The end of the year is a time when people contemplate starting their own business. Whether that contemplation is triggered by an end-of-year layoff or a new year's resolution, home-based businesses will be on the minds of many.
Dec 06, 2019 The simpler your business, the less you'll need an attorney. A sole proprietorship is the simplest business form. It doesn't require that you register your business with your state, so no, you probably don't need an attorney to start this type of business. Apr 28, 2021 Get instant access to thousands of legal contracts, forms, and documents you need to formalize your business, protect your assets, and plan your estate from one location; from Articles of Incorporation and Non-disclosure Agreements, to wills, trusts, and powers of attorney.
A home-based business can be anything from a single programmer or consultant who virtually hangs a shingle to a vintage clothing company, jewelry maker, window washer, or cupcake baker.
'When I was between companies, I started a tye-dye clothing business at home,' says Nellie Akalp, CEO of legal document provider CorpNet.com. Since her business these days is to help people creating companies, she shared some simple rules for making sure that you're protecting yourself while starting a business.
Make sure you do a search for your businesses' name, and clear the trademark. 'Check first with your Secretary of State's Office for the use of your businesses' name in the state and county, and then do a national trademark search,' says Akalp, whose company provides free name searches. 'If you find someone else using the name, consider paying a service for a comprehensive name search to make sure you're not going to impinge on another company's trademark--the last thing you want to do is to have to change your business name after you've starting doing business.'
2. Pick the appropriate business structure.
Consult with a tax professional before you determine your businesses' legal structure. While you can start doing business as a sole practitioner today, there can be tax advantages to forming an LLC or an S-Corporation. Additionally, having a corporation can provide you with an air of legitimacy--you're no longer 'some dude working out of his basement.'
The decision to form an LLC or a Chapter s corporation can also be based on your comfort with formality. 'An LLC provides maximum legal protection with minimum paperwork,' says Akalp. 'An S-Corporation is good for a company who can handle the paperwork and you can qualify to be on the payroll as an owner. If you're not ready to incorporate, create a fictitious business name, also known as a 'DBA' or Doing Business As name.'
While a sole proprietor can give a social security number to vendors or customers for their records, it is best to get a tax ID, also know as an EIN, which issued by the IRS. 'You don't want your Social Security number floating everywhere,' Akalp states. It is also more professional to have an EIN. These are required for an LLC or Corporation.
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If you're working from home, you may not want clients to know it. Since the legal address for your corporation is made part of the public record, you may want business and legal notices to be delivered someplace other than your home. For an LLC or S-corporation, a registered agent's address is substituted for yours for purpose of public notices. Additionally, says Akalp, if you're not incorporating, you can get a P.O. Box or use a mailing company for a DBA entity.
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5. Get permits or licenses.
As home-based business owner, it is your job to check on local permits. You may need a business license. A cupcake baker may have to undergo a health inspection, and there may be zoning rules as well. Akalp advises, 'Handle them from the start rather than dealing with it after the fact, as you may have back payments or penalties for ignoring the rules.'
Will you be starting a home-based business this year? Have you benefited from other advice about home-based business creation? Please share what you've learned in the comments section or ask any questions.
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What is MyAttorney Home & Business?
MyAttorney Home & Business is a software that provides quick and immediate solutions for legal needs of various facets. It can be used to access information regarding business and even family matters.
MyAttorney Home & Business is equipped with several tools as well as a library of thousands of legal documents which are standardized in 50 different states in the US. The 1, 300 ++ documents included also different types of forms, worksheets and drafts of letters that can be used in legal proceedings. The documents can be searched using simplified keywords. The software also provides users with access to specialized multimedia videos featuring legal experts explaining the technical aspects and terminologies featured in documents. This lets users save money for legal advice. There is also a dictionary that comes with the software that can be used as an easy reference any time. Users need not have any prior legal background to be able the software.
MyAttorney Home & Business also allows users to save documents in PDF formats and print them directly using any standard commercial printer. The software functions well with Windows-based operating systems.
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