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stempleton Inner circle 1443 Posts |
I am interested in making my NC-based endeavors a sole proprietorship. I have a state issued tax ID for reller and tax reporting purposes. What is your experience/opinion of LegalZoom.com for this? Do I also need a local/state business license package add-on? Appreciate any feedback.
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rossmacrae Inner circle Arlington, Virginia 2475 Posts |
But ... without doing anything at all, aren't you already a sole proprietorship?
Consult an attorney familiar with your state laws, or ... free ... ask at your state office that handles business licensure. |
stempleton Inner circle 1443 Posts |
Quote:
On 2009-07-26 08:40, rossmacrae wrote: I see your point. Yes, in a literal way you are correct. I am seeking licence info so I am able to be able to deduct business expenses. If SP is not the way to go, then I am seeking what is the most appropriate route. |
jlibby Inner circle 1044 Posts |
Forming a sole proprietorship is an excellent idea, but do you have to go through Legalzoom for that? All I did was file an assumed name certificate at the county courthouse. I realize requirements vary from state to state, but I think Ross is right. Check with your county or state offices first.
Joe Libby San Antonio, TX
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TomBoleware Inner circle Hattiesburg, Ms 3163 Posts |
I don't know anything about LegalZoom, but I have set up several businesses.
Unless you selling firearms, alcohol, etc, it's all fairly simply. Of course I can't give you legal advice, but here is a brief outline of my "opinion." 1. You already have the state tax ID number. That covers you for state sales tax. 2. If you doing business under another name other than your own, you may need a Federal Tax Identification number (EIN.) This is to be used for the federal tax filing. Get it from the IRS. If you operating under your own name, you simply use your social security number. 3. Some places require a local business permit. Normally this is not required if you working out of your home. You get this from the local tax collector. Call the local court house. Or ask any locally owned business where they got their business permit. You will most likely see it posted on the wall up front. 4. As for magic permits, you already a member of the Magic Café, so you should be good to go. Tom
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sethb Inner circle The Jersey Shore 2719 Posts |
In addition to the above good advice, I'd suggest talking with your accountant, who can advise you on what needs to be done and what options you may have. He can also help you set things up so that it's easy for you and him to prepare a return (probably a Schedule C) at tax time. SETH
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stempleton Inner circle 1443 Posts |
Wonderful posts...thanks all. I will go the DIY route first. After all, the money could be spent on better things...like...MAGIC!
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RobertSmith Veteran user 330 Posts |
Quote:
On 2009-07-26 11:32, sethb wrote: My accountant is setting me up entirely with being an LLC. I won't have to do anything. She's filing all the paper work. One flat fee. I would definitely talk with an accountant before I talk to an attorney. I'd also consider setting yourself up as an LLC. There's more legal protections with that. Again talk to your accountant. Robert |
Ted Squires New user 35 Posts |
Don't go with LegalZoom. I used them to create my LLC a couple of years ago and it was overpriced. The pricing didn't include filing the necessary paperwork with the state and they didn't get me a EIN. I had to contact the IRS and do that on my own.
Also you will get follow up sales calls not only from LegalZoom, but "partners" trying to sell you other products (like accounting services). While I certainly recommend creating a legal entity for your business, I just don't recommend LegalZoom. |
jay leslie V.I.P. Southern California 9498 Posts |
Just remember that even if you are incorporated (or LLC) you can be sued for personal negligence. If you harm someone and you own a house, but you are responsible for the act, you can still be sued.
A corporation works better when you have other people working for you and/or you are one step removed from the outcome of transactions. Also, check into getting a Federal Tax ID Number which has benefits, ask your accountant.
Jay Leslie
www.TheHouseOfEnchantment.com |
TomBoleware Inner circle Hattiesburg, Ms 3163 Posts |
Jay, I agree, when you the sole owner, regardless of how it's set up,
and you get sued, having your money in another account doesn't mean a thing. They coming after it. The best way to spell protection is Insurance. Tom
The Daycare Magician Book
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