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

Starting a small business

Started by Justin Walker24 · · 👁 45 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 …
copperheron70 copperheron70 Newcomer
3 messages
joined Jan 2012
#641 ·
Hey everyone!

It would be absolutely fantastic if there were centralized offices where you could just get all the details regarding opening or closing a small business in one go...

And specifically regarding what the law requires if you decide to shut down your LLC—you really need to pay close attention to

-whether you're currently receiving unemployment benefits
-the specific month and day you plan to de-register the business
-how much severance pay you'll owe if you have employees on staff...and so on.

Good luck!
Karen Garcia5 Karen Garcia5 Member
10 messages
joined Jan 2012
#642 ·
Hey everyone, quick question here:

Is it possible to set up some kind of small business where I only pay taxes based on what I actually earn? I’m not looking for that standard setup where I have to shell out fixed amounts every single month (payroll taxes, or whatever they call them)—I mean, if I pull in $1,500 in a month, maybe I just give $667 part of that to the government?

Specifically, this wouldn't be a full-time 9-to-5 gig. It would be more on-call, and the income would probably be pretty low. Just some side hustle stuff, I guess, as long as everything stays above board 🙂
.
Thanks 😁
copperheron70 copperheron70 Newcomer
3 messages
joined Jan 2012
#643 ·
I'm not entirely certain, but I'm leaning toward thinking none of that is true!
Olivia Sanders24 Olivia Sanders24 Member
23 messages
joined Jan 2012
#644 ·
Karen Garcia5 said:Hey everyone, quick question here:

Is it possible to set up some kind of small business where I only pay taxes based on what I actually earn? I’m not looking for that standard setup where I have to shell out fixed amounts every single month (payroll taxes, or whatever they call them)—I mean, if I pull in $1,500 in a month, maybe I just give $667 part of that to the government?

Specifically, this wouldn't be a full-time 9-to-5 gig. It would be more on-call, and the income would probably be pretty low. Just some side hustle stuff, I guess, as long as everything stays above board 🙂
.
Thanks 😁

Not a chance. Those contributions hit you every single month, then you've got quarterly fees for the chamber of commerce, plus your annual self-employment tax. There’s really no way around it. Honestly, if you don't have at least $300 or so extra every month just to cover those overhead costs, it isn't even worth starting a business—that's actually exactly why I'm currently in the process of closing mine down. ☕
Olivia Sanders24 Olivia Sanders24 Member
23 messages
joined Jan 2012
#645 ·
Nathan Cox25 said:I've got a question, though I'm not entirely sure which thread this belongs in.
Since I'm just starting out as a small business owner—still finding my footing here—I need some advice on buying a computer through the company.
Obviously, all the software needs to be licensed, but I was wondering if I could just go with Linux since it's free, along with all its programs. Would using that cause any headaches with the IRS or anything?
Thanks to everyone for whatever info you can throw my way.

Honestly, you can grab a PC with whatever software comes pre-installed or just set it up with Linux—it doesn't matter either way—just make sure you remember to claim those tax deductions at the end of the year.

In the meantime, just install whatever works best for you. The odds of some auditor showing up just to check if you have legitimate Windows licenses on one or two machines are basically zero—they aren't going to waste their time on a tiny operation; they're looking for the big corporations.
Carol Ward3 Carol Ward3 Member
42 messages
joined Jan 2012
#646 ·
Olivia Sanders24 said:Honestly, you can grab a PC with whatever software comes pre-installed or just set it up with Linux—it doesn't matter either way—just make sure you remember to claim those tax deductions at the end of the year.

In the meantime, just install whatever works best for you. The odds of some auditor showing up just to check if you have legitimate Windows licenses on one or two machines are basically zero—they aren't going to waste their time on a tiny operation; they're looking for the big corporations.

Back when we dealt with the IRS, they actually had the authority to audit any computer used for business purposes to ensure everything was running on licensed software—it usually took them about fifteen minutes to scan the system and demand receipts. That said, I imagine using Linux wouldn't cause much of a stir since it's free. They didn't even bother looking at my personal laptop, apparently because they don't have the jurisdiction to poke around private property.
Karen Garcia5 Karen Garcia5 Member
10 messages
joined Jan 2012
#647 ·
Olivia Sanders24 said:Not a chance. Those contributions hit you every single month, then you've got quarterly fees for the chamber of commerce, plus your annual self-employment tax. There’s really no way around it. Honestly, if you don't have at least $300 or so extra every month just to cover those overhead costs, it isn't even worth starting a business—that's actually exactly why I'm currently in the process of closing mine down. ☕

Thanks. 🙂 What kind of stupid schemes are these...

Olivia Sanders24 said:Honestly, you can grab a PC with whatever software comes pre-installed or just set it up with Linux—it doesn't matter either way—just make sure you remember to claim those tax deductions at the end of the year.

In the meantime, just install whatever works best for you. The odds of some auditor showing up just to check if you have legitimate Windows licenses on one or two machines are basically zero—they aren't going to waste their time on a tiny operation; they're looking for the big corporations.

