Starting a small business

If I were to answer my own question:

the minimum technical requirements.

Hey there, I really hope this ends up being helpful to someone down the road!

There is just so much incredibly useful information shared here

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bluecrane16 said:Is it actually possible to set up a small business dedicated specifically to providing intellectual services? Does a category like that even exist in our system?
And would someone working for a federal agency be allowed to run a side business like that at the same time?

sorry if this is a silly question to ask😁

Yeah, you can do both.& it works.
just gotta be specific about what kind of service you're actually providing...
check out the SBA website

Hey there! I run a small business, and one of my main lines of work is retail. I have an employee on staff, but I’m currently facing some pregnancy complications and need to go on medical leave. It’s got me wondering how this affects my business filings—specifically, while I'm out on sick leave or maternity leave, am I required to officially register that employee as the business manager, or can I just leave everything exactly as it is in the state registry? If anyone has any insight on this, please let me know as soon as possible... I'm feeling a bit rushed here. Thanks!🙂

I’m planning on launching a small retail business, specifically aiming to operate under the sales tax exemption threshold. Since we’re already past the mid-year mark, I’d only be able to take advantage of this for less than six months. From what I gather, once a sole proprietor exceeds $85,000 in annual revenue, they have to register for sales tax $0.00.
That window is far too short for my liking. I’ve been weighing the idea of setting up the business in someone else's name—say, a distant relative—and then essentially "buying out" the business from them at the start of next year. That way, I could potentially secure another full twelve months of operating without the sales tax headache.
Does anyone think this is actually feasible?
I’d appreciate any insight you can offer.

Anonymous said:Has anyone here dealt with this type of small business before?
If I wanted to launch one, what kind of background do I need, or what specific professionals would I have to put on my payroll?
Regarding the animals being sold—do they have to come from certified breeders, or can I source them from any breeder out there? Also, how much oversight is there from the USDA or veterinary inspectors?
Am I allowed to manufacture my own pet food lines, and could I also get into making my own pet accessories or gear?

You'll need to hire someone with a retail background, but I'm not entirely sure about the regulations for sourcing animals.

TRED said:If you don't hit that $85,000 threshold by the end of the year, you can stop worrying about sales tax registration for the foreseeable future.
You can't exactly "buy out" a small business like that. It doesn't work that way. What you actually do is buy into the company as a partner. Once you've secured your stake, the original owner can step away, leaving the business entirely in your hands.

All that seems like a lot of unnecessary effort if you aren't actually planning on moving over here within the next six months. $28333?!

👍 I see where you're coming from. I just can't tell if that 85 figure actually applies to what we're discussing. $0.00 Is this based on total revenue or my actual profit? If we're talking gross revenue, I’ll easily blow past that number. But then I'm stuck playing a losing game next year—I'd have to hike my prices just to stay level, which is a quick way to lose my edge against the competition.
Regarding that second method—does that actually mean I'm exempt from sales tax for next year?

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Link is dead. This is nothing but a glorified flyer.

Jack Lewis3 said:👍 I see where you're coming from. I just can't tell if that 85 figure actually applies to what we're discussing. $0.00 Is this based on total revenue or my actual profit? If we're talking gross revenue, I’ll easily blow past that number. But then I'm stuck playing a losing game next year—I'd have to hike my prices just to stay level, which is a quick way to lose my edge against the competition.
Regarding that second method—does that actually mean I'm exempt from sales tax for next year?

DELETED LINK
It refers to gross receipts. In a sole proprietorship, there is no such thing as "profit" unless you want to define it that way... you have taxable income. I suggest you look up DELETED LINK; there’s a massive amount of info there.

Regarding point two, I don't think so... because this isn't a newly formed business...

Why on earth would you raise your prices? Look at it this way:

While I'm not paying sales tax, I'll charge $41 (while the competition charges $41) and pocket the extra $41 straight away.

Once I'm back in the sales tax system, I'll still be charging $41, but instead, $22 goes to the IRS and $100 stays with me. I'm fine with that because:
a) I'm still cheaper than the competition by a few bucks
b) I've spent a year earning $7.25 more than I even intended—but the honeymoon phase is over, and now I'm just making 🙂
.

John Davis8 said:DELETED LINK
It refers to gross receipts. In a sole proprietorship, there is no such thing as "profit" unless you want to define it that way... you have taxable income. I suggest you look up DELETED LINK; there’s a massive amount of info there.

Regarding point two, I don't think so... because this isn't a newly formed business...

Why on earth would you raise your prices? Look at it this way:

While I'm not paying sales tax, I'll charge $41 (while the competition charges $41) and pocket the extra $41 straight away.

Once I'm back in the sales tax system, I'll still be charging $41, but instead, $22 goes to the IRS and $100 stays with me. I'm fine with that because:
a) I'm still cheaper than the competition by a few bucks
b) I've spent a year earning $7.25 more than I even intended—but the honeymoon phase is over, and now I'm just making 🙂
.

Thanks, you've been a huge help. DELETED LINK is great. Could you maybe clarify what exactly "gross receipts" means? The terminology is tripping me up a bit.

I'm curious about that DELETED LINK. Send it my way via PM if you can. Is it possible to run two separate LLCs doing basically the same thing? If that works, there might be a workaround here.
Revenue is what comes in; expenses are what go out. Profit is just the gap left over.

