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Starting a Business HELP I have been doing Mercedes and Me for about a year and finally am picking up enough in sales that I need to get my business tax ID # and get set up as an exisiting business. Anyone have any experience with starting up a sole proprietorship or a LLC? Advice would be great, we're going to a tax person this year to get started. |
You can get a tax Id number from simply calling the IRS. An attorney will help you set up an llc. But isn't necessary for a sole propietorship. The later you simply file with your personal taxes. An llc means an entirely separate return. |
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For a DBA you'll have to go to the courthouse, and file for a DBA. They're good for 10 yrs. We own our own business and are a sole proprietor, had our DBA for about a year before needing a tax ID number but filed online for it. Good luck |
Forgot to add... Register as a minority owned business. You can apply for business grants and other special perks. We are a plumbing company and were unable to bid certain jobs before we switched everything into my name and registered as a minority owned business. It opened a lot of doors and we currently have contracts in 4 states because of it. |
The best idea is to talk to somebody that does this for a living. I wouldn't go near a sole proprietorship if selling food (even dog food). If something goes wrong, your personal property is at risk if they sue you (at least in Michigan it would be). I'd be looking at LLC and S-Corp. LLC probably makes more sense for you.. |
Don't pay anyone to form your LLC. You can fill out the application and file with the state yourself (state charges annual fee). Save your money for a certified public accountant to determine which way would be best to file your taxes. There are different options for LLCs. |
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