"Legitimate business" question

Well, I've been avoiding this for so darn long it's become built up in my head as a horribly intimidating, insurmountable obstacle.

I want to set our stuff up to become a legitimate business in TN. This way, I figure I'll be able to write off supplies, vending fees, etc. and I'll have a wider range of vending opportunities available to me. Unfortunatly, I don't know the first thing about what to do or how to go about this - don't know what forms to fill out or how or where, don't even know how to properly keep track of the finances.

What I need is for someone (like a CPA, or someone who REALLY knows what they're talking about) to sit me down and walk me through it and explain it to me like I'm a moron. I'm good with numbers, but I'm not very good with money (if that makes any sense), and I'm downright BAD with legal bullshit. Problem is, I don't have any money to pay a CPA or someone hundreds of dollars to help me with this. What can I do? Where can I go for advice and explanations? Any advice here?

 

Have you tried the county court house, they can usually point you in the right direction to get you started.

 

In Illinois I went down to the tax dept downtown and signed up for a tax id. Then you start paying sales tax. If you vend out of state you will need to get a sales tax id from each state you vend in.

 

County courthouse is a good idea... also, check to see if you can get info at your local Better Business Beurau (sp?)

Also do a google search maybe for US sites to help you.... when I googled I came up with this link http://www.guidetostartingabusiness...fzpzb55&cc=us&ns=1&eas=iPGDUgbEITJWVwMypjtWzg.. that'll hook you up with some contact info at least to get started.

Also check out to see if there are Franchise shows in your area. Even if you're going into business independantly, you can always go and get sufficient info on starting your own business.

 

Sometime the local college will have business classes... not like I've taken em or anything... Ahh to be a legitimate business woman!! So when someone asks what you do you can just say;

"I am a Legitimate Business Woman"

 

Great ideas everyone, and drumminmama, I'm totally going to check out that site and the free courses!

Yes, I have some interest in being able to order stuff wholesale... But mostly I just want to have a wider range of vending possibilities. Guerrilla vending at shows is great, and I will def. continue to do so when we can... but what with Ian working and rent to pay, we don't get far from our house very often. The fairgrounds in Nashville has events all the time - bead shows, flea markets, etc. where I know I could do okay. If I had a legal, legit, business, I could get a table at those events (especially the "Intergalactic bead shows"!) and have significantly more income for it. Plus it would only require a half hour drive, and I wouldn't have to be paranoid the whole time or worried about my stuff getting taken.

I know I don't want to incorporate... From what I know I just want to have a sole proprietorship, I think. I'll definitely do all sorts of reading before I take any official steps (and just finding the time is the issue, now!). Thanks again for the input - keep it coming!

 

good luck with your persuits, hummblebee!

 

Indeed, good luck!

 

there used to be a gov. thing hear in east tn. called a small buissness incubator (or something similar) maybe cerredwins link could give you info on somthing similar in your area!

 

to vend at most shows, you need nothing more than to get it together ahead of time and pay the booth fee, although some will want a tax id #....shows like the intergalactic tend to fill up 6-8 months ahead of time, so its just a matter of being on the ball, and being able to float the cash that far in advance. Can be pricey, though..If i remember correctly, booths at the intergalactic are upwards of $800-$1000 for the weekend...

as far as writing off supplies and expenses, you just claim them when you're doing taxes at the end of the year..just keep all your receipts....all of them. You can do your own taxes fairly easily with a program like turbotax. Just remember to write down everything you make and everything you spend, keep track of the miles you put on your ride for business purposes, booth fees, etc

good luck

 

Thanks for all the advice and ideas everyone! I still haven't made this plunge, but I have gotten a whole lot closer. The thing that concerns me the most at this point, nd confuses the hell out of me, is sales tax. It's high here, and it's entirely my responsibility to keep track and pay up at the proper times, but all the information I've found about rules and requirements, etc. reads like it's in another language. :& They can't possibly expect me to charge TN sales tax to out-of-state residents who purchase online... can they?

Argh, I know there isn't any help for me. I just need to figure it out somehow. It just really freaks me out!

 

You shouldn't have to.

I've got my business based in Ontario, Canada. We have two sets of taxes: GST (which is across Canada) and PST (the value of which varies from one province to the next). The way I need to do my taxes - in a nutshell, as far as charging tax is concerned - is I only need to charge GST to sales that occur within Canada, and PST + GST to sales that occur within Ontario only. Sales outside of Canada do not get taxed in any way.

When figuring out my quarterly taxes, I have to keep all my receipts for purchases I made, and I can claim the GST and PST (2 different forms) I spent buying items for my inventory. It gets subtracted from the GST and PST that I've charged, and I either pay or receive the difference.

I would image it's the same in the US. Only charge sales tax to sales that occur within your state, but it wouldn't apply to someone purchasing outside of your state or out of the country.

 

im in the same boat, i really need to styart thinking about this. good luck wityh it mama

 

im in the same boat, i really need to styart thinking about this. good luck wityh it mama

 

Just follow a course in accounting.
It's not that difficult.

And otherwise, just find a good friend who know the accounting business.
I always help my friends for free with their books and balance sheets.