Starting your own Business?
- Thread starter DoWhat
- Start date
Yes. The State of Maryland frowns on you if you don't have one.DoWhat said:
Nice to have, but a must if you're going to get a loan to start/operate your business.
Very important. Brand distinction.
Good tax write-off.
Shoot, I could write a novel here about owning and operating a small business. You ask me what you want to know.
B
baswm
Guest
To me, the hard part is finding a product or service that is not available and others are looking to purchase / hire you for it.
Railroad
Routinely Derailed
Don't know if you want a REAL answer or not, but here 'tis:
I went into business for myself and completed a full tax year doing it. I didn't register with the state or fed, didn't bother with any of the tax and business identification. Seemed like a very complicated and frustrating exercise in mother-may-I.
So I figured out the percentage of my gross income that had been withheld by my last employer for income taxes and Social Security, and put back that much out of what I was making while in business for myself.
All fine and dandy until it was time to pay taxes, at which time I paid over $300 in penalties and interest for not making quarterly estimated tax payments. I don't think the $300 was a big deal, considering how much I had to pay in taxes. (I had guessed right, BTW, and was able to pay the almost $10,000 in taxes without going completely broke).
I did the name search (yes, you need to do that so nobody can sue you for doing business using their business' name) on the Web, a service an attorney would want to charge money to do for you.
Unless you think you need an assistant and plan to charge enough for your product/service to pay for one, I don't recommend even considering employees until your business growth requires it.
Be prepared to devote a lot of uncompensated time to your business if you want it to grow.
I have heard, and I believe it to be true, that if you're starting a retail business, you should have enough saved up in the bank to support you and your business for at least a year before you start.
Last but not least, be sure that you have a strong, dependable customer base to support you and that your product or service isn't a trendy thing that could die out as people's tastes change, or a seasonal thing that dries up the rest of the year.
I went into business for myself and completed a full tax year doing it. I didn't register with the state or fed, didn't bother with any of the tax and business identification. Seemed like a very complicated and frustrating exercise in mother-may-I.
So I figured out the percentage of my gross income that had been withheld by my last employer for income taxes and Social Security, and put back that much out of what I was making while in business for myself.
All fine and dandy until it was time to pay taxes, at which time I paid over $300 in penalties and interest for not making quarterly estimated tax payments. I don't think the $300 was a big deal, considering how much I had to pay in taxes. (I had guessed right, BTW, and was able to pay the almost $10,000 in taxes without going completely broke).
I did the name search (yes, you need to do that so nobody can sue you for doing business using their business' name) on the Web, a service an attorney would want to charge money to do for you.
Unless you think you need an assistant and plan to charge enough for your product/service to pay for one, I don't recommend even considering employees until your business growth requires it.
Be prepared to devote a lot of uncompensated time to your business if you want it to grow.
I have heard, and I believe it to be true, that if you're starting a retail business, you should have enough saved up in the bank to support you and your business for at least a year before you start.
Last but not least, be sure that you have a strong, dependable customer base to support you and that your product or service isn't a trendy thing that could die out as people's tastes change, or a seasonal thing that dries up the rest of the year.
Last edited:
B
baswm
Guest
BS Gal said:
$50 bucks would be a good price.
We need to talk Young Lady.jazz lady said:Yes. The State of Maryland frowns on you if you don't have one.
Nice to have, but a must if you're going to get a loan to start/operate your business.
Very important. Brand distinction.
Good tax write-off.
Shoot, I could write a novel here about owning and operating a small business. You ask me what you want to know.
LexiGirl75
100% Goapele Head!
Even though you hope I never call you, don't forget about Workman's Compensation for employees who are not family. Those employees who are family you can get a waiver from the WC office.
Also, make sure no one already has the name you choose.
Also, make sure no one already has the name you choose.
911Carrera
German American Lead Foot
DoWhat:
Why don't you give this a try.
Call the St. Mary's County's Department of Economic and Community Development office and ask for some info. The office is on the second floor of the Governmental Center in Leonardtown. Very good people and willing to help! Call Faith Hall at 301-475-4200 Ext. 1400. She will send you some info about starting your own business.
It's free too. There are many different resources out there to help you along.
Another good source is DBED (Maryland's Departmentt of Economic and Community Development.
Good Luck! You can do it!
Why don't you give this a try.
Call the St. Mary's County's Department of Economic and Community Development office and ask for some info. The office is on the second floor of the Governmental Center in Leonardtown. Very good people and willing to help! Call Faith Hall at 301-475-4200 Ext. 1400. She will send you some info about starting your own business.
It's free too. There are many different resources out there to help you along.
Another good source is DBED (Maryland's Departmentt of Economic and Community Development.
Good Luck! You can do it!
Robin
New Member
try www.sba.gov also has links for start information
comptroller of maryland local office is in waldorf smallwood village to
drop off maryland state paperwork.
to get a federal id # quick over the phone EIN 1-800-829-4933
the first thing you have to decide is if you are home based or in a
commercial building planning and zoning to apply for a permit.
It is very important to have the ein # most companies you order from want that number to do business with you...
Good luck if you decide to move forward on your adventure.
comptroller of maryland local office is in waldorf smallwood village to
drop off maryland state paperwork.
to get a federal id # quick over the phone EIN 1-800-829-4933
the first thing you have to decide is if you are home based or in a
commercial building planning and zoning to apply for a permit.
It is very important to have the ein # most companies you order from want that number to do business with you...
Good luck if you decide to move forward on your adventure.