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Home › Society › Economy › Business, Accounting & Taxes › Starting a small business

Starting a small business

Started by Justin Walker24 · · 👁 62 views · 1.1K replies

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Participants Justin Walker24AMegan Chavez38Elizabeth Miller8Aaron MendozaRobert KimEric Martinez2Kenneth RobertsSophia Gonzalez6shadowjackal88vividstag31redscout61Robin Rodriguez5Nicole Morales3Chris Ruiz10coastalviper8Dana Miller6John Thomas2Steven Bishop2Jerry Martinez3Kevin White53Emily Ortiz25silentpanther15Dennis Lopez46 …
Raymond Martinez10 Raymond Martinez10 Active Member
236 messages
joined Oct 2009
#421 ·
mellowfox56 said:Hey mellowfox56, you might want to merge this thread about starting a sole proprietorship with that huge discussion we have on setting up an LLC and update the title to include...and sole proprietorship since there’s a ton of questions over there like what the actual difference is between an LLC and a sole prop, how much it costs to set up an LLC versus just starting a small business, and stuff like that.

Vote mellowfox56 for moderator 😉
mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#422 ·
Raymond Martinez10 said:Vote mellowfox56 for moderator 😉

alright, let's not push it too far
Steven Myers3 Steven Myers3 Newcomer
1 message
joined Oct 2009
#423 ·
Need some advice here, please.
I just filed all my paperwork to start my own small business about a week ago. It's just me, a solo operation—I'm going to be doing wedding photography, events, you know the drill... nothing too crazy. But now I'm staring at a mountain of questions:
1. What kind of monthly overhead am I looking at? (I'm doing the simplified tax thing, so no sales tax mess yet)
2. Do I actually need to hire an accountant, or is there some free software out there that can handle the books for me?
3. MOST IMPORTANTLY!!! Are there any little hacks or tips to make these first few months easier? Since I'm basically a total newbie when it comes to the whole entrepreneurship grind, what should I be watching out for?

Thanks.
boldpanther36 boldpanther36 Newcomer
2 messages
joined Nov 2009
#424 ·
Can someone help me out here? Does my personal credit history affect starting a small business? Also, could I still qualify for local county grants if I already have a personal loan out there?
boldpanther36 boldpanther36 Newcomer
2 messages
joined Nov 2009
#425 ·
Can someone please help me out here... if I want to start my own small business and apply for those local county grants, will they look at the loan I already took out? I'm currently paying back $833 a month...😕😕
mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#426 ·
Honestly, I don't think you should go for the incentive. It’s specifically designed for your line of work, so it's meant for people actually doing that job. As for the banks, I can't say for sure, but they track everything through your SSN anyway, so they'll see both scenarios. To be blunt, I doubt it would fly. But hey, why stress about it? Just give a bank a call and ask—you don't even have to give them your name. They're obligated to give you the info. And regarding the incentive, just file the application through the Apple, right?
Olivia Phillips2 Olivia Phillips2 Newcomer
2 messages
joined Nov 2009
#427 ·
Look, if you’ve actually sat down and hammered out a solid business plan—one that clearly maps out exactly how and when you're going to see a profit—then starting your own small business makes total sense. I mean, let’s be real: no plan survives first contact with reality perfectly, and things are bound to go sideways eventually. But if you have a roadmap? It’s absolutely worth the leap.

As for those government grants and tax incentives everyone keeps talking about, don't just sit there waiting for it to fall into your lap. You need to get on the phone and grill the local Small Business Administration office yourself. Before you even bother with that, though, go check out http://www.sba.gov/.
vividwolf48 vividwolf48 Newcomer
1 message
joined Nov 2009
#428 ·
I’m thinking about starting a small business without a physical storefront—basically a mobile computer and peripheral repair service, handling both hardware and software support. I recently left my job after 12 years in the industry, so I finally want to strike out on my own. I'm not entirely sure if this is doable or what the legal requirements would be... Could anyone provide some professional insight? Help me out, guys...
Olivia Phillips2 Olivia Phillips2 Newcomer
2 messages
joined Nov 2009
#429 ·
vividwolf48 said:I’m thinking about starting a small business without a physical storefront—basically a mobile computer and peripheral repair service, handling both hardware and software support. I recently left my job after 12 years in the industry, so I finally want to strike out on my own. I'm not entirely sure if this is doable or what the legal requirements would be... Could anyone provide some professional insight? Help me out, guys...

