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Vol. 1 issue #135 Feb 28, 2005                     
 

 

Business Essentials
2005 by Debbie Solomon


 

We all know that starting your own business
is a reality that is now easier than ever to accomplish.
The phenomenon of business on the interent is nothing
short of intriguing. More and more people are starting
their own businesses from home because of the power
the internet provides.

There is so much to choose from and the options are endless.
However there are many aspects that many people seem to overlook
that is essential to business.
The main essentials are the legalities that are
involved in starting your own business. I realize how boring
this must seem, but in all actuality, once you start putting
all these legalities together, you begin to realize the formation
your business is taking. To SEE your business on PAPER is
one of the most satisfying accomplishments you can make.

I must add that it is imperative for everyone
to do this. Whether you are an independent distributor
for an affiliate program or you have your own product you
are marketing on the internet, it is still YOUR business, and
legalities are of the utmost importance if you want to be serious
about a successful business of your own. I don't want to
damper your parade, but joining a program and promoting it
on the internet is NOT a professional business. This is just
something you are doing to make a couple extra bucks and no
one will ever take you seriously.

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So lets get down to it. The big question is
What are some of these essentials we need to take into
consideration before we can begin to take our business
seriously?

1. Think of a NAME for your business. This will be
your trademark. And the most FUN part of your business.

2. You need to decide whether you would like your
company to be a Corporation, Partnership or a Sole Proprietorship.
Personally I recommend starting off as a Sole Proprietorship.
The steps of making your business legal is far less complicated.
Taxwise a corporation is more realistic, however, the legal
steps and cost of becoming a corporation is very complicated
and can be time consuming.

3. You need to register your business as a fictitious name.
This is much easier than it sounds. In fact, just go to city hall
and tell them you need to register a fictitious name. They
will give you the paperwork to do so. It is approximately
$50.00. Then you will have to register your business in your
local newspaper, which should only be around $30 to $40.
All details are including in the paperwork when registering
your fictitious name.

 

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4. You need to obtain an Occupational License. Most
states require you to have your fictitious name information
prior to this, so you may want to have that information on hand
first. An Occupational license is alittle different in every state,
so you may have to do some leg work on this.
Some states require a county and a city occupational
license. So it is important to ask that question. Normally
City Hall takes care of your City Occupational License, then
you can inquire about the legalities of a County License at
that time and they will tell you where to go. The normal cost
for an Occupational License is anywhere from $30 to $50. It is
very easy to get the details of obtaining your license. Just call
City Hall first and they will tell you what you need to do.

5. Open a Business Account. You will need all the paperwork
above in order to open a business account. Many clients will
want to make a check out to your business. Plus if you have
a merchant account it will go right into your business account
for quick reference. It is much easier to keep records of sales
with a separate business account.

6. Medical Insurance. This is the biggest bonus of all.
Because you go through so much to make your business legal,
now you know there are some perks. There are many health
insurance companies that have Group Insurance for 1 person
businesses. Normally they call it Group 1 Insurance. If you have
a business account, all the above paperwork, you are well on your
way to some GOOD health insurance. Some companies require
you be in business for one year, but you will find some that do not.
Individual insurance is HARD to get and very expensive.
Plus there are so many limitations of coverage, it is not worth it.
With Group 1 Insurance, it is like having insurance through
another company as far as the benefits go. It is not that expensive,
and the personal benefits of knowing
you have good insurance because you legally registered your
business, is well worth some of the aggravation you may have
to endure.

 

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7. You may also want to go to these websites to see
what is required from the government. This is a lengthy
subject and legal requirements change for each type of business.
If you still have questions, the IRS provides help by email.
Small Business Info:
http://www.irs.ustreas.gov/prod/bus_info/sm_bus/index.html
IRS Site: http://www.irs.gov/

8. If you are selling a physical product, it is important to
obtain a Tax ID number. You can also inquire about this
with City Hall on the steps you will need to take.

9. And the most important of all. Your Taxes. I am not going
through all the legalities of this, but here are some important
factors to consider. You MUST file taxes every year on your
company. Some states require you to file quarterly. Do what
you have to do, because it is essential. My suggestion is
to get an Accountant at file time. You do not need a CPA.
At least not in the beginning. There is too much room for
error if you try it by yourself. You would not believe what
I learned the first time around with my accountant. I found
out I do not have to file Quarterly, because I am a sole
proprietorship and I have no employees. One very important
aspect....Keep record of ALL YOUR EXPENSES. Even
the cost of your ISP each month is a necessity.

NOW, are you still ecstatic about starting your own business?
Did you know so much was involved? Or did you think you
can have an online business and NOT do this?

Everyone has their own opinion on this, however, if you want
a Legal, Professional and Successful Business, put it into
writing. Get your proper Licenses, Accounts and Insurance.
You will be surprised of the advantages you will incur by
becoming a professional businessperson.
 

ABOUT THE AUTHOR:
Debbie is the Creator of The HomeSource Arena,
which is The Leading Source in Certified Home Employment,
and owner of The Online Exchange Ezine, a Top Rated,
world renowned Ezine. The only Ezine that will give you
FREE Access into an Exclusive Members Only Club, just
for subscribing for FREE to The OnLine Exchange Ezine.
Please visit her site at: http://www.marketingtrendz.com
mtrendz@cs.com
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