First of all, I would like to thank all of you for reading and for those who gave feedback on my posts. It is truly encouraging for a writer of any genre to receive feedback and to know that someone out there is actually reading about what we have on our minds!That being said, careful about this blog post, ladies, some of you might be a bit taken aback! However, understand that these are some of the hard questions that I went through myself.Are you official? Are you running a business "under the table"? Are you asking clients to pay in cash or to address the checks to you personally because you don't have a business bank account? If any of these questions apply to you, then ask yourself - are you really a small business owner?I made my little lotions and potions for family and friends, but before I went 'big time' with a little 25 dollar table at a preschool Christmas bazaar I had insurance. God forbid someone took my little lotion bar, rubbed their hands, then rubbed their eyes, then tried to sue me because they happened to be allergic to the beeswax, the cocoa butter, the fragrance oil, the shea butter, or the metal from the tin. Whatever. We all know that people will sue for just about anything.Right after that bazaar, I sat myself down and asked myself what I wanted to do with this little venture. I made the decision to go ahead and make it official. I registered with the state of New Jersey as a limited liability company, got a tax id number and got a business checking account with that tax id number. Fortunately for me, New Jersey has a great online services that walks you through the process. I paid with my credit card online and the papers arrived in the mail a few days later. I also got a tax-exempt certificate which exempts me from paying taxes when I purchase in bulk.So are you official? Are you ready to BE official? Ladies, don't half-step when it comes to this. If you want your business to be successful and to flourish, don't go into it half-baked: "Oh, if I make some money, then I'll open a business checking account....if I make at least X amount of dollars, then I'll register as a corporation or as an llc." BELIEVE in yourself, know that you make your own destiny by the amount of effort and work you put into yourself and your endeavors.Take the time NOW to make it official!
I love this.....thank you for being so honest. I am in the process of becoming "official" as I type this. I sent off all my parerwork to the state of Texas and am waiting on my certificate! Any day now. I want to have integrity, not only for myself, but for my business. This is wonderful!
I love this post! There are so many that aren't official and I hope they see the value of operating a real business. Operating under the radar certainly doesn't allow you to file taxes and for those who do they will soon be caught.
Comments
going to legal zoom to become official because i'm running a business (BIG) real soon, thanks great post!! #TEAM2012, #BBWO
Thank you so much!!!!! Very informative!
I look forward to spending more time here soon.
Let me know if I can be of service in anyway.
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