[757labs] Starting a business

[Nathan McGuirt]

I went the lawyer route for mine and I'm fairly happy I did, but that business was also my sole source of income at the time, so I didn't want any potential shenanigans especially when tax time came around. Cost about $600 total to get the paperwork filed and open a bank account. If you're just going to be doing some work on the side, it's fairly easy to get the forms and DIY. If you want to be a sole proprietor/self employed, you usually just need a business license for your locality. If you choose to form an LLC or other business structure, you file that with the state of Virginia. If you're going to be moving a lot of money, it's probably worth talking to a professional to make sure you hit all the right check boxes and don't get burned at tax time.



On Saturday, March 31, 2012 at 10:48 AM, Scott Dorsey wrote:

> Yes, if the mailing address is your home, it's a home business.
> 
> Note that there are some tax advantages if you can set aside a portion
> of your house specifically for the business.
> --scott
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