Anyone own their own business?

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Sergeant Hustle

Sergeant Hustle

Sicc OG
#1
May 5, 2002
3,499
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www.karliehustle.com
#1
L.L.C.?
Inc.?
501 (c) (3)?

If so, any advice on starting your own...the paperwork...the red tape, etc? I'm filing for a 501 (c)(3) Non-Profit business license to start and want to also have my own L.L.C. Any info you can give me on tax/legal issues and the easiest way to get this crackin' is appreciated. I'm doing a lot of outside research, but I wouldn't mind hearing from other fellow business owners on their experience with the IRS/state/county, etc.
 
DTP

DTP

Sicc OG
#2
Apr 30, 2004
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#2
I used to do accounting for my parents business. We went thru 4 "official" names but they were the same business entity every time. I dont know how much help I can be, me and my dad basically ran it illegal but still legal type of business. Alot of shit under the table, dodging tax shit, gettin breaks here n there. Plus we had a down ass attorney and legit accountant to back us up in anyhting we do.

All I can really say is get a down ass attorney, a legit accountant, and go LLC!
 
J

jesse james

Sicc OG
#4
Aug 26, 2002
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#4
just got the tax id the other day in the mail.....It felt good to hold it.....

but get a dope ass attorney..

@ SGT HUSTLE: U GET THAT YET?????????? TWO CDS LAVA MIXTAPES, I sent it to the addy u gave me
 
DTP

DTP

Sicc OG
#6
Apr 30, 2004
247
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#6
^^^ YES. I'm just curious... what name you guys file your EIN under? Dont do your own names...
 
JLMACN

JLMACN

JLMACN
#7
Aug 26, 2002
14,639
826
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WWW.YABITCHDONEME.COM
#7
im tryin to start somethin here also...selling underground music...
...its a lot more work than i thought....but i think i can get it done...

im gonna be taking some Small business classes soon...

get this shit poppin..

5000
 
L

L Mac-a-docious

Sicc OG
#9
Jun 18, 2004
2,190
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#9
Get and save reciepts for every-fucking-thing you purchase...everything...then tie it to your venture at tax time...get an office outside your home...IRS likes to audit the shit out of home-offices...just a few things I've picked up along the way.
 
Sergeant Hustle

Sergeant Hustle

Sicc OG
#10
May 5, 2002
3,499
34
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47
www.karliehustle.com
#10
@DSR

We filed the EIN under the name of our event, but I think all that is gonna change when we file for our Non-Profit company. Instead, we'll do the event under the name of the company.

@L Mac

I need to get me a file cabinet and be more on top of that shit. I don't have an office space, but that's a good idea. It's prolly fairly inexpenisive to get a lil office somewhere or perhaps I could bogart my homeboy's office addy for paper purposes?
 
M

Merciedez

Sicc OG
#12
Jul 21, 2004
465
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#12
It depends on the type of business you are establishing. if there is a building involved there's firedepartment, structural, blumping, & electical expections, and city garbage notice.

Food is a little more extensive due to contamination and FDA forms.

As a homebase business with only yourself or as a consultant you just need your tax ID. All companies require it for legal tax payment purposes.

Find an accountant just finishing their degree...they're cheap and they need the experience. If you could have them research the city forms for you.

Lawyers get invoved when contracts are being reviewed between two parties for liability, services details, confidentiality, patents, and if the man is prosecuting you. you'll need a crackin laywer with those expertise.
 
G

GUILLOTINE

Sicc OG
#17
May 6, 2002
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#17
I owned my first business in 1990 and this thread has wierd timing cuzz I just signed the paperwork today to start my own business here in Hawai'i. Every state has different rules and regulations but the basics have already been said. Bottom line, if you dont understand ONE word in the paperwork dont sign it until someone makes it clear to you. Also SAVE RECEIPTS FOR EVERYTHING YOU BUY. Come tax time give that shit to a CPA and let them figure out what you owe in taxes. Good luck.
 
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