Anonymous said:Has anyone here dealt with this type of small business before?
If I wanted to launch one, what kind of background do I need, or what specific professionals would I have to put on my payroll?
Regarding the animals being sold—do they have to come from certified breeders, or can I source them from any breeder out there? Also, how much oversight is there from the USDA or veterinary inspectors?
Am I allowed to manufacture my own pet food lines, and could I also get into making my own pet accessories or gear?

Are you absolutely certain about this? Every local pet shop I know has folded lately—only the massive chains like Petco seem to be hanging on, and even they aren't exactly thriving. Honestly, I wouldn't call this a brilliant move. 😕

brightgardener40 said:I'm curious about that DELETED LINK. Send it my way via PM if you can. Is it possible to run two separate LLCs doing basically the same thing? If that works, there might be a workaround here.
Revenue is what comes in; expenses are what go out. Profit is just the gap left over.

DELETED LINK. Thanks for clearing up the terminology.
If I'm following correctly, revenue equals gross sales.
Actually, I'm looking for a way to stay under the sales tax threshold for a full year rather than just five months until the end of the calendar year. Starting fresh in January would mean losing the commercial lease I've already secured. There has to be some loophole somewhere.!!!

If I’m reading this right, receipts equal revenue, which equals gross turnover.

You got it right.

Hey everyone.
Hoping someone here actually knows what they're talking about...

I'm 35 and just passed my floral certification.
Since finding a job is basically impossible right now—and I know plenty of other women are stuck in the same boat—I’m looking at starting my own thing, like a little boutique flower shop.
The catch? I'm short about $3,000, which obviously I don't have lying around.
A loan seems like the move, but I don't own any property to use as collateral—no house, nothing.
From what I've heard, you can get a business loan once you've already got an LLC or something set up...
Anyone got advice? Are there actual SBA grants or small business incentives out there, or some other way to scrape together startup cash?

Thanks in advance.

Jerry Clark said:Hey everyone.
Hoping someone here actually knows what they're talking about...

I'm 35 and just passed my floral certification.
Since finding a job is basically impossible right now—and I know plenty of other women are stuck in the same boat—I’m looking at starting my own thing, like a little boutique flower shop.
The catch? I'm short about $3,000, which obviously I don't have lying around.
A loan seems like the move, but I don't own any property to use as collateral—no house, nothing.
From what I've heard, you can get a business loan once you've already got an LLC or something set up...
Anyone got advice? Are there actual SBA grants or small business incentives out there, or some other way to scrape together startup cash?

Thanks in advance.

You don't need a sole proprietorship for this. You need an LLC.$6.75

I’d give you the link where you can research all of this, but the admins will just delete it. They view any site containing info on LLCs versus sole proprietorships as advertising, so they won't allow it.

John Davis8 said:You don't need a sole proprietorship for this. You need an LLC.$6.75

I’d give you the link where you can research all of this, but the admins will just delete it. They view any site containing info on LLCs versus sole proprietorships as advertising, so they won't allow it.

Just send her a private message, for heaven's sake!

Regarding incentives, Frigg, check with the Department of Commerce. I believe the deadline for their current grants is approaching soon—if it hasn't passed already—or contact the local Chamber of Commerce. Some counties offer their own incentives, and certain banks have programs too. You can find basic info on opening a sole proprietorship or an LLC on sites like SBA.gov.
Before you dive into anything, run the numbers. How much capital is required to launch? What are your monthly overhead costs? Project your monthly, semi-annual, and annual earnings to see if this entire concept is actually viable.

John Davis8 said:You don't need a sole proprietorship for this. You need an LLC.$6.75

I’d give you the link where you can research all of this, but the admins will just delete it. They view any site containing info on LLCs versus sole proprietorships as advertising, so they won't allow it.

The moderator is gonna keep wiping that link anyway. Look, if you just show up here dropping one specific URL without actually contributing anything else to the conversation, it's flagged as spam. In their eyes, that's advertising, and they charge money for that kind of exposure.

If you really want to share, just hit someone up via DM.

I have another question regarding small businesses and sales tax. I think I might have stumbled upon an answer in a previous post above.
I’m curious about this scenario: if I buy out a shop's inventory, the previous owner closes their LLC, and I take over the exact same location—potentially keeping the same business name—to continue the same line of work. Naturally, I would have to
set up my own legal entity and register everything from scratch. My theory is that, under these circumstances, I could potentially be exempt from collecting sales tax for that first year.
Does this logic actually hold water, or am I just chasing a fantasy?

brightgardener40 said:A year ago, I got a notice from OSHA about taking some workplace safety exams. They basically said if I don't do it, I'll have to hire an outside firm to handle everything just to avoid getting slapped with a fine. Now I'm looking for some real-world feedback. Has anyone actually dealt with this? If you took the exam, how much did it set you back and is it actually difficult?
To me, the whole thing smells like a shakedown.

Well, we didn't get it sorted out in time, so an inspector showed up at our job site and filed a report...
basically saying we weren't properly trained for safe work and that we should expect a court summons...
So, we went ahead and did the medical checkups and paid an outside agency to "certify" us and put together an occupational safety plan... roughly $1333..
Then the court summons arrived, we handed over all the paperwork, and now we're just waiting...

Hard? Please. You just cough up the cash and you don't actually have to do anything... assuming you've actually got the money to burn.