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Submitted 375 days ago...

Miss Demeanor

Miss Demeanor

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What's the best way to start your own business?

My sister is looking at starting a business and while she is pretty smart, she has no business knowledge other than some accounting. How can one find out how to register a business name and get set up with tax ids and stuff?

 
 
 
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Submitted 375 days ago...

jreberry

jreberry

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Well, every situation is different and it all depends on her goals and priorities. I would certainly reccomend creating an LLC (they are the easiest and allow for limited liability.)

Keep in mind all profits or losses of the business will flow to y our sister on her indivdual taxes. So the LLC will never file taxes (only file a report) and all of the income or losses will reported on your sisters individual tax form.

To get a tax ID, all she needs to do is call an 1800 number and it takes about 20 minutes over the phone. But first, she must file a form with the SOS and open a bank account with a small deposit.

If she is serious, let me know and i can speifically outline the 7 or 8 tasks she needs to do (and once you understand it all, its very simple.)

 

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Submitted 375 days ago...

browndog

browndog

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You can check out the Small Business Association, they have a lot of good info & resources. www.sba.gov

 

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jreberry

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