11. Listen to Perry.
which brings me back to one. 1) ouch! lol
How many here work for yourselves?
by Leander 15 Replies latest jw friends
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KistByQpid
Yep...hubby and I have been self-employed for close to nine years now. I would recommend reading EVERYTHING you possibly can on business structures NOW. Understand all the pros/cons of each and every structure. For simplicity, the sole proprietorship is probably the easiest and cheapest to start BUT there are big drawbacks. The biggest drawback is that YOU the individual are responsible for any and all liabilities incurred by your company. Partnerships are easy to form as well BUT I'd strongly advise NOT getting involved in any partnership. The incorporated structure IS more paper work/money to set up. However, the advantage to a corp is that they are their OWN separate legal entity. This structure protects you and your personal assets. There are Limited Liability Corps, S corps and C corps. You need to do your homework and see which one gives you the best advantage. In my case, my husband's business is set up as a C-corp...so is mine...However, it is done so that one is a subsidiary of the other. This relationship between corporations is done by one owning stock in the other...big benefit. If it is possible to start TWO businesses (even if they are not related in service or product) I'd suggest you take a look at this option. Let's say one of your business makes a big profit...and the other doesn't. The subsidiary set up allows you to to file a consolodated tax return so that the profits of one, offset the losses in the other. In other words, if the losses in ONE corp equals the profit of the other...you have absolutely no tax liability because the net profit (combination of the two, from the two corps amounts to zero. Take some time to consider tax strategies and as already mentioned...consult a CPA <---a good cpa will cost you BUT tax ignorance will cost you more. Good luck in your business venture!
Edited by - KistByQpid on 20 July 2002 21:26:21
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KistByQpid
Forgot to add...your tax ID will be your social security number ONLY if your business is a sole proprietorship. If you choose to incorporate, you will most likely have to deal with your state's Secretary of State's office. They will need the IRS's form SS-4 (you can download it on the IRS's website) or just pick it up at their office when you fill out your articles of incorporation. Call your state's Department of Licensing or check their web site...most have fairly detailed lists of what steps you need to follow...which forms you'll need...and which offices you'll need to file with and in which order, to get your business license.
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Farkel
I've worked for myself for 32 of the last 33 years and I love it.
The only problem I have is that my paychecks frequently bounce.
Farkel
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Simon
I work through my own limited company. I'm in the UK though so can't give you any specific advice but it is not as daunting as you first imagine.
Just make sure you keep records and receipts and try and reply promptly to customers.
One thing has struck me is how honest 'wordly business people' are. I sell some components from my website (which helps to fund this place and keep it going). I use PayPay for payment processing because my previous processor let me down and sometimes their is a delay while people setup an account to pay and they email me asking if their is an alternative method.
Several times now I have replied enclosing the copy of the component but asking that they try to make the payment if they can but if not to please give the equivalent money to a local childrens charity. Without exception, everyone has been impressed and has paid ! (PS. If they haven't said they have also contributed something to a charity as well then I do it).
Be prepared to work longer hours though if you are working for yourself and don't pay too much attention to your idiot of a boss
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Flip
J.C., what do you think of current situation in the stock market? ;-)
Sunshine, no sweat! Current Stock market indexes haven't reached the levels of 74 -75 which were an extremely distant second to the levels of the early 'Thirties'. Today's negative market anomaly isn't even in the same ball-park...yet.
In regards to the 74-75 market 'crash', I suspect, much to the chagrin of the WTBTS Marketing Department, and conversely, to the glee of the WTBTS Finance Department the market rebounded tremendously and says a lot for playing 'it' both ways. Or more to the point, if you intend to 'Advertise! Advertise! Advertise!' schlock, it might be best to Diversify! Diversify! Diversify!
Edited by - Flip on 21 July 2002 2:54:3