View Full Version : Business query(s)
mcarp22
11-03-2002, 02:06 PM
First of all I would like to thank all of the members of this forum for all of the information I have been able to get. The book has also been a great source of tips, tools and just about everything! What I am having trouble with now is the actual start up of the business. What type of liscence do I need? How should I work in the taxes? Best place to buy product in stores rather than online for those occasional shortages. Really any advice/procedures/requirements you could give me would be greatly appreciated. Thanks again! :xyxthumbs
Taxlady
11-03-2002, 03:22 PM
License: if you need one, it is probably your municipality that issues them. Ask at city hall.
What stores to buy stuff at for occassional shortages? It will be easier for people to give good answers if you tell us where you live in Florida.
Taxes: Pay an accountant for an hour of consultation. Try to find one that is used by other detailers, but at least get one who does a lot of small biz. The accountant might be able to tell you about licenses and biz permits as well. Will you have employees? That will get you into a world of employer responsibilites like source deductions. Definitely want to talk to an accountant about that stuff.
Scottwax
11-03-2002, 05:05 PM
In Texas, all I needed was a DBA (doing business as) for a sole proprietorship. Cost me $6 for 10 years. I have to renew it in 2004. It is mainly to protect the name and allow me to open a business account at the bank.
matty north
11-03-2002, 06:27 PM
Originally posted by F94Ranger
First of all I would like to thank all of the members of this forum for all of the information I have been able to get. The book has also been a great source of tips, tools and just about everything! What I am having trouble with now is the actual start up of the business. What type of liscence do I need? How should I work in the taxes? Best place to buy product in stores rather than online for those occasional shortages. Really any advice/procedures/requirements you could give me would be greatly appreciated. Thanks again! :xyxthumbs
In Florida, you will need a county and (if applicable) city occupational license. That`s about it if you are unincorporated and have no employees.
I recommend a Federal Employer Tax Identification number whether you have employees or not. This helps keep your business income and transactions separate from your personal. You can obtain one of these numbers over the phone with the IRS. Just have a completed Form SS-4 in front of you.
As for taxes, if you are going to operate as self-employed as opposed to incorporating your small business, you will be required to file quarterly estimated tax payments using Form 1040ES for your Federal income and Self-Employment taxes. Florida has no personal income tax so that`s not an issue. If you do incorporate, you will have state income tax issues to deal with also. If you have employees, you have many other forms and tax remittances to deal with.
Do yourself a favor and get some face-to-face advice from a qualified accountant who can help you set up a record keeping system. You`ve never known a nightmare until you get to tax time and find out you have kept none of the required records and didn`t make those estimate payments when they were due, resulting in penalties and interest. Not having that initial advice can be a very expensive oversight.