Question by Sue D: What legal paprwork needs to be done when opening a small online business?
I just opened a small online business from home selling some of my paintings and a few handpainted items. Now, I want to know what to do to protect my Business name from being stolen? If I should start an LLC or Corporation? Or if I even need to do that since I’m a very small business…. and if I have to pay taxes then how much or what tax forms and paperwork will I be doing? Please all the help would be apreciated!
Answer by DANi
im in the same situation. Luckily my mom is an accountant so i can pass on some info to you!
if you want everything to be legit and you want to claim your business sales on your personal taxes you should be an LLC. You only get taxed once vs. twice with corporation.
You have to pay sales tax on every item you sale and you have to file accordingly.
Maybe you know an accountant or someone that opened their own business.? ask for advice! theres so much to learn, good luck and wish me the same please!
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