Starting A Home Business Is Fun
One of the problems that stand in the way of many people wanting to start a home business is fear. They are afraid of not only the unknown, but they are also afraid of rumors and incorrect information about costs, legalities, and other things.
In reality, none of this is necessary. Most people who start a real home business don’t need any of that. These are usually people who have no intention of hiring employees, keeping inventory, or needing special permits or zoning ordinances changed in order to do business.
These are people who are simply looking to make money by working at home. Their goals might differ and their business plans might look archaic, if they exist at all, but in reality, they all want the same thing: to work for themselves.
Some people have been working at a home based business for years and never even realized it. It may not be full time, but it’s money made at home. Have you ever done paid babysitting? Walked a neighbor’s dog? Baked a birthday cake because you do a lovely job? These are businesses!
First, find your state’s business website. It has all the information you need regarding filing your original paperwork (articles of organization, etc.), filing for a fictitious name, and how to submit paperwork with the appropriate fees. Most likely it will also have information on how to do a name search to make sure you choose a company name that isn’t already in use.
Decide if you want to be a sole proprietor, an LLC or a corporation. (LLCs provide plenty of liability protection along with the ability to get a tax refund each year!)
If you chose an LLC, your taxes are easy. Fill out a schedule C, file it with your own taxes, and you’ll probably even get a tax refund at year end!