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Old 17th of June 2008 (Tue)   #1
tweenkal
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Default Type of license?

2 people, unrelated, 1 business...

What type of business license do we get?
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Old 17th of June 2008 (Tue)   #2
cory1848
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Default Re: Type of license?

Could go with a general partnership, basically the same thing as a SP...not much protection from anything, but its legit and good tax write offs... next up would LLC....
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Old 17th of June 2008 (Tue)   #3
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Default Re: Type of license?

This is a business structure issue, not a license issue. At least in my part of the world.
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Old 17th of June 2008 (Tue)   #4
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Default Re: Type of license?

Quote:
Originally Posted by bwolford View Post
This is a business structure issue, not a license issue. At least in my part of the world.
I was assuming the OP meant structure...to get a license, its just an occupational license that you can get at your local city or county government.
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Old 18th of June 2008 (Wed)   #5
tweenkal
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Default Re: Type of license?

Quote:
Originally Posted by cory1848 View Post
I was assuming the OP meant structure...to get a license, its just an occupational license that you can get at your local city or county government.
That is exactly what I mean. Thank you.
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Old 18th of June 2008 (Wed)   #6
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Default Re: Type of license?

I'd be inclined to get individual licenses & operate under the same roof, but that's just me & I don't know what the relative tax advantages