exact breakdown of activities allowed.

Setting up a small business doesn't take forever, really. You just go in to get the facts, pay the fees, fill out a mountain of paperwork—it’s endless—and drop it off. I'm not sure if you're in a rush or not; you can pick a start date a couple of months out to get your ducks in a row, or just dive in immediately. Just keep in mind, once you're live, those payroll taxes and contributions hit right away—you'll be paying them by next month.
First, you've got to pay for your official seal and that business signage for your address, then handle the bank account setup. Find a solid accountant to deal with the IRS, Social Security, and health insurance stuff—but obviously, wait until you've actually set your official start date.

Thanks, Nathan Cox25, 🙂 for the reply.
I’d be making the lavender souvenirs myself—like simple lavender sachets—but I'd be buying and reselling the essential oils, honey, and aromatic salts at the stall.
What are the actual obligations for a sole proprietor? Is it treated like any other employee where I could work part-time, or is there a fixed amount for Social Security and such? I know I still have to pay those obligations even if I already have another job.
Fine, I get that an accountant will eventually give me all these specifics, but shouldn't I have a rough idea of what I'm getting into from the start?
Specifically, I want to have my stall running this summer. If I tell the Office of Management and Budget a tentative start date—say June 1st—will they drag their feet on the processing, or if I say April 1st, will they hurry because I need the business license ready to apply for a local permit/concession? It's coming up fast.🙂
Or will they just tell me straight up if I've already missed the window for this summer?

Anyway, thanks again for the answers. 🙂

Hey there

I’ve got a question about starting a small business making and selling local goods—think honey-based treats, lavender products, stuff like that...
Does anyone here know if I need a specific certification or degree to do this, or am I allowed to just go for it myself without hiring an expert?
My plan is to sell these items from a booth or a stall—is that actually allowed, or am I forced to rent space in a formal gift shop?
And how long does the whole process take—getting a small business up and running—or is it all pretty much up in the air? :-)

Thanks in advance! :-)

Steven White said:Can my co-signer be someone from my family, like maybe my dad...

Sure, as long as his credit score holds up and meets those requirements I mentioned earlier.

Steven White said:So I've got a few things on my mind regarding getting an auto loan.

Basically, I just started working and in the near future (read: about a year from now) I’m looking to pick up a car. I'm at this pretty decent-sized company—won't name names—but the CEO is actually a great guy and super chill to work with. He mentioned he'd be down to let me buy a car through the company to save on taxes... so I'm wondering how that actually works in practice... like, would I have to pay the full sticker price upfront and then get a tax refund later, or does the price just drop automatically because of the tax savings right out of the gate?

As for the loan itself, I've been picking the brains of some coworkers about creditworthiness, but I'm getting mixed signals and honestly can't tell who's right...

Is it true that my monthly payment can't be more than one-third of my paycheck...

or is it more that after I pay the installment, I need to have at least $533 of my salary left over...

thanks in advance for the help!

Regarding buying the car through the company—honestly, that sounds like a bad move. I don't know how well you know your boss or how long you've been there, but since the car stays in the company's name while you're the one paying for it, it doesn't seem smart to me. You could end up paying for the car AND the sales tax, and walk away with nothing at the end of the day🙂, though obviously, it might work out differently.
As for creditworthiness, your monthly payment shouldn't be more than 1/3 of your salary. So, if you make, say, $2000, your payment can't exceed $667. If that's not enough, you can bring in a co-signer to boost your eligibility, meaningthe monthly payment can't exceed 1/3 of your combined incomes. The co-signer also needs to meet a minimum income requirement, I believe, maybe $767. One of you will need a permanent contract; if you don't have one as the primary borrower, the co-signer must, but then you'll need to have been at the same job for 12 consecutive months.
That was the deal when I took out my auto loan. Just go talk to your own bank; they can give you the rundown in five minutes, but that's the general idea. The part about creditworthiness is pretty much the same regardless of which bank you use.
I'd recommend JP Morgan Chase.