Wholesale Liscence?

[Diomedes Industries]

In another thread Strig was being told by another old hand that he needed to fill out his "Paper Work" for something. I am a professor by trade and do leather as a small second income. I have been below the 3,000 minimum for a business until this year.

I am asking about business advice as to where I should go next. DBA? Incorporate? What paperwork should I be filling out to stay legit?

TF

 

[Skystorm]

Tal, I have found it best to just get a business license. The IRS has too many rules to deal with as a hobbyist and I have found it is simply easier to declare it all, as a side benefit a biz license will get you wholesale accounts with Weaver and Tandy. It will also allow you to deal with the account limits behind the scenes if you use Paypal.

 

[paneraica]

Just don't list as Ltd., Inc. etc. Just get a simple business licencee and possibly might need a resale licence.

I thought about adding Inc. my small company until my accountant told me his end of year tax fee would go from $150 a year to $1200 as more work is involved

DON

 

[leatherman]

Agreed, adding those taglines to your business name seem cool at first, but later tend to become an issue/liability.

When you keep it simple, other things tend to stay simple. But there are those inevitable complications like taxes, every year we feel more and more certain that the government does not want its citizens to work for themselves. They define "self employed" under the same definition as wealthy. Be sure to define your situation, ie "single proprietorship" or any of the other plethora of definitions, each has their own gives and takes. Mostly takes.