Online Business Journey
Do you have to have a license in order to have home based business online?
Hello folks, Hope everyone is having wonderful day. I have a very important Que. I am 26 year old female and been thinking about starting something of my own. Small home based business like unique clothing, different style, art and craft items. Something small i wana start from home and then expand it over the years if it works. Now my question is do i have to have a license in order to do business online. Like on facebook. Facebook would be my main/major source for business. Facebook attracts Young generation. Teens and young adult. But a little help in my new journey from yahoo peeps would be highly appreciated.
Selling online is just like selling in a retail store. If you are actually going to start a business, you need to register for an EIN with the IRS – http://www.irs.gov/businesses/small/article/0,,id=102767,00.html
You then need to register for a state sales tax permit with your city or state. Most states require sales tax to be collected for all in-state purchases. Use an accounting program to keep track of sales. GNUcash is a free one that works well – http://www.gnucash.org/. Quickbooks and Peachtree are both good but are expensive and once you start using them, it’s virtually impossible to switch.
Keeping track of the finances, is important for tax reasons. It’s also a good idea to open a bank account specifically for the business. Owning a business opens you up to a variety of new taxes and laws. While there’s very little required as far as licensing goes, there are many requirements and taxation and reporting goes. Once the business starts to take off, it’s usually a good idea to incorporate as a LLC or S-Corp. Once you get to that point it would be a good idea to consult a local CPA on what is the best for you.
Learning To Drive Your Online Business
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