An acquaintance walked into a store about a month or two ago with nothing but a single computer, and he managed to dodge the fine. I guess. 🙂 Tad asked about Linux. He reckoned anything that's free should run on a computer without any issues, I guess.
Nathan Cox25 Nathan Cox25 Regular
350 messages
joined Mar 2018
#648 ·
If I’m reading this right—if I don't have a company laptop and I'm just running invoices from my own machine—they aren't allowed to look through it, right?
But they will, they'll definitely do it—I've already heard rumors about it happening at a few different places, and apparently, it all kicks in starting next year...
northerncrane49 northerncrane49 Member
31 messages
joined Feb 2012
#649 ·
Hey everyone,
A friend of mine is looking to start his own small business. He wants to get into the distribution and retail side of pet food. Here's the catch: he’s actually a veterinarian by trade, not a licensed trader. Does he really need specific commercial credentials to pull this off?
Nathan Cox25 Nathan Cox25 Regular
350 messages
joined Mar 2018
#650 ·
Is he thinking about opening his own storefront, or just distributing to local pet shops?
I don't think he needs to worry about the second option—but as for the first, I'm not entirely sure. There's always that risk they won't approve the permit. Honestly, it’s probably best if he just heads down to City Hall and asks someone directly.
northerncrane49 northerncrane49 Member
31 messages
joined Feb 2012
#651 ·
They don't actually need a storefront. You could just keep the food in a cellar or a storage room. If someone wants to buy something, they just give you a call, swing by to pick up their groceries, or if they're feeling generous, they can drop stuff off. They pay, and that’s the end of it.
Nathan Cox25 Nathan Cox25 Regular
350 messages
joined Mar 2018
#652 ·
Since I started my own small business back in September, I can tell you what the deal was then—though who knows if anything has actually changed since.
You can register for retail, which basically means selling directly to the end user, but people always ask me how they’re supposed to pull that off without a physical storefront. In those cases, it’s probably smarter to register as an e-commerce or mail-order business. If you’re looking at wholesale, though, you’ll need at least 50 square feet of warehouse space and Boeing. Just to clear up any confusion—because I know some people have been told conflicting things about needing Boeing even for online sales—you really should just go down there and ask. It honestly just depends on which clerk you happen to get that day...
placidfalcon9 placidfalcon9 Newcomer
2 messages
joined Feb 2012
#653 ·
Hey, so here’s my situation. I run a small construction business, and for the last three years, I had it registered under a specialized vocational training program because I didn't have enough work history to qualify on my own. Now that those three years are up, I’ve moved the business registration over to my own address and stepped away from that specific program. However, there's still the issue of the master craftsman exam hanging over me. I want to know: am I actually REQUIRED to take this exam, or can I just skip it if it turns out I don't need to?
darkeagle10 darkeagle10 Member
12 messages
joined Feb 2012
#654 ·
Hey, I’m looking into starting a small business—basically a little pizza and pasta spot—out of my own garage. It would be strictly takeout and delivery, no dine-in or seating at all. Does anyone know what kind of paperwork I’d need to clear, how much startup capital I should realistically set aside, and what health department standards I have to meet to get the doors open? Any info helps, thanks.
Nathan Cox25 Nathan Cox25 Regular
350 messages
joined Mar 2018
#655 ·
You’ll need to meet certain technical requirements—better check with the local licensing office. I'm not 100% sure, but you'd likely need a culinary degree:
if you're filing under catering services, you generally need that certification to get the business license approved.
darkeagle10 darkeagle10 Member
12 messages
joined Feb 2012
#656 ·
Nathan Cox25 said:You’ll need to meet certain technical requirements—better check with the local licensing office. I'm not 100% sure, but you'd likely need a culinary degree:
if you're filing under catering services, you generally need that certification to get the business license approved.

Yeah, I read that myself—it's true, either I have the credentials or I hire someone who does. Also, is it actually true that inspectors make it impossible to get permits for this kind of thing? Seems like they just want to squeeze out the small guys to protect the big restaurant chains.
Nathan Cox25 Nathan Cox25 Regular
350 messages
joined Mar 2018
#657 ·
Honestly, I'm not really sure. Back in the day, you'd see these setups all over Chicago—people working out of basements or tiny little shops, doing strictly custom orders. Just delivery and nothing else.
darkeagle10 darkeagle10 Member
12 messages
joined Feb 2012
#658 ·
Can anyone tell me if I'm actually eligible for any kind of startup grants if I decide to open my own small business? And if I am—I guess we'll see—how much are we talking about?
Nathan Cox25 Nathan Cox25 Regular
350 messages
joined Mar 2018
#659 ·
There was some talk about this recently.
If you’re looking at the job market, you really need to be with them for at least six months first.
The incentives hover somewhere around $29k–$34k $0.00—give or take—depending on your degree. I’m not entirely sure if they're still handing those out; they seemed pretty active until last November.
Now, we're waiting on those federal and state grants to kick in. They usually expect you to actually be turning a profit and have had your LLC registered for at least a month before you even apply for the tender.
restlessowl6 restlessowl6 Newcomer
1 message
joined Feb 2012
#660 ·
I’m thinking about starting a small photocopy business. As far as I understand (correct me if I'm wrong), it falls under a general service license, so I don't think I need any specific professional certification. I have a couple of questions:
1. If I go ahead and buy all my equipment before officially launching the business, can I write those costs off to lower my tax bill? (Or however that process works... I guess I'm not entirely sure)
2. Since this is a general service setup, would I be allowed to sell things like stationery alongside the printing and digital services?

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