How to start a business in 2021! | Thank Me Later 🦋

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Hey lovelies! 🦋 I hope this video helped y’all get a better understanding of the business side of business! These are steps I research to help you all #startabusiness and begin your #entrepreneur lifestyle.
🦋Exchange Marketplace for Shopify Stores | exchangemarketplace.com/
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🦋Ascent For Women Entrepreneurs | ascent.sba.gov/
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🦋 10 steps to starting a business
Step 1: Find your niche
Step 2: write up a business plan
Step 3: choose a business name
Step 4: select a business entity
Step 5: Define your product and service
Step 6: get the proper licenses, permits & insurance
Step 7: decide where to sell your crafts
Step 8: find small business funding
Step 9: order and organize supplies
Step 10: start marketing your products
Business Entity |
Sole proprietorship. This is the simplest form of business structure, but its lack of limited liability offsets its simplicity.
Partnership. While this form of business structure might appeal to you if you are embarking on your venture with a partner, your liability is unlimited like a sole proprietorship.
Limited liability company (LLC). An LLC offers limited liability without the additional complexity of incorporation, making it one of the most popular small business structures.
Corporation. Like an LLC, a corporation provides limited liability, and while it's more complicated to both set up and maintain, it may be a good choice depending on your circumstances.
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🦋Taxes
I forgot to really speak on taxes so here you go.
All businesses even one person small business must pay income tax as self-employed.
When you are obligated to collect sales tax online
The basic rule for collecting sales tax from online sales is:
* If your business has a physical presence, or “nexus”, in a state, you must collect applicable sales taxes from online customers in that state.
* If you do not have a physical presence, you generally do not have to collect sales tax for online sales. However, in June of 2018, the U.S. Supreme Court issued a ruling that will likely change this exemption to collecting sales tax. States are expected to begin collecting sales taxes regardless of having a physical presence in the state.
A physical presence means that you have some business facility in that state. It could be any type of business operation, such as:
* A storefront
* An office
* A warehouse
If you sell items on Etsy, you must pay income tax on your income-usually, the total amount you earned by selling your products, less your business expenses. Etsy reports your gross income to the IRS on Form 1099-K, but even if you don't receive a 1099-K, you must report Etsy sales income on your tax return. If your state has an income tax, you must pay state income taxes on the net income from your Etsy sales as well.
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🦋Sources
www.sba.gov/blog/how-start-cr...
www.bigcommerce.com/ecommerce...
www.google.com/amp/s/turbotax...
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