knife making business forms, licenses, etc

ScottRoush

ScottRoush

Joined
Jan 10, 2010
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Just wondering what legal stuff that the 'one-man-shop custom knife maker' does for a home-based knife making business... sole proprietor versus corporate forms, etc? Set up a fictitious statement?

I understand that a lot of folks probably do nothing at all... but just wondering what is the best way to go.

Thanks a lot!
 
I do every thing, I have a business license, seperate checking account (require fictious name statement), state resale license, insurance, website, extra web addresses in case I want to do a different type of knife business.

I keep an accounting book of everything I buy and sell.
 
DBA form (Doing Business As) filed with the county (technically considered a business license) sales tax number filed with the state (actually in 4 states now because you need to conform to the sales tax laws in any state you do shows in) Scedule C and Schedule SE for taxes, seperate bank accounts for the business, maintaining receipts for 7 years in case of audit. These are things you HAVE to do to operate a business and stay out of jail, business insurance is optional but a really good idea, incorporation is expensive and probably not worth it, the benefits are slowly being eroded away

-Page
 
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