Business Tips

Starting a Small or Part-time Business

1.  First Steps 

2.  Record Keeping

3.  Sample Forms

4.  Resources

FIRST STEPS

Type of Business

Sole proprietorship is the simplest way to start---you are the one and only owner.    No special forms to fill out...your income/expenses can be carried over to your 1040 tax form using Schedule C.

Forming a partnership or incorporating is much more complicated....seek an attorney if you are considering these options.

Business Name

Please note if you use a business name, you may need to file with state or local authorities.  Also, your bank account will need to be a business account so you will be able to process checks, deposits, etc. in the name of the business.  

OR you may wish to use your personal name or a short version ....such as "J.B. Smith" or J. Smith.  Setting up a checking account is much simpler and you do not have to register your own name.

How Will You Do Business?

Direct selling has many forms- person-to-person, parties, craft shows, mail, email, word-of-mouth.  Wholesale to stores or businesses also may include consignment.  Multi-level marketing is another form of doing business.

<home page>                                                 <record keeping>

advertisers