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Questions about starting a new business

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  • Questions about starting a new business

    Hi! This is my first post so be kind to the newbie...

    I have some questions regarding starting a new business. I'll give you a little background on what I have come up with so far but I just want to make sure I'm on the right track.

    - I am currently residing in Nevada and am looking to start a business in my home. Its essentially making crafts (luggage tags to be specific) and am taking orders on a contract basis.
    - I am personally financing the endeavor. No loans as my estimated start up is very low (under $1500)
    - No employees out side of myself
    - I am not doing this to replace my current income but rather supplementing it.
    - I've identified who I'm marketing it too.
    - I've completed my business plan
    - I have strong computer skills so using Quickbooks is not a problem

    Now, here are the questions I have (Be patient, I majored in the Social Sicences in college and the only business course I took was Computer Information Systems)

    - Should I list as a Sole Proprietorship or an LLC?
    - Outside of a business license in Nevada and Federal Tax ID number, are there any other licenses I need or places I need to register?
    - Do i need to hire an accountant and attorney? (Dumb question but as small as I am, it seems like overkill).
    - How do you pay yourself? (Again dumb, but I've always been curious.

    I know I can handle the operation side but its the administrative side that scares me a little. I want to make sure I do things on the up and up.

    Thank you for your patience and I look forward to your comments!

    Eric Skelly

  • #2
    Re: Questions about starting a new business

    If you are only the one owning your business, I think you should register as Sole Proprietorship. I don't have any idea with the licenses but for sure you need to have a business permit. In a small business like what you have I don't think you'll need an accountant and an attorney because you can do the computation in that size of business.
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