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Maverick
Maverick, Attorney
Category: Business Law
Satisfied Customers: 3431
Experience:  13+ years of experience
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Hi, I am starting my home based business. It is custom rhinestone

Customer Question

Hi, I am starting my home based business. It is custom rhinestone designs on apparel for school spirit wear. I just got my first contract with my childrens school. I was holding off on getting a lawyer/license until I knew I had "business". Is is necessary to have a sole proprietorship licence, LLC, or local licences? I am sure it is, I just am unclear which. There are no employees at this time. Do I need to file taxes? Help!
Thanks,
Danielle Frank
Submitted: 4 years ago.
Category: Business Law
Expert:  Maverick replied 4 years ago.
Yes, you will at a minimum need to apply for a assumed name certificate for doing business as a sole proprietorship. Most states have penalties and fines for not doing so. An LLC or corporate name is XXXXX XXXXX unless you want to protect yourself from personal liability. This depends on whether you have insurance for you business and also what type of business you have and how big the risk of being sue is. Yes, you have to file a tax return at the end of the year and some times you have to pay quarterly taxes if you make a lot of money.
Customer: replied 4 years ago.
An assumed name certificate? I am just worried if someone pulled off a rhinestone and chokes, I don't want them to come after me personally. I don't really think what I am doing is dangerous, I am just assuming the worst case scenario. Do you recommend doing this Licence through an online provider or directly through a lawyer?
Expert:  Maverick replied 4 years ago.

If you do not want them coming after you personally then you will need to incorporate or do an LLC. My suggestion is that you do an S corp and you can do this online without an attorney at the link below. An S corp will protect you from personal liability and will allow you tax savings so that you are taxed just like a partnership and not taxed twice like a C corp.

 

If you go this route, then you do not need to file an assumed name certificate if your corporate name is XXXXX XXXXX you plan to use for your business.

 

http://www.mynewcompany.com/s-corporation.htm

 

There are other links that offer the same service, just check it out on Google.

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