Licensing and taxes?

[top189h]

I have been thinking about starting a legitimate business part time until I can justify going full time. I have a four car garage that is already comercially zoned at my house. It happens to be right on a busy street and I have all the necessary equipment and such, and checked with the local osha and epa reps and since it has a concrete floor with no direct drainage I am okay to run out of there. I was full time at a body shop up until a year ago when I was moved up to management. After I stopped detailing for the shop, a lot of employees had me doing their personal vehicles on the side, and now around my neighborhood I have become basically the detail guy. Any way, my question is how many of the pros here set up and registered a business themselves, and if you did, where do you get the paperwork? If you hired an attorney to do it, was it worth the cost? Lastly in my research, I keep seeing all of these taxes and fees for employees, and since I will be my only employee (intend to go llc) do they still apply or will basic income taxes and self employment tax be it?

[LeMarque]

A few of the many things you`ll need to do.



In my case it was:



City Business License.



Register with the appropriate Sales Tax Agency. Here in NM it`s called `Tax and Revenue` and referred to as Gross Receipts Tax. (Ask for something like quarterly or twice yearly filing. As opposed to having to file every month.



Couldn`t get a business checking account without the two above.



Here in Santa Fe, its required to have an `Occupancy Inspection., i.e. Fire Extinguisher, etc. Actually the business license is issued after the inspection. These offices are usually located in the same building.



For LLC LLCs (Limited Liability Companies) - Nolo.com It`s easy. You can do it yourself.



Business checking acct.



Insurance and a bookkeeper/accountant are a must. So is Quickbooks - just for invoicing - IMHO

[Scottwax]

All I needed to start here in Texas was a DBA (doing business as) for $6. That`s all my bank required to set up a business account as well. Whether or not you have to charge sales tax depends on your state. Some require all business collect it, some don`t require it for labor. You might not have to carry insurance but it is a good idea, too risky without it.



Best to google "business requirements" plus your state, should pull up an official website.

[LeMarque]

All I needed to start here in Texas was a DBA (doing business as) for $6. ...

No wonder they call Santa Fe "The City Different" I just moved my shop, and what the Water company put me thru ... :angry

[Envious Eric]

legalzoom for the filings

contact your local insurance companies for quotes

advertise a little to get things rolling, but let word of mouth take you places as well

[19turbo95]

What do you guys do about the taxes?

[David Fermani]

What do you guys do about the taxes?

You pay them of course.....

[19turbo95]

You pay them of course.....

Lol. Guess I should be more specific. Do most of you have a cpa doing the taxes or do it yourself?

[David Fermani]

I know, i just couldn`t help myself



I collect all the receipts/documentation, separate and total them, and then forward them to my CPA. He tells me what is acceptable and what is not.

[Richard Grasa]

Hiring a CPA is your best bet unless you have experience with doing business taxes. There`s a ton of stuff that they know that helps ALOT that the normal person usually would not have a clue about.



In CT, I had to get register a DBA in my town and get a state issued tax ID #. Even though detailing is not a taxable service here, I still need to report my state taxes every 3 months even though they are always $0.



You may want to check with someone like your local chamber of commerce to see what`s needed in your city/state. They will usually help you out with advice free of charge.

[Rick Grantham]

Register with your State`s Dept of Revenue and get a Sales Tax ID. In my state, they send you a booklet to remit your sales tax fees.



Rick Grantham