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Starting a Self-Proprietorship Basic Questions Info Sources I

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Starting a Self-Proprietorship Basic Questions Info Sources

I am currently founder, CEO, only board member, only employee etc of a 1 person incorporated company that I started 8 years ago and incorporated in Delaware although I live in Pennsylvania. After its first year or so I let it more or less die in terms of any legal upkeep although I continue to receive several hundred dollars a year in income from it deposited into a business account that I simply transfer over to a personal account. I, and the company, are generally below federal (and probably state) taxable levels and I have not filed any tax forms for the last 7 to 10 years. I live on under $7,000 a year, total.

I am starting a new venture (actually, publishing a second book) which will likely make $5,000 to $10,000 in the coming year, and possibly more. Rather than try to resuscitate and deal with all the possible legal problems of the old Corporation, I'm considering simply starting a new publishing company as a self-proprietorship. As a concept it is workable (I have a nearby friend who's published four books in the last few years under such a structure). I am basically just looking for a source of good online guidance in how to set such a thing up and what to watch out for in the way of pitfalls etc. I'm no longer in contact with that friend or I would seek the answers there. Hopefully I can do this without fully engaging a lawyer since, as noted, I'm living on several hundred dollars a month! Any other background thoughts appreciated as well!
Submitted: 2 years ago.
Category: Business Law
Expert:  WiseOwl58 replied 2 years ago.
Here is an amazing source from the State of Delaware itself.

It not only guides you through the incorporation process but has links to so many other excellent sources of help and information for starting up a new business.

I have many clients who have used these resources for incorporating in Delaware and their companies have taken off like wild fire. Basically, this link takes you to everything you need, all of which is offered as free advice from the State of Delaware.

Here is the link:

http://www.delaware.gov/topics/startasmallbusiness

I wish you all the best and hope your new business is a big success and you make lots of money at it.

All the best.
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 2805
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Customer: replied 2 years ago.

WiseOwl, thank you, XXXXX XXXXX main question dealt with the self-proprietorship aspect of things. Can you address those in more detail or (I don't know how this works at JA) return the question to an open status??

Expert:  Attorney2020 replied 2 years ago.

Sole proprietorship is an structure that is not incorporating. You will face personal liability if you do not incorporate into an LLC or another type of business entity.

Sole proprietorship is the simplest form to do business. You simple start to do business. Obtain a license if needed and make money.

Again, you will be personal liable for any debts incurred. Any income will taxed as individual income tax.

I hope this helps.

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