Legal aspects of an at home business

chatz

Tue, Jun 22 2010, 9:01 pm

I'm researching the legal aspects of starting an at home (service) business in NY. Any guidance from those who've done this already? We're working on something and want it to be completely legal.

I'll be looking into the tax aspect, ie, self-employed income and the great incentive of paying double SS taxes Rolling Eyes

.. .what else?

TwinsMommy

Wed, Jun 23 2010, 11:29 am

Are you setting up a C, S, LLC? What is it you'll be doing?

I run both my businesses as a sole proprieter, running schedule C's on both on our personal taxes because for both businesses, I'm working for myself but under large umbrella organizations. Works well for me but wouldn't work for a lot of businesses. In my main business for example I sell a product--- because my large umbrella organization remits sales tax for me and I simply pay the sales tax in advance when I purchase my inventory, there goes the whole sales tax headache.

Sole prop is usually the EASIEST but most liable way to go and the questions to ask yourself from the beginning would include: will you have employees at the beginning? will you need insurance for your business? Would you want your personal assets to be in danger if something goes wrong with your business--- is that likely?

Hope that's somewhat helpful.