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Calling Business Savvy Knotties

Stacylynn702Stacylynn702 member
2500 Comments
in Pennsylvania-Philadelphia
I'm making business cards!!  I plan on taking another knotties advice and marketing to childcare centers/schools in my are to offer dance classes.  I figure I can write letters and include the card inside.

I don't know where to start.  On Vista Print, it gives a section to name the company...I'm not a company and this has me thinking, how do I do this legally?  Does anyone have any advice on the steps I need to take to do this? 

TIA!  I'm pretty excited and optimistic about this as I have to get out of where I am now.
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Re: Calling Business Savvy Knotties

  • amy727amy727 member
    Sixth Anniversary 1000 Comments
    edited December 2011
    I don't have any advice, but I want to say good for you!  Good luck and I hope you find something that makes you happy. 
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  • Stacylynn702Stacylynn702 member
    2500 Comments
    edited December 2011
    Thanks Amy :) 
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  • LaRositaMonitaLaRositaMonita
    1000 Comments Fifth Anniversary Combo Breaker
    edited December 2011
    You will need to contact a lawyer about incorporating legally as a business.  There is mostly some tax-related stuff you need to do.  I don't doubt that there are plenty of people doing part-time business under the table, though. 
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  • Ms.BriarRoseMs.BriarRose
    1000 Comments
    edited December 2011
    Technically, you are working as a contractor, so you will not need to incorporate, but you will need to request a 1099 from your customers (or your can just declare income if you don't recieve a 1099 from your customers) and you will need to file quarterly wage taxes (you cannot wait until the end of the year to file your wage taxes). 

    I would recommend double checking all information with a tax consultant/CPA- it shouldn't run much for a consultation.

    Obviously, this is not professional advice.
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  • Stacylynn702Stacylynn702 member
    2500 Comments
    edited December 2011
    I'm already working as an independant contractor and didn't know if it was the same thing.  I obviously have to look more into this but I just wanted to know if anyone on here had any idea as to where I should start.

    LRM,  after your response, I put in an email to my uncle who is a lawer, thank you :)
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  • ooodsieooodsie
    2500 Comments Fourth Anniversary Combo Breaker
    edited December 2011
    Yeah if anyone asks youre a Sole Proprietor, which means you do a 1099/Schedule C for your taxes.  You use your SS # instead of having an EIN number with the state.  If you wanted to incorporate, I suggest forming an LLC, as it gives you the least amount of ability from a legal standpoint.  But it's really not needed for what you're doing.  

    Also - you do not necesarily need to make estimated quarterly tax payments if you don't expect to owe at least 1k at the end of the year.   If you're married, filing jointly, and not making enough to end up owing after you do your taxes, you're fine.  DH and I file jointly, and even though I am 1099'd, his income + the money back for our real estate investments/interest make us not owe.   If that changes, I will need to make those estimated payments Jan 15, April 15, etc.  

    This is the section of the IRS handbook that explains who needs to estimate quarterly:
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  • Stacylynn702Stacylynn702 member
    2500 Comments
    edited December 2011
    I'm an independent contractor now and am not required to pay quarterly.
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