New Business - Sole Proprietorship

[Literati]

So I just got done filing everything I had to, my resale cert. my EIN and tax ID etc.

In about one week I should be regretting all of this, as I start to realize I have no idea how to handle these taxes etc. and that I've never legitimately ever retailed anything... ever.

The process was a lot easier than I had thought, they practically just hand out anything you request. As long as you do it in order and correctly.

Anyways. Does anyone deal with distributors, or retail for themselves etc?

Any thoughts? Ideas? Tips, tricks?

Holla at me son.

 

[Biggerhammer]

Hire an accountant who has a sole proprietorship. He can get you set up right in an hour or three (I would guess) so that you won't have that big oh sh!t moment at the end of the quarter.

 

[woowoo]

Quickbooks...

 

[DaiShan]

Originally posted by: woowoo
Quickbooks...

Invaluable.

 

[Crucial]

Originally posted by: Literati
So I just got done filing everything I had to, my resale cert. my EIN and tax ID etc.

In about one week I should be regretting all of this, as I start to realize I have no idea how to handle these taxes etc. and that I've never legitimately ever retailed anything... ever.

The process was a lot easier than I had thought, they practically just hand out anything you request. As long as you do it in order and correctly.

Anyways. Does anyone deal with distributors, or retail for themselves etc?

Any thoughts? Ideas? Tips, tricks?

Holla at me son.

it would help to know what you are selling. If you're selling computer parts and aren't buying a buttload you are better off sticking with Newegg and the like. Their prices are better than the distributors unless you are buying in big time volume.

 

[J0hnny]

Depending on what you're selling, you have to hit shows that the distributors go to the meet the retailers!

 

[desteffy]

get a good accountant.

 

[CarlKillerMiller]

Could you please post your product? that would really help everyone!

 

[Literati]

ahh sorry I was in class.

I will sell what ever I think people will buy. It also has to be a product I would use myself and that I believe in as well.

Anyways, I believe I will start with new computer components and car audio / entertainment. Of course depending on the prices I get either factory direct or through a distributor.

As for an accountant, I'm not moving units like that so the numbers will be small enough for my pencil to push around for now.

Thanks for all the suggestions / advice / opinions so far.

 

[alm99]

Originally posted by: Literati
ahh sorry I was in class.

I will sell what ever I think people will buy. It also has to be a product I would use myself and that I believe in as well.

Anyways, I believe I will start with new computer components and car audio / entertainment. Of course depending on the prices I get either factory direct or through a distributor.

As for an accountant, I'm not moving units like that so the numbers will be small enough for my pencil to push around for now.

Thanks for all the suggestions / advice / opinions so far.

wow, good luck with your venture.

 

[everman]

Originally posted by: woowoo
Quickbooks...

Accountants love Quickbooks. Generally most people screw it all up in there and then they need to hire someone to straighten it all out

 

[TerryMathews]

Isn't sole proprietorship the worst possible way to start a business? There is nothing that seperates your personal assets from your professional assets.

 

[Literati]

Originally posted by: alm99
wow, good luck with your venture.

Care to elaborate?

I have already single-handedly started and currently run my own music label / company / studio that works with professional artists whose CD's you probably have sitting in your car as I type this, among other successful projects... that have started... wait for it... just like this one.

If you think this thread gives you any real gauge as to the caliber of my business ability, than you're an idiot, and on second thought, I'm not so sure I'd like you to elaborate.

If you don't like me or my thread, just leave.

You're only wasting everyones time by looking for attention and trying to be involved where not only we, but yourself, really doesn't want you k?

 

[Literati]

Originally posted by: TerryMathews
Isn't sole proprietorship the worst possible way to start a business? There is nothing that seperates your personal assets from your professional assets.

You'd have to fully understand the nature of the major business entities in order to know how or where you can apply them.

Yes, as a general rule of thumb, a sole prop. is the least desirable.

However in my case as of right now, it's the best way to go about what I need to get done.