Going Legit - Establishing Your Business as a Legal Entity - S01 Ep 03

Erica and Connor Discuss how to go about getting your business established as a legal entity with the state and federal government. Then on Sticking Points, Connor sits down with Nick Skog to talk about how he can bring order to the tasks he has to take care of with his photo business and discuss ways of feeling confidence in the value of your work.

Some Helpful notes and resources

SBA has a huge section of their website dedicated to launching your business. Covers most of what we’re talking about today.

https://www.sba.gov/business-guide/launch-your-business/pick-your-business-location

Consider the legal ramifications and the taxable ramifications of your business structure.

Each structure affects your operations, how you file your taxes, and how much of your personal assets are at risk.

IRS classifications are:

Sole proprietorships

Partnerships

Corporations

S Corporations

Limited Liability Company (LLC)

Most photo companies are sole proprietorships or LLCs.

how to file with the state.

If you’re operating your business as yourself under your legal name, you don’t need to register.

But, you’ll miss out on some legal/personal asset protections.

If you’re using a business name, you’ll need to register.

Very simple process that you can do online.

Ohio Small Business Development Center will do it for you!

Look up SBDC’s in your area. Lots of workshops, legal professionals, funding opportunities, etc. at your service.

How to get a tax ID number if needed

This is like a SSN for your business.

https://sa.www4.irs.gov/modiein/individual/index.jsp

Costs involved with each.

Remember that we’re not lawyers or tax professionals. All of this information is based on our own personal research and experiences. Please consult professionals in your area to solidify and implement your business plans.