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November 17, 2012 at 1:21 am #605603
You’re looking at Seattle’s NEWEST small business owner!
I now proudly own “DQ Entertainment” at 23 years old.
Monthly I have about 16 shows around the good old PNW and I have been paying cash to my musicians. Unfortunately that’s clearly not the way to do it. For many other reasons, including deductions, after a year and a half of toying with this idea, I decided to apply for my own business license and get a business checking account.
I desperately need someone who is accountant qualified (retired or active) who can guide this young man to make the right, faithful American decisions. I want to do this right and make my family proud as the first business owner to our knowledge, EVER!
Please don’t ruin this post people, I’m living on Cloud 9 right now! :)November 17, 2012 at 2:46 am #777637
Congratulations!!! Pursuing a dream takes lots of courage. Take a little time to savor the moment now for there will be lots of hard work ahead and you may not have the opportunity later.
I suggest that you keep a personal record of things that are working and not working for you. It is also a good place to go to review your thoughts.
There used to be a program of retired businessmen that would donate time to new businesses. I don’t know if they still do this or not, but it is worth looking into. Look at local associations too that might help you network.
The accountants I know are very busy, but I will keep my ears open.
I am doing the dance of Joy for you and I hope all your dreams come true!November 17, 2012 at 2:55 am #777638
“I am doing the dance of Joy for you and I hope all your dreams come true!”
me too.November 17, 2012 at 3:03 am #777639
miwsParticipantNovember 17, 2012 at 3:26 am #777640
Danny, I highly recommend Seattle Score: http://seattle.score.org – they offer free assistance and also some paid workshops on everything you need to know about running a small business. When I set up my Butterfly Balance business, I knew how to do the business licensing since my day job is in corporate law, but the business running/tax aspect of it was new to me. They helped me navigate the system and were very helpful. Just know that if you set up the business already, you will need to file some business tax forms by (I believe) January 31st, which is independent of income taxes.November 17, 2012 at 6:14 am #777641November 17, 2012 at 3:51 pm #777642
Ann Ott with Bailey Davis is awesome. She’s done our personal taxes the past three years (same-sex couple, kids, house…kind of tricky these days with the feds). My sister is a small business owner and Ann does her taxes for her.
Ann-Louise Ott, President
Bayley Davis Associates, Inc.
2850 SW Yancy St. PMB 214
Seattle, WA 98126
Fax: 206-937-7416November 17, 2012 at 4:13 pm #777643
You are all great! What amazing support!
Since last night, I have spoken with multiple people and have read the thoughts on this thread. People have highly suggested to me to go through an actual accountant and pay the monthly cost at least for the first 3 months, then they suggest switching to Quickbooks in order to maintain my own business as there is little to no complexity.November 17, 2012 at 9:47 pm #777644
i think that is great advice
setting yourself up correctly avoids all kinds of headaches laterNovember 18, 2012 at 3:42 pm #777645
i have worked for a few small businesses in the construction industry, and here’s my two cents:
if you can afford the filing fees and such, you should consider incorporating – maybe as an LLC – in order to firewall your business expenses from your personal assets. if things go south with your business, you don’t want it to adversely affect your personal finances. as i understand it, LLC can prevent your business creditors from seizing your home or your car or anything that’s not directly related to your business. it also allows you to protect your business’ name.
congratulations, sir, and good fortune to you.
hey! maybe you should consider advertising your shows on WSB. i hear the ad rates are very reasonable. :)
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