Starting A Small Business
04-14-2009, 09:55 AM
#11
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In reference to the LLC. If it is something you ever do, and going incorporated for that matter. My father-in-law mentioned to me before, that you can go online, and register as a LLC. or a Inc. online, and establish it in Nevada. Supposablly it's perfectly legal, and it helps you out with taxes in some way. I don't know nothing about it really, I could be dead wrong.
Just thought I would mention it if you ever take your business BIGTIME.
Just thought I would mention it if you ever take your business BIGTIME.
04-14-2009, 01:09 PM
#14
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GOOGLE!!! fing02.gif
Here are some links, hope that helps. They are just off the first page I searched, I am sure there is some better information out there.
Just search: incorporating in nevada
This tells of why it's benefecial to Inc./LLC in Nevada - http://www.nevadaincorporate.com/
This tells of some common mistakes people make when doing it - http://www.lectlaw.com/filesh/ncp01.htm
This one has general info for Inc./LLC for all the states - http://www.incorporate.com/
Here are some links, hope that helps. They are just off the first page I searched, I am sure there is some better information out there.
Just search: incorporating in nevada
This tells of why it's benefecial to Inc./LLC in Nevada - http://www.nevadaincorporate.com/
This tells of some common mistakes people make when doing it - http://www.lectlaw.com/filesh/ncp01.htm
This one has general info for Inc./LLC for all the states - http://www.incorporate.com/
04-14-2009, 05:03 PM
#15
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If you're just retailing clothing and other items, no point in getting an LLC that I can see. Go for a sole proprietorship. LLC = We do services for people and don't want to get sued. We also have to pay corporate fees and everything. SP= I only have to pay income tax on things I sell.
04-14-2009, 05:16 PM
#16
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Yeah I'm gonna do sole proprietor. It's just gonna be me.
Well I am already well established on ebay. So I want to expand my inventory on ebay, but have a store as well where people can come in. The area I am thinking of has lots of rich people, and teenagers that go to main street after school to shop. Plus every weekend during spring and summer, there are sidewalk sales. Rent will be high, but I will be living at home with $0 worth of expenses. My store would be like a home away from home, I just wouldn't sleep there.
Actually I find that to be the most fun. I love shopping and I acquire most of my inventory locally at thrift shops and places like Marshall's on their clearance racks. It's like a treasure hunt, really. I once found a handbag in the thrift shop for $7. I sold it on ebay for $100. I can't tell you how awesome that was.
Thanks for the advice guys. Keep it coming!
QUOTE
Anyways a store front isn't all it's cracked up to be. Here in Ashland store fronts on the main street run at least 1200-1500 I'm sure they'll be way higher in NY so your going to have to move a lot more product to make it viable. If I were you I'd work on growing the online some more, maybe create a online store front to compliment your ebay offerings.
Well I am already well established on ebay. So I want to expand my inventory on ebay, but have a store as well where people can come in. The area I am thinking of has lots of rich people, and teenagers that go to main street after school to shop. Plus every weekend during spring and summer, there are sidewalk sales. Rent will be high, but I will be living at home with $0 worth of expenses. My store would be like a home away from home, I just wouldn't sleep there.
QUOTE
its not hard to buy and sell on ebay
the work is buying the stuff and reselling it
the work is buying the stuff and reselling it
Actually I find that to be the most fun. I love shopping and I acquire most of my inventory locally at thrift shops and places like Marshall's on their clearance racks. It's like a treasure hunt, really. I once found a handbag in the thrift shop for $7. I sold it on ebay for $100. I can't tell you how awesome that was.
Thanks for the advice guys. Keep it coming!
04-14-2009, 05:55 PM
#17
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I only read the first 5 or so posts. I'm in a hurry, so here's my input.
- Get a business license like RED'z said.
- Keep track of ALL costs incurred (computer, internet bill, website, etc) as they'll be good to use when filling out your taxes.
- If you use a certain room in your house/apartment (i.e., office), and that room and your computer are used 100% for business purposes, you can DEDUCT utilities, rent, and other stuff as a Business Expense (based on the percentage that sq. footage takes up of your house/apt.)
- Since it's only on eBay, you shouldn't have to worry about any liability, but if you grow in the future to own your own store, make sure you look into the differences between LLC, LLP, Sole Proprietorship, Partnership, etc.
- The more expenses you can justify as BUSINESS, the more it'll offset profits and less taxes you'll have to pay. Doing stuff through eBay can be iffy on the whole tax thing.
I believe Delaware is really friendly for businesses. New York I'm not so sure about.
- Get a business license like RED'z said.
- Keep track of ALL costs incurred (computer, internet bill, website, etc) as they'll be good to use when filling out your taxes.
- If you use a certain room in your house/apartment (i.e., office), and that room and your computer are used 100% for business purposes, you can DEDUCT utilities, rent, and other stuff as a Business Expense (based on the percentage that sq. footage takes up of your house/apt.)
- Since it's only on eBay, you shouldn't have to worry about any liability, but if you grow in the future to own your own store, make sure you look into the differences between LLC, LLP, Sole Proprietorship, Partnership, etc.
- The more expenses you can justify as BUSINESS, the more it'll offset profits and less taxes you'll have to pay. Doing stuff through eBay can be iffy on the whole tax thing.
I believe Delaware is really friendly for businesses. New York I'm not so sure about.