- Joined
- Dec 7, 2012
- Messages
- 3,578
I do computer side work. Years prior, it used to be small jobs maybe only a couple per year. Now it is starting to really take off.
I want to be legal and have a brand/business name to operate under. I found the below quoted on the internet. Does that sound good to anyone?
Should I setup an LLC? I have no clue. All I know is that I want to operate legally and potentially make some decent $$$ on the side. Perhaps some may say to just go "under the table". This scares me a lot as I'm starting to do business with small companies in the area.
In the quote below, is registering your business for the alleged $15 what is known as getting a DBA? How does this all work? Your answers are valued very much!
Quote:
An LLC is overkill for 99% of 1 man small businesses.
Side-businesses should remain as sole proprieterships until they get much larger and need the benefits of the LLC laws.
You can still bill through a company name if you want to start building a brand:
Register your company name downtown for $15.
Open a free business checking account using your company name.
Have your customers write checks made out to your company name.
And set aside 25% of your gross income for Uncle Sam. He wants you to file a Schedule C with your regular 1040 at tax time. He doesn't care about your company. He just wants your social security number with a big fat check stuck to it.
Be sure to maximize your tax savings by tracking your expenses like a hawk. Every mile is worth 50 cents. I recommend using a tracking system like the TaxMinimiser.com (buy the $4 version to see if you like it).
Bottom line: EARN MONEY. Don't set up a "corporation".
I want to be legal and have a brand/business name to operate under. I found the below quoted on the internet. Does that sound good to anyone?
Should I setup an LLC? I have no clue. All I know is that I want to operate legally and potentially make some decent $$$ on the side. Perhaps some may say to just go "under the table". This scares me a lot as I'm starting to do business with small companies in the area.
In the quote below, is registering your business for the alleged $15 what is known as getting a DBA? How does this all work? Your answers are valued very much!
Quote:
An LLC is overkill for 99% of 1 man small businesses.
Side-businesses should remain as sole proprieterships until they get much larger and need the benefits of the LLC laws.
You can still bill through a company name if you want to start building a brand:
Register your company name downtown for $15.
Open a free business checking account using your company name.
Have your customers write checks made out to your company name.
And set aside 25% of your gross income for Uncle Sam. He wants you to file a Schedule C with your regular 1040 at tax time. He doesn't care about your company. He just wants your social security number with a big fat check stuck to it.
Be sure to maximize your tax savings by tracking your expenses like a hawk. Every mile is worth 50 cents. I recommend using a tracking system like the TaxMinimiser.com (buy the $4 version to see if you like it).
Bottom line: EARN MONEY. Don't set up a "corporation".
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