Of course it's possible. Just go through everything already posted in this thread -> IT services

Once you've digested that, check out all the info regarding starting a small business over at this site -> www.sba.gov
nimblelynx6 nimblelynx6 Newcomer
1 message
joined Nov 2009
#430 ·
So some small business owner told me a few days ago that starting January 1st, 2010, owners won't be on the hook for their personal assets anymore. Is that actually legit? And if so, where can I go to double-check that? Thanks...
mellowhound58 mellowhound58 Newcomer
3 messages
joined Nov 2009
#431 ·
I am reaching out because I truly need some guidance here. Currently, I operate my own small business, but I am also an employee at a corporation with a steady, reliable income. Due to work requirements, I have to relocate to a different state soon. My plan is to transfer ownership of my small business to either my wife or my brother. Is this legally feasible under US regulations? And does anyone know what the actual costs might look like for transferring business ownership like this?
Thank you all in advance
mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#432 ·
mellowhound58 said:I am reaching out because I truly need some guidance here. Currently, I operate my own small business, but I am also an employee at a corporation with a steady, reliable income. Due to work requirements, I have to relocate to a different state soon. My plan is to transfer ownership of my small business to either my wife or my brother. Is this legally feasible under US regulations? And does anyone know what the actual costs might look like for transferring business ownership like this?
Thank you all in advance

Unfortunately, you can't just "transfer" it like that—it doesn't really work that way. One option would be to add your wife as a co-owner and then you'd step out of the partnership, but honestly, that gets messy fast. There are so many "what ifs" regarding timing and taxes that it’s a headache.
In my opinion, the smartest move is to just keep the business in your name and let your wife run the show. She doesn't even strictly need to be registered as an employee since immediate family members can help out without being officially on the payroll. That seems like your cleanest bet. Your brother could do it too, and you two could always sit down with a notary to sign a private agreement just to make sure everything important is legally documented between you.
Technically, a sole proprietorship only passes to family members through inheritance after the owner passes away. I don't mean that in a dark way for you—long life and much success to you!—just stating the legal reality.
mellowhound58 mellowhound58 Newcomer
3 messages
joined Nov 2009
#433 ·
Thanks, Dubravka,
The thing is, I’d really prefer to stay within the same IRS branch and work with my current agent—it would make things so much easier when it comes to filing my annual returns. I’m not sure if that’s even an option. If I were to register in Washington, D.C., while my business is currently based in San Francisco, would I still be able to file everything through my existing agent out in San Francisco?
mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#434 ·
Just register your residency in Washington, D.C. for now instead of updating your ID. That way, your business stays exactly as it is while you figure out your next move. I was pretty sure that was what this was all about.
mellowhound58 mellowhound58 Newcomer
3 messages
joined Nov 2009
#435 ·
I’m stuck. I really have to register my residency here in Washington, D.C. It's because of my full-time job, even though my small business is actually based out in San Francisco. My wife and I run the whole operation together.
Thanks
Sophia Hughes6 Sophia Hughes6 Newcomer
6 messages
joined Nov 2009
#436 ·
Hi everyone!

I have a question, though I hope it doesn't sound too naive.

I’m currently employed at a company, but I also run my own freelance translation business as an independent contractor. I’m responsible for my own income tax. This month, I’m finally supposed to issue my very first invoice.

The part that’s stressing me out is how the tax calculation and payment actually work. Is it handled through a specific form, a standard check, or just a direct transfer to a specific account?

Help a beginner out. 😬
mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#437 ·
If you're running a small business, say you issue an invoice dated November 30th, and that’s your only one for the period, you’d pay the sales tax by December 31st. You just file your return with the IRS—you can grab the forms at Staples or Best Buy if you want to go old school. So, if your service is $2,000.00, then adding 23% tax means another $460.00, bringing your total invoice to $820.
Yeah, you only deal with this if you've actually registered for sales tax collection, and honestly, I don't see why you'd bother doing that right out of the gate.
That said, your best bet is to sit down with a CPA. It's hard for me to give you a full breakdown without knowing more about your specific setup, but hopefully, that gives you a starting point.
George Fox60 George Fox60 Newcomer
1 message
joined Nov 2009
#438 ·
Does anyone know if I’m actually eligible for maternity leave if I run my own small business and have only been operating for a month?
Thanks!
mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#439 ·
I honestly don't see why she wouldn't want it, especially since everything was actually improved to our advantage when the laws were updated back in early 2009. Look, I’m definitely not trying to act like some legal expert here, but if you really want to dive into the details, just head over to a parenting forum or simply Google "FMLA" .
Sophia Hughes6 Sophia Hughes6 Newcomer
6 messages
joined Nov 2009
#440 ·
mellowfox56 said:If you're running a small business, say you issue an invoice dated November 30th, and that’s your only one for the period, you’d pay the sales tax by December 31st. You just file your return with the IRS—you can grab the forms at Staples or Best Buy if you want to go old school. So, if your service is $2,000.00, then adding 23% tax means another $460.00, bringing your total invoice to $820.
Yeah, you only deal with this if you've actually registered for sales tax collection, and honestly, I don't see why you'd bother doing that right out of the gate.
That said, your best bet is to sit down with a CPA. It's hard for me to give you a full breakdown without knowing more about your specific setup, but hopefully, that gives you a starting point.

Thanks for the response, but I'm not dealing with sales tax here—it's my income tax that's the issue.

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