Starting a Business - Info needed

[Laredo7mm]

Hey all, looking for some direction here.

One day I hope to sell some knives or damascus billets. Hopefully I will be able to make some money at it, but at the least I would like my hobby to pay for itself and maybe some equipment.

Should I register a business name now and get a tax number, or wait until i actually start selling some knives?

Are there some good tax breaks for a home based business when it is not making money?

Who/where would you all recommend I go for some more info?

Any insight would greatly be appreciated.


Thanks

 

[RokJok]

Small Business Adminstration of the US govt: http://www.sba.gov/
Federal information site: http://www.pueblo.gsa.gov (search on "small business" in their site)

Small Business Advisor: http://www.business.gov
Their FAQ page.

I advocate going to your local library and checking out either books covering how to start a small business or periodicals covering small business operation. This saves you the $$ of buying the small business instruction books/magazines locally or online.

 

[Chiro75]

Laredo, having started a business myself, there is both more to it and less to it than you could ever imagine! Granted, no other business in the world is like health care, but there is still a lot to it. I would recommend doing one of two things:
1) Buy a good book and do a lot of research. The SmartStart guide for Michigan is a good one that is state-specific. Available at Barnes & Noble. COme up to Holland and you can pop across the street and see my office!
2) Get a lawyer and let him figure it out. I worked with a great attorney in Holland that helped me figure things out a lot...liability, tax structure, etc.

In reality, you can just file as a sole proprietorship (Sylvester the Cat doing dusiness as Cat & Mouse Associates, for example). Costs about $50 and you file your business stuff along with your regular personal taxes. A Limited Liability Company has similar tax structure, but different liability issues. The list goes on...

 

[Sylvester]

Hey now I resemble that :grumpy: