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Small business: How do i create a company ?
How do i create a company ?
by mtf612 - 12/10/06 9:09 PMHey there !
Im 15 years old and a wiz with computers ( I am already A+ cert. and working on my network+, server + and ccna by may 07). I really want to open my own compter repair company and im not sure of everything i need. I know i need a bussiness license for my town, but aside from that, what will i need legally ? How do i register my companies name, and protect it so i cant be sued for "stealing" it ? Do i need insurance for my employees ? Do i need to provide benefits and if so how do i figure out what i need to know? What about hiring minors, what do i need for that legally ?
Thanks so much guys, i really want to start a bussiness so i can put my skills to use, make some cash, and have a hook on my college aps.
PS. BTW for those picturing me as a complete nerd, your close, but i somehow have a social life :O LOL had to say it.
Not a short discussion
by entrecon - 12/20/06 9:57 AM In reply to: How do i create a company ? by mtf612There is quite a bit that you would need to be aware of and a forum of this nature isn't the best place to get it. Check your local library for books on starting a business, they may even have some entrepeneur mentor programs (I think SCORE is one).
With doing computer repair, one thing that I would suggest is that you also get some kind of insurance policy. Last thing you need to do is fry someone's machine and have them sue you.
How to Start a Company
by optima3 - 12/26/06 5:46 PM In reply to: How do i create a company ? by mtf612First you have to decide what type of company you want to start. For example, LLC, S Corporation, C corporation, etc. In my experience, most small businesses will benefit from an LLC structure. However, there are positives and limitations to each structure.
I have two LLC's and in my opinion, serve me the best.
Next, you have to register with your state or another state. For example, some states don't have state taxes. I think Nevada is one of them. Therefore, even though you live in Ohio let's say, you can still open a company in the state of Nevada.
You can go on the cheap and do all the paperwork yourself. I have not done this so I don't know how hard/easy it is.
A much easier solution yet still watching your costs is to use a company who will incorporate for you. It takes as little as one to three days and they set you up with a nice binder package that includes stock/membership certificates, a business seal, your articles of incorporation, etc. all for the price of about $300. Price depends on the state you choose and other things. It also does the business name search for you to make sure you can use the name you select and that no other company has that name.
I used www.corporatecreations.com. Very pleased with the wealth of info on their site as well as the incorporation of my two businesses and the service provided. Search for others as well.
Regarding your other questions:
Being Sued: In an LLC, you have limited liability. Your liability is limited to your business assets, not your personal. Benefit of incorporating. Other entities offer similar protections.
Employee Benefits and Insurance:
Hassle. If you are just starting out, you may want to consider hiring people as independent contractors. That means they work for themselves technically, and are not your employee. They pay their own taxes and have their own or no benefits, insurance, etc. Much less hassle, especially until you get established. Why get bogged down with all that when you should be concentrated on actual business development/sales? Your "employees" will understand. Heck, they will almost expect it. You are a new company. They are taking a risk just working with you to begin with...
Minors:
I know there is a law for minors under 16 I think. Restricted hours and other concerns. If you hire them as independent contractors too, I don't know if it's really even your responsibility anymore -- it's on them. They are self-employed. Or hire them under the table, paying them in cash -- kinda like hiring the neighborhood kid to do some yard work.
Disclaimer: Check with a lawyer.
Hope this helps.
Best of Luck!
Good luck, ...
by dieselguy07 - 2/9/07 7:33 AM In reply to: How do i create a company ? by mtf612I started my own web bases sites a couple months ago. I had the other kind of problem. I knew the business and starting a company side of it but creating user friendly web sites to properly offer my products has been a nightmare. Be careful with the government if you go legal they are quite a headache. As for starting your business most states or provinces have the steps needed on there gov pages. If you search under starting a small business and just follow the 100 steps and your done.
Starting a New Company
by vinroe - 2/16/07 6:30 AM In reply to: Good luck, ... by dieselguy07If you're wanting to save up some money, you might want to consider contract work instead. You will be considered a small company. Small companies don't usually need the overhead that medium to large companies do.
I am a junior accountant and contract myself out. At the end of the day any headaches there might be belong to the companies I contract myself out to.
Hi dieselguy07
by CBen2 - 4/5/07 9:24 PM In reply to: Good luck, ... by dieselguy07Your mistake was creating a company that is too big for one person. You cannot work with other people. I spent $1000.00 on a new computer and software to help you. You want to work by yourself and can't figure out why your company's going nowhere.
re: how do i create a company
by vinroe - 2/17/07 11:05 AM In reply to: How do i create a company ? by mtf612I just wanted to add to my previous post.
Whatever direction you choose, have a plan in place and make sure you can follow that plan through.
I have a friend that recently started his own business and got in over his head. He was missing ONE step in his plan and the company failed. It also caused problems in our friendship. I was supposed to be working for him. I haven't heard from him in a month.
Working as an independent contractor
by rromano51 - 12/4/08 1:51 PM In reply to: re: how do i create a company by vinroeI was your post regarding starting your own company (posted last year).
I would appreciate it very much if you could share with me any advice on working as an independent contractor. I've never done this work before, but now I have an opportunity to start working in this manner.
Do you have any suggestions on how I might begin?
Thank you very much.
R Romano.
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