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Just some info for anyone thinking about becoming a "REAL" business.

 

So I had a Sole Proprietor DBA setup for myself, and as I have grown and expanded I slowly began to change my name and wanted to be better protected.  As of Jan 3rd I am now officially 716 Candle Co LLC.

 

I used this service - https://www.incfile.com/

 

I did the "Gold Plan".  The $150 I spent (plus $200 to file in New York) seemed like a pretty good deal.  Got all my paper work done, and properly filed.  I still need to list it in 2 news papers and pay for that.   The extra money I spent on the Gold plan is all things I probably could of done myself with little to no cost except for time.  I feel like I saved myself quite a few hours by going with the GOLD plan.

 

In New York I created a Single Member LLC.

 

Just applied for my Sales Tax Number and I need to head to the bank to open a new bank account.

 

Updated and Renewed my membership and insurance with HSCG.

 

I think I spent about 2 hours total on all of this.  I am sure I have another 2 hours at the Bank (LOL) and a little bit time to deal with listing info in Local Papers.

 

 

 

 

 

 

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I hate the bank thing.  They like charging all sorts of fees for business accounts.  Right now I don't have one, but that may change, especially if I can find a free one online.  I did the LLC, but in Michigan it is easy ($25-50/year, simply file online).  I need to do the HSCG thing yet, and did apply for my sales tax info, which is taking longer than I thought it would.    

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The Banks in Buffalo are not too bad.   BUT the usually ask 100 questions and want you to know projected sales.  Ummm I am selling candles out of my basement...  probably avg $1 million in sales each year...  LOL  (I WISH!!!)  

 

 

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Right, and it isn't like you're taking out a loan...you're just opening a checking account and putting YOUR money into it.  

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Just be sure to check what your state's fees are for an LLC before jumping on board.  I closed mine because California is crazy high.   Find a Credit Union that takes anyone and does sep accounts for business, their fees are way less.  Well's Fargo has zero fees if you do a couple requirements, I use them for my business and only pay if our "cash" deposits go over $25000. in a month and it's a pretty minimal charge.  Here again, it may vary state to state?

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@kandlekrazy Illinois is similar wrt banana fees. After going back-and-forth for a good month I chose S Corp. instead of LLC. We shall see.

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In New York it is just $25 every 2 years for an LLC.  $200 to set it up plus $5 if you want hard copies mailed to you.  Not too bad.  Then I just do taxes as if I was a DBA also because I did a "Single Member LLC".  Nothing really changes.  Though I guess I will find out a year from now.

 

The bank worked out much easier than I thought...   I emailed everything to the one girl at the branch earlier in the day, when I got there just answered a few questions, signed a bunch of docs and I was all set up in less than an 45 minutes.

 

Now to change ETSY, and AMAZON, and anywhere where else I have business and banking info.  

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On 1/4/2019 at 10:39 AM, MilosCandles said:

The extra money I spent on the Gold plan is all things I probably could of done myself with little to no cost except for time.  I feel like I saved myself quite a few hours by going with the GOLD plan.

Sounds like a good way to do it. You hear people say "time is money". In my opinion time is everything. 

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I think I'm just going to register as a "Not For Profit" corporation. After all, that's the business I'm in right now.

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On 1/6/2019 at 10:34 PM, Quentin said:

I think I'm just going to register as a "Not For Profit" corporation. After all, that's the business I'm in right now.

 

That made me laugh so much!!! I can relate!!

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I'm happy to make people laugh anytime I get a chance. Glad you picked up on that joke. It's true, but even I like laughing at it.:rockon:

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