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Business Type?

Thread title: Business Type?
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12-20-2004, 11:44 PM
#11
Michael is offline Michael
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Thanks guys, freelance status seemed to be the way to go for now !

12-29-2004, 01:39 AM
#12
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hello
registering a company is really easy.
go to your local Court. (the place you go for your traffic tickets)
you'll give them name of your company + $13 registration fee, and that's it. your company is officially registered. then you have to get an tax ID. it should be on the same building, if not, they'll give you the exact address and map for it. after you done, they'll mail you all the legal papers (tax ID, etc..). in about a week or two.

benefits?
first of all, you can open a business account at your local bank. Washington Mutual offers free business checking. you can build up credit for your company. they'll issue you a credit card under the name of company, if you get approved. you can use your business checks for purchases related to your company. when you do business with people, they prefer to right the check under the name of company rather than an individual.
anyway, it's a good thing to do.

12-29-2004, 01:53 AM
#13
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Remix = TemplateAlien.com ?

12-30-2004, 08:21 AM
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sliceandcode is offline sliceandcode
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Originally Posted by HostCheckup
Remix = TemplateAlien.com ?
I think TemplateAlien.com is TemplateAlien here..

12-30-2004, 02:29 PM
#15
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Yes, your right. My mistake.

12-31-2004, 02:02 PM
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I don't know where you guys got the idea that freelancing is a tax-free haven. If anything, registering as a self-owned business (at least in the UK) could save you some tax! Many of you are too young to register a business, or be liable for taxes, but it is always worth asking a professional (accountant, solicitor, etc) to talk things through with you before even considering the advantages/disadvantages of freelancing vs owning your own business and working out of that.

- Salathe

01-02-2005, 04:23 AM
#17
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Thanks, didn't expect any more info in this thread, I just got home from vacation and pulled up the thread and woo, No Clue! made it sound simple and easy. I'll continue to look in to this, and tell you all what the final decision is !

Regards, Remix

01-04-2005, 08:39 AM
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  Old

Business registration laws change from state to state, so it may be smart to check out your state website, or make a phone call to your city hall and explain your situation, they should be glad to help you.

If you were to run the business by yourself, you could register as a sole proprietorship down at your city hall and get your business license (usually around $65 a year). If you are going to have actual employees, that is a whole nother deal. Then your talking benefits, taxes on your employees wages, etc, etc, its a lot more complicated, and requires a couple more forms, some of which need to be aquired from your state government.

Again, if running the biz by yourself, you need a Ficticious Name statement (that is unless you want to name your company "Joe Smith Design"), available at either your county clerks office or sometimes your local newspaper as well (the newspaper has to announce that you are doing business under a different name than your own). This is usually around $20 and a one time fee.

As for your staff members, the easiest way to do things is to just call them contractors. That way your not liable for them, their payments, blah blah blah, and you can simply pay them under the table.

Registering your business is a valuable step in becoming established and recognized, which is more important on a local level. Joining the Chamber of Commerce in your area can also be a great business move, because the chamber loves to network, and if you dont have much competition, your sales can pick up very rapidly.

If you have any more questions let me know, but I would suggest registering as a sole proprietorship as I described. Hope this helps.

Also guys, I believe the law in california at least is that if you make somewhere around 500 a month on a non-business venture, it is considered to be a business after that point, and you need to pay taxes. If your a registered company, you pay taxes as long as you dont file for a loss (losing more money than you made = not good )

...one last addition. if you go into business for yourself, you can be any age. the laws simply prohibit the hiring of kids under 14, and from 14-16 usually you need a work permit. there is no law that says a 12 year old can not own a company as far as I know, but whether they would be able to do it well is the other question.

-kevin

01-04-2005, 02:26 PM
#19
derek lapp is offline derek lapp
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depending on where you are, there are different ways of being taxed. in some cases, you get taxed less less for being a registered business (inc) vs a freekancer with a certification (LLC or w/e it called).

it also depends on how you're registering it as. i don't know a lot about it because i've always done all the work myself, so i have no need for it yet, but i do beleve there is a difference between saying $company inc and $company ltd and it would matter.

i haven't studied it much yet, so this is just reaching way back and piecing together what i've heard before.

EDIt: soreal beat me, and did a better job.

01-04-2005, 08:35 PM
#20
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Hum, lots of great information in this thread ! Thanks a lot guys. Feel free to post any more knowledge if you have any !

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