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Get Well, Get Rich With
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ADVANZ
CORPORATION
8849 186th Street
Hollis, NY 11423 (USA)
Phone: (718) 454-5949
Fax : (718) 454-6566 |
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Is Your Business Legally Prepared
by Sonia Colon
It is imperative to have your business legally prepared. How you
ask?
You need to have a business license, a home occupation license,
if
running your business from home, a City or County license,
(depending
on what State you live) plus you need to register your business
as
fictious if you are not using your name as a business. For
instance,
If John Doe has a business name as John Doe's Grooming Parlor, a
fictious name isn't necessary.
When opening a business in your residence, additional
information is
required. Some businesses require more than a City license to be
fully
licensed. Please check with your local City & State office for
detailed information.
While it is my understanding that there are many businesses who
are
operating "under the table", so to speak, I highly advise
against this
practice. If you are just interested in selling a few things out
of
your home, don't worry about this section, as you should not
have any
form of tax liability for selling your own belongings. However,
if you
start a business to make some money, you need to look at the
legal
aspects of running a business. Eventually, those who operate
under the
table will be caught.
If you are running an internet business it is not as anonymous
as some
people may believe. Keep in mind, the government designed the
Internet
in the first place! They know how it works! Legalize it and you
will
sleep better at night!
It really is simple. This is not as complicated as you think, so
don't
worry! I know I fussed and fretted over this for a good while
and when
I actually went "legal", I kicked myself because the process was
so
simple.
Follow the steps below to get you started:
1. Determine the type of home business you want to start. Sole
Proprietorship, Partnership or Corporation.
* A sole proprietorship is the least costly and least
complicated way
to set up your business. Remember that a sole proprietorship is
totally dependent upon your ability to work and have good ideas
for
growth. There is no other person in the business to rely on.
* A partnership happens when two or more entrepreneurs form a
company.
Legal fees for setting up such an arrangement are usually more
costly
than those required for a sole proprietorship and less costly
than a
corporation. The up side of a partnership is more capital for
growth
and more ideas for how to grow the business. The downside is
getting
rid of a bad partner.
* A corporation is the most complicated and most costly of the
three
options. The ongoing accounting, legal, and tax reporting
obligations
of a corporation are much more complicated than for the other
two
options. Corporations have boards, shareholders, and shared
responsibility for the business. It is necessary to keep
everyone
informed of decisions, the company's financial status, and a
host of
other actions.
It is wise to seek the advise of an attorney in the beginning of
your
work-from-home situation in order to avoid serious problems
later on.
An attorney will guide your decision about what legal form your
company should take.
2. If using a fictious name for the business, it must be
registered
first with the State. Call your City & State office to find out
their
phone number. Usually, you can do this online. Visit their site
and
fill out a fictious name form. A fee may or may not apply.
3. Is your home located in the City? Some States like Florida
require
a County license if your busines isn't located in the City. If
not
sure, contact your local jurisdiction office for licensinig
information.
4. Complete the home occupation application and the business
license
application. You may download the forms from your City hall
website.
Call your City hall office to find out their website address and
fees.
5. Forward your applications and fees to your City hall office
either
by mail or by visiting the office. They will usually accept
cash,
checks, debit cards, VISA, MasterCard or American Express credit
cards. Again, check with your local City hall office.
If you visit in person with your applications and appropriate
fees,
you will get your business licenses the same day. However, if
you do
all of this by mail, you would need to wait at least 2 to 3
weeks to
receive your licenses. Either way, you are on the right track.
Congratulations!!
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Sonia Colon is owner of Jimson Products, an affordable online
gift
store at:
http://www.jimsonproducts.com. She is also a successful
publisher of "My Jimson Products Ezine." Subscribe by visiting
her
website. Sonia Colon has been successfully eBaying and have
given her
customers satisfactory service. Check out her feedback at:
http://cgi2.ebay.com/aw-cgi/eBayISAPI.dll? ViewFeedback&userid=jammi91
------------------------------------------------------------
BUSINESSMATE EZINE is published and edited by
Jess Guim, MCSE. |
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