Hello, im new to this site, and it seems very informative. Anyway i plan to start my own t shirt printing biz. And im not sure weather to start as a sole proprietor, or a single member LLC. Im working out of my basement, and i am the 100% owner/operator. any info owuld be graetly appreciated...thank u
sole proprietor or single member LLC
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A single member LLC is treated the same as a sole proprietor as far as tax returns are concerned (unless you elect to file as a corp.). Forming an LLC takes most of the liability off of you personally in the event of a lawsuit (the business is seen as its own entitiy - separate from you).
It is really a matter of your personal opinion as to which is best for you. If you have concerns of being sued and your personal assets being at risk, form an LLC. IF not, until you are well into it, I'd stay as a sole prop. Hope that helps and good luck to you!
It is really a matter of your personal opinion as to which is best for you. If you have concerns of being sued and your personal assets being at risk, form an LLC. IF not, until you are well into it, I'd stay as a sole prop. Hope that helps and good luck to you!
that was quick.THANK YOU MISTY. nice name too. so in order to receive wholesle & open accounts with t shirt manuf. ??? I can use my ss# right? Do i need to form a d.b.a. or business entity first? and american apparell asks for a resale #? how do i get that?
some folks go with a lawyer to do all that, as a former legal secretary (who did it all for him) your state should have a site where you can search business entity names and create your own LC or dba or whatever you decide, file online, and register for a tax id number that will let you buy wholesale. Google your state business entity search and it should bring you up to your state.gov it should walk you through an online business registration.
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