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Post by Mini Mia on Jan 21, 2020 22:52:10 GMT -6
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Post by Mini Mia on Jan 22, 2020 19:15:33 GMT -6
Why a Sole Proprietorship Might be a Shrewd Business Move
How to Legally Start a Business - 8 Steps
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Post by Mini Mia on Jan 22, 2020 23:46:00 GMT -6
I'm just gonna go bury my head in the sand for a while.
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Post by Mini Mia on Jan 23, 2020 23:05:48 GMT -6
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Post by Mini Mia on Jan 25, 2020 0:12:30 GMT -6
The DBA | What It Is & How To Form One
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Post by Mini Mia on Jan 25, 2020 2:07:05 GMT -6
Sole Proprietorship vs LLC - Watch This BEFORE You Choose!
Sole Proprietor? LLC? Corporation? Which Should You Choose?
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Post by Mini Mia on Jan 25, 2020 2:28:39 GMT -6
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Post by Phalon on Jan 26, 2020 8:32:59 GMT -6
It sounds like you're looking at so many things that you're getting overwhelmed with possibilities. It reminds me of a traffic sign I used to see on I-75 when traveling from Kentucky to my parents' house about an hour northwest of Detroit. I-75 through Detroit is a nightmare (or it used to be; I haven't driven that way in more than 20 years) - you've got four lanes of traffic, sometimes more with exit and entrance lanes, multiple freeways merging onto 75, both on the left and right, and at one point, you have to exit the interstate just to continue on the interstate. Everyone drives like a bat of of hell; at that time the speed limit was 70mph, and if you were driving that speed, you were the slowest car on the road. At the point where two lanes exit I75 to continue north on I75, those two lanes merge into four more lanes, becoming 6 lanes of traffic. In addition, there are cars exiting the four lanes, crossing over the merging two lanes to exit on the next ramp; some of the vehicles accelerating and some slowing down to exit. It was confusing as hell if you didn't know what you were doing, especially when the traffic was heavy. There was a traffic sign at this point that says "Pick a lane and go". Kind of an odd sign to see on an interstate, and I have always thought about it whenever I have so many options that I start getting overwhelmed. With that said...I had lunch with a friend yesterday. She is getting ready to self-publish her third book, so I asked her if she did any of the things you mentioned here. Her first book, which was based on one of her real-life experiences, she had an LLC, since the characters resembled actual people - this was decades ago, before self-publishing was common. Her last book and the one that's ready to publish, she went through Amazon's program, and they fall under their limited liability umbrella. Also, these last two books are fantasy - since the characters are not based on actual people, the possibility of someone suing her are less than her first book. I don't know if this will be helpful to you or not, but after talking with her yesterday, I found this article: www.thebookdesigner.com/2015/06/should-writers-incorporate/ |
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Post by Mini Mia on Jan 27, 2020 18:58:21 GMT -6
I planned on an LLC, and I got several books on building a business. They went through several options, but didn't go into great detail on an LLC, which sounded like the best option, so I bought a book on LLCs. I've been reading it off and on, and it seems that a straight up LLC doesn't need business meetings and such, although you do have to keep up with it to prevent it from no longer working as you wish it too.
Last year, my accountant stated that I wouldn't need an LLC ... but then I realized, that if I wanted a publishing title, I would need one. There is a lot of information that states you should never use your author name as your publishing name. So, that was my plan. But then I watched a couple of YouTube videos that said leave the LLC until your business starts to make money. Sounded like a good idea, so now I'm looking into Sole Proprietorship. Then the video on DBAs ... which I haven't looked into enough yet to know if DBAs are under the Sole Proprietor umbrella. It just seems one thing leads to another, and then another, and then I'm completely lost.
I don't plan on using Amazon ... not entirely. As Amazon can change their rules, and then shut down your account when you don't jump fast enough, or give you a second chance if you overlook/miss something. The best way is to have many pots in the fire, and I am looking into Ingram Spark. I learned from many sites that bookstores refuse to buy Amazon books, so if I hope to get my books in a bookstore, I need to have them at other sites. Preferably Ingram Spark.
This woman had fiction on Amazon. She then started doing Low/No Content Books. She got an email from Amazon with a new rule change on how much content could be at the end of a book. (Many books have the first few chapters of an upcoming book in the back.) She made the changes required, but missed, at least, one book. And instead of giving her a time limit to fix that, they shut down her account. So, that has me worried about having all my eggs in the Amazon basket.
BBL: Show is coming on. I'll have to finish this later.
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Post by Mini Mia on Jan 28, 2020 2:32:34 GMT -6
Okay. I've read the article. Now I need to know how to start a publishing business. So, I'm guessing Sole Proprietorship and DBA is where I should start first?  Not tonight though ... ... tomorrow.
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Post by Mini Mia on Jan 28, 2020 19:36:12 GMT -6
What I meant is, that I need to find out if a DBA can be done with or without the sole proprietorship.
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Post by Phalon on Jan 29, 2020 12:16:49 GMT -6
You certainly have reason to be overwhelmed - it all sounds so confusing! I think you can have a DBA without sole proprietorship, not from personal experience, but I knew Xena Sis has her sewing business registered (is that the word?) as a 'Doing Business As' entity. I asked her this morning when we had coffee - she made it sound like they were two different things; she had the DBA but not sole proprietorship, I believe (we always have three or four conversations going on at the same time though, and did not go back to the one that started the others!) She did it at the county seat, so maybe that's a place for you to start to get some advice? LX too, is looking to start a business. In the meantime, she got her cottage industry certification from the state so she can do home baking; she's partnered with someone who sells at farmers markets close to where she lives, and will be doing baked goods for them this summer. Her dream though, is to do it on her own, instead of having to sell her goods through someone else. Until she has the funds to do that, she enrolled for an on-line course through a college on how to start and operate a home-based business, and registered for a seminar with the Michigan Small Business Development Center. That's why I mention this - from what she was saying, the Small Business Development Center offers all kinds of advice, classes, and such, most of it for free - you can even talk to a business consultant one-on-one. I checked, and Kentucky also has a Small Business Development Center with locations throughout the state. Maybe someone there can give you advice? E-mail or in person? Like the Michigan SBDC's website says "You can't Google everything. When you need to talk with an expert, that's where the SBDC comes in." Here's the Kentucky SBDC website: www.ksbdc.org/ |
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Post by Mini Mia on Jan 29, 2020 15:33:51 GMT -6
Thanks for the info/link. I’ll check into it when I’m on my laptop later.
After my niece paid back my home renovation loan, we had her added to Mom’s property deed. That way, if something happened to my sister and me, the place would become hers. And if she decided to move closer to the hospital where she worked, once her kids graduated high school, she’d get her renovation money back when we sold the place.
While at the lawyers office, I mentioned I was looking into an LLC, and the secretary, or whatever she was, said he wasn’t there, but if he was, he’d tell me I didn’t need a lawyer for that anymore, as I could just do it myself online. The books on creating a Business/LLC both stated I should talk to an accountant and a lawyer. What good that did me. 
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Post by Mini Mia on Jan 29, 2020 15:36:26 GMT -6
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Post by Phalon on Jan 31, 2020 9:41:24 GMT -6
I dunno, Joxie. If I was you, I'd give the SBDC a call or send an e-mail, asking for advice - it's their purpose. Can't hurt; might help.
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Post by Mini Mia on Feb 6, 2020 1:28:48 GMT -6
Just happened to notice this video on YouTube:
Found these that go with it:
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Post by Mini Mia on Feb 6, 2020 22:16:41 GMT -6
This video was recommended by YouTube. FINALLY, a video that is easy to follow and understand.
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Post by Mini Mia on Jul 13, 2020 23:16:59 GMT -6
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Post by Mini Mia on Jul 15, 2020 21:09:28 GMT -6
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Post by Mini Mia on Aug 18, 2020 20:37:19 GMT -6
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Post by Mini Mia on Aug 22, 2020 14:54:48 GMT -6
Went back to the courthouse yesterday to get the other two DBAs. Decided I did have to have them.
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Post by Phalon on Aug 23, 2020 6:58:40 GMT -6
You've been debating which way to go for a while; congratulations on taking the plunge! One more thing to check off your list, and another step toward reaching your goals!
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Post by Mini Mia on Aug 23, 2020 18:35:47 GMT -6
Why does something so easy have to be so hard? Now I'm wondering if I need EINs for all four DBAs. Amazon doesn't allow multiple accounts. Only one account, but can have multiple pen/business names within that one account. I'm wondering if each pen name is allowed to have it's own EIN and business information, or if they all have to use the one? And are other sites the same way? Something new to learn, and struggle over.
I wanted to know everything before I made the first step. And then I watched a video on the Jamerrill Stewart, (Large Family Table), YouTube Channel ... and she said she just jumped in and did things while learning what she needed to know, when she needed to know it. So, decided maybe I didn't need to know everything upfront.  I'm wondering how many mistakes I'm going to make ... and whether or not any of them are going to get me into hot water.
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Post by Phalon on Aug 28, 2020 4:24:56 GMT -6
Yanno, if everyone waited until they knew everything there was to know, nothing would ever get accomplished.
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Post by Mini Mia on Aug 28, 2020 12:44:03 GMT -6
So true. But the perfectionist in me would still be foolish enough to try and argue with that statement.
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Post by Mini Mia on Sept 2, 2020 19:28:31 GMT -6
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