# Starting out



## GetemDuck (Nov 19, 2009)

So someone decides to betheir own boss and work for themselves. They unstand that it is going to be long hours and alot of work and they are cool with that. They understand marketing and branding and sales, but they dont know much on the business side. So i'm asking here. What oops and shocks come with starting your business what did you need to do to make it legal business license tax id etc.....and how do you pay those dumb taxes.....yearly, quarterly, monthly etc.

Thanks for any insight you have on starting a company.


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## kimura-mma (Jul 26, 2008)

If you're concerned about the oops and shocks, you can minimize a lot of that by having a local accountant set up your business and file taxes. Generally speaking, you will need to register your business with your state, get a resale license and a tax id number. Income tax is paid yearly; but sales tax is reported quarterly.


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## hayatiggs (May 8, 2014)

kimura-mma said:


> but sales tax is reported quarterly.



And in some places it's monthly. Around here, they only "approve" filings for quarterly payments in February. So if you register any other month besides January or February, then you have to pay monthly until February rolls around. How dumb is that?


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## Stefano (Aug 5, 2013)

GetemDuck said:


> So someone decides to betheir own boss and work for themselves. They unstand that it is going to be long hours and alot of work and they are cool with that. They understand marketing and branding and sales, but they dont know much on the business side. So i'm asking here. What oops and shocks come with starting your business what did you need to do to make it legal business license tax id etc.....and how do you pay those dumb taxes.....yearly, quarterly, monthly etc.
> 
> Thanks for any insight you have on starting a company.


I thinkplanning is the most important part of setting up a business. Many people ignore this and take the "just do it" attitude, and often fail.
I suggest going to the SCORE site (Free Small Business Advice | How-to Resources | Tools | Templates | SCORE) for a load of relevant and free information. Download their template for preparing a business plan and you will be off to a good start.


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## SunEmbroidery (Oct 18, 2007)

You can also check out the SBA. They provide free counseling and classes on how to start a business. One of the primary reasons they exist is to increase tax revenues so they can definitely give you guidance on how to pay your business taxes.

The U.S. Small Business Administration | SBA.gov


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## binki (Jul 16, 2006)

Payroll taxes are monthly by the 15th of each month.


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## inkedgraphics (Jul 20, 2014)

I quickly learned it was best to leave that sort of thing to the people that went to school for accounting and such all the filing dates and taxes that need to be paid are so confusing.


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## MrBrianJRoberts (Jul 20, 2014)

GetemDuck said:


> So someone decides to betheir own boss and work for themselves. They unstand that it is going to be long hours and alot of work and they are cool with that. They understand marketing and branding and sales, but they dont know much on the business side. So i'm asking here. What oops and shocks come with starting your business what did you need to do to make it legal business license tax id etc.....and how do you pay those dumb taxes.....yearly, quarterly, monthly etc.
> 
> Thanks for any insight you have on starting a company.


As far as the numbers go: I'd ask around for a local, qualified professional who can help you with accounting, taxes, etc. Leave the number crunching to the number crunchers.Getting started is pretty simple. You only need a few things depending upon your business.

Since I live in New Jersey, I would go here to file the formal papers for the company (I recommend an LLC):
https://www.state.nj.us/cgi-bin/treasury/revenue/dcr/filing/page1.cgi

Then I'd apply for an EIN (which is like a social security number for your business)
Apply for an Employer Identification Number (EIN) Online 

You need these to open bank accounts, merchant accounts, etc. But I wouldn't even concentrate on that yet. It's like trying to run before you can walk. Spending all that time and money on paperwork will be a waste if your product/service isn't needed. Your focus as someone just starting out should be one thing: cash flow. 

Again, I'm not sure what specific business your getting into (Designer? Printer? Brand? Cut & Sew? Or?) but make sure you can make money with what you're doing before you get business cards printed up and all the other extra stuff. Keep expenses low, get a plan and get to work. Also, find a mentor if you can because people are the fastest way you can cut your learning curve.

Hope that helps!


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## StarDesigns (Aug 4, 2013)

The best money you can spend in any business, especially a new one is on an accountant. They will save you tons of money in the long run. 


Mitchell - Star Designs
Sent from my iPhone using TShirtForums app


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