If I start a small business?

Discussion in 'Community Discussion' started by silbeej, Nov 6, 2007.

  1. silbeej macrumors 6502a

    Joined:
    Feb 3, 2007
    #1
    So what do i need to do if i am going to say, fix people's computer and do electronics's work for random people around my town. I don't want to start a big company, but if i do some small advertising with fliers at my current job, golf course driving range, so i get some decent circulation, do i need to do anything else. Like do i need business insurance, or sales tax and all that junk?
     
  2. smokeyrabbit macrumors 6502

    Joined:
    May 19, 2005
    Location:
    Escape from New England
    #2
    Your accountant will talk to you for free and answer all your questions. Your attorney will also answer your questions, but probably not for free.
     
  3. silbeej thread starter macrumors 6502a

    Joined:
    Feb 3, 2007
    #3
    Not sure if i made it clear, i'm a student, and have no accountant or lawyer. Just want to make some extra money by using my skills.
     
  4. kainjow Moderator emeritus

    kainjow

    Joined:
    Jun 15, 2000
    #4
    You would be self-employed. The IRS has info on this.
     
  5. smokeyrabbit macrumors 6502

    Joined:
    May 19, 2005
    Location:
    Escape from New England
    #5
    Again, I would get talking to an accountant and/or attorney, they will save you big $ at tax time if you don't start out right. If you're going to be advertising in your community, you need to be thinking like a businessman/woman, even if you're a student. If you're going to be working for friends of friends and getting paid under the table, then who cares. The freaking IRS is only going to tell you how you owe them all your income plus some, so talk to an accountant first. I've owned several LLC's, corp's, etc. over the last 15 years and I can tell you that 99% of all the problems you're ever going to run into being in business for yourself can be prevented by talking to a good accountant and/or attorney before you get started.
     
  6. Plymouthbreezer macrumors 601

    Plymouthbreezer

    Joined:
    Feb 27, 2005
    Location:
    Massachusetts
    #6
    Plus, if you make under a certain amount, they don't even look for taxes. If it's small, see how it goes at first, and if you're doing well at it, then I'd considering looking into the full legalities.

    Also, be mindful your state might have its own tax laws, so be sure to check those out too.
     
  7. CanadaRAM macrumors G5

    CanadaRAM

    Joined:
    Oct 11, 2004
    Location:
    On the Left Coast - Victoria BC Canada
    #7
    And your city, town or county may require you to have a business license.
     

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