Remy
Well-Known Member
:steve:
For a few reasons, the most important in terms of timing not even being knife related, I decided to officially become a business in the eyes of Connecticut. It'll increase the paperwork hassles and require me to be far more diligent about my record keeping but I think it was the right thing to do for me. $100 for 5 years registration (love that they charge us so they can properly collect MORE taxes from us) and then another $7 to the town for my DBA and the official copy to take to the bank to open a business account. I could probably get by without that, but it'll make the record keeping FAR easier to put all knife related transactions on "knife" accounts.
Quickbooks is the next significant chunk of cash in this "going official" process. I played with Wave and a couple other free options and decided that while they are worthwhile as free solutions they are NOT replacements for proper small business accounting software.
I thought about doing a pass through LLC, but the startup costs are far higher. Since as a business my knife making is most definitely still in the red I figured at least one year and maybe two and then take that step.
For a few reasons, the most important in terms of timing not even being knife related, I decided to officially become a business in the eyes of Connecticut. It'll increase the paperwork hassles and require me to be far more diligent about my record keeping but I think it was the right thing to do for me. $100 for 5 years registration (love that they charge us so they can properly collect MORE taxes from us) and then another $7 to the town for my DBA and the official copy to take to the bank to open a business account. I could probably get by without that, but it'll make the record keeping FAR easier to put all knife related transactions on "knife" accounts.
Quickbooks is the next significant chunk of cash in this "going official" process. I played with Wave and a couple other free options and decided that while they are worthwhile as free solutions they are NOT replacements for proper small business accounting software.
I thought about doing a pass through LLC, but the startup costs are far higher. Since as a business my knife making is most definitely still in the red I figured at least one year and maybe two and then take that step.
