No legal advice here, just my own experiences!
The first thing I did was build a business plan. I totally cheated and used this website:
http://www.canadabusiness.ca/ibp/en/index.cfm. Be prepared to spend some SERIOUS time building this - it took me several days due to the thought process involved. But, well worth it!
Next, I typed up a LLC operating agreement (sorry, no website - send me your email address and I will send you the template I used)
Neither of these documents is critical for starting up your business but the banks will want them if you are trying to get a business loan. This also really helped me to focus on what I wanted and where I was going with my business.
Setting up as an LLC in Colorado was REALLY easy! I logged on to the Colorado Secretary of State's website and filed the articles online for a $10 fee. The articles basically just asked for who I was, what the name of the company would be, and where I was physically located.
Be prepared for LOTS of junk mail shortly after filing! I got a PO Box the same day I filed and then put in a change of address immediately to get the junk mail away from the house. Be sure and use your business checking account (see next paragraph!) to open the PO Box. I put both my business and personal names on the box ownership papers.
Immediately after filing, I opened up a business bank account and got a business
debit card to use for paying online filing fees, tax deposits, etc. The bank will need a copy of your filed articles as proof that you are legit so be sure and print them out. I suggest you use a different bank for the business than for personal use - this keeps everything easier to track and looks better on paper.
The tax issues depend on whether you are a sole owner or a partner (sole owner is, obviously, much easier!) If you are a sole owner, your SSI number is your tax id. If you are a partner, you will need to file with the Feds to get an EIN (Employer Identification Number) at
http://www.irs.gov/businesses/small/...102767,00.html
Tax deposits need to be filed quarterly based on your NET income. This can best be done by signing up for the Fed's online tax deposit service
https://www.eftps.gov/eftps/ If you are a sole owner, you will use your SSI number and
your own name to set up the account. If you are a partner, you will need to file with the Feds to get an EIN (Employer Identification Number) and you will use THAT info to set up your account. I recommend depositing 30% of your NET income each quarter. (Painful, but necessary).
I also recommend setting your business up ASAP in an accounting system (I use QuickBooks) in order to track your expenses, etc.
As an LLC, you will be filing your businesses income as part of your personal income at the end of the year. All the more reason to have an accounting software package. (Setting up/operating QB for people is what I do for a living - SHAMELESS PLUG FOR BUSINESS HERE!!)
Sorry you asked??
