Starting Small Business: What Do I Need?

Posted: Wed Oct 28, 2009 7:33 am

OK, so during last summer I did some work for a friend and made some money. This was good because a. I got some money and b. I got some real world experience and practice at things that can get me more money in the future. This coming summer I am going to do the same, except that I want to open up my clientele base to everyone. I will be doing guitar setups/mods as well as some tracking/reamping mixing if by that time I have my new amp.

Do I need a Business License? Will I need Insurance? What else will I need?

Posted: Wed Oct 28, 2009 7:42 am

Contact your local Small Business Administration office. As with most government offices, quality varies with location. But you are already paying for it with your tax dollars, so you might start there.

Posted: Wed Oct 28, 2009 9:49 am

Your state Dept. of Revenue will tell you what you need. They can provide everything you need to be legitimate in the eyes of the law.

http://www.state.nj.us/njbusiness/starting/

That should cover everything except the Insurance.

If you're the Sole Proprietor, the IRS will only require you claim any business income using your personal SS# and a Schedule C (and any supporting documents that go along with Sch. C)

If you're forming a partnership that complicates everything and you'll probably want professional advice.

After that it's a matter of keeping thorough records on a short list of income sources and a long list of legitimate expenses.

Good luck.

Moderator Joined: Nov 16, 2004 Posts: 864

PM me when you have small questions.

You were nice enough to quote me in your sig, and become my acolyte, so it's the least I could do. It (business consulting) is what I do for a living. I want you to do what was suggested first, though, so we know you are 100% with this.

DVDHawk made me smile when he wrote "short list of income sources and a long list of legitimate expenses."

Ain't it the truth!

This topic sponsored by: