Offline "hassles" are discouraging...

13 years ago

I know where you are coming from, I run my business online and offline, I have set up as a Sole propiertorship, my accountant as advised me to go the limited company route, apparently it as tax advantages here in the uk

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InHwan Park

13 years ago

im in NYC and i had set up a LLC 3 years ago for my online and offline business. i too just followed what my CPA had said.

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ELeadStudio 13 years ago

Go for LLC my friend, it should be alright..
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- Strikeforce 13 years ago
  
  I set my business up as an LLC as well. It's very easy and inexpensive. You should be able to do it through your state's website, all online. The thing is, just do your research and then take the necessary steps. You can analyze things until the cows come home and never get anything done.
  
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teaball

13 years ago

Originally Posted by TJGoonan

Hey everyone,

I've had some minor successes online and am looking to expand offline. I have a basic offline structure that I am going to use, but one thing that's kind of discouraging me (due to my lack of formal business education) is all the petty details. Things like, contracts or agreements with clients, local, state, or federal taxes. And should I create an LLC or Sole propiertorship, or something of the nature?

If anyone has faced similar road blocks and hass solutions to share, I would greatly appreciate it.

Thanks for the continual help and assistance Warriors!

You might want to wait and see what the current federal control freaks are going to do with tax laws and how Obama attacks corporations with regulations and our new wonderful health care costs.

If you have an employee, you have to health insurance or you pay a penalty. It's great ... you' ll love having employees now.:rolleyes:

Thats why we are all out there being entrepreneurs, creating new jobs so we can get hammered by our Prez as if we are evil enemies of the state.

So, I vote with sole proprietor status, until further changes in the laws are clearer than mud.

I just changed from 8 years as an LLC.

TB

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Rus Sells

13 years ago

This isn't what you want to hear but,

if you think the things you listed are "petty details" then perhaps you should not be in business for yourself.

These are not roadblocks they are there to protects you and your clients.

Originally Posted by TJGoonan

Hey everyone,

I've had some minor successes online and am looking to expand offline. I have a basic offline structure that I am going to use, but one thing that's kind of discouraging me (due to my lack of formal business education) is all the petty details. Things like, contracts or agreements with clients, local, state, or federal taxes. And should I create an LLC or Sole propiertorship, or something of the nature?

If anyone has faced similar road blocks and hass solutions to share, I would greatly appreciate it.

Thanks for the continual help and assistance Warriors!

Thanks

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48dayscoach

13 years ago

Originally Posted by TJGoonan

Hey everyone,

I've had some minor successes online and am looking to expand offline. I have a basic offline structure that I am going to use, but one thing that's kind of discouraging me (due to my lack of formal business education) is all the petty details. Things like, contracts or agreements with clients, local, state, or federal taxes. And should I create an LLC or Sole propiertorship, or something of the nature?

If anyone has faced similar road blocks and hass solutions to share, I would greatly appreciate it.

Thanks for the continual help and assistance Warriors!

I'm working with offline businesses too. I set my own LLC up. A couple CPAs have told me about the benefit of a "work around" that will allow me to file as an S Corp to cut my self-employment tax. Get yourself a good CPA who can handle that. From what they've told me... it's a simple bit of paperwork.

Make it a great day,
Ramon

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Rus Sells

13 years ago

Its really not a "work around" its becoming a corporation and paying yourself minimum wage as a corporate officer, but at the end of the year if you take any additional money as wages or bonus's your still going to have to pay all the taxes associated with it.

Originally Posted by 48dayscoach

I'm working with offline businesses too. I set my own LLC up. A couple CPAs have told me about the benefit of a "work around" that will allow me to file as an S Corp to cut my self-employment tax. Get yourself a good CPA who can handle that. From what they've told me... it's a simple bit of paperwork.

Make it a great day,
Ramon

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1 reply

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Bronwyn and Keith

13 years ago

Hey Rus

Agree totally.

You are either "in" business or NOT.

It's almost like wanting to be "half pregnant".

Set it up right the first time and everything else will work out much smoother in the end.

Regards

Bronwyn and Keith

Originally Posted by Rus Sells

Its really not a "work around" its becoming a corporation and paying yourself minimum wage as a corporate officer, but at the end of the year if you take any additional money as wages or bonus's your still going to have to pay all the taxes associated with it.

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Rus Sells

13 years ago

That kind of attitude is exactly why people come here and complain that their Paypal account got suspended. = )

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joshril

13 years ago

There is some good feedback here. Although those things seem like hassles, you'll be glad you spent the time getting things setup properly. Oh, and don't forget to do a business plan. So many people jump into business without any planning or goals.

If you start with a solid foundation your business will do much better.

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startup

13 years ago

just get started...you don't need to tax plan what to do with your wealth at this point...too many people plan and rethink and fret and stay broke...when you make some real money get a good cpa and atty...they'll handle all this stuff you are fretting about

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TJGoonan

13 years ago

Originally Posted by startup

just get started...you don't need to tax plan what to do with your wealth at this point...too many people plan and rethink and fret and stay broke...when you make some real money get a good cpa and atty...they'll handle all this stuff you are fretting about

Thanks for the input...I keep hearing cpa....I know it's not the "cost per action" I am accustomed to, is it an accountant?

Thanks
1 reply

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CrhisD 13 years ago

Originally Posted by TJGoonan

Thanks for the input...I keep hearing cpa....I know it's not the "cost per action" I am accustomed to, is it an accountant?

CPA = certified public accountant.
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sdentrepreneur

13 years ago

Either LLC or Sole Proprietor should work just fine, also like what was said above. Make some money first, then figure out taxes.

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AndrewCavanagh 13 years ago

The minimum in many places is a business license which will cost you less than $50.

In many parts of the world you don't need anything at all.

In practice to do this you simply need to get started.

You can sort out the finer details later.

The most important thing is to start getting in touch with business owners.

There's no law in any country against talking to business owners so there is no reason at all you can't get started today.

Kindest regards,
Andrew Cavanagh
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Offline "hassles" are discouraging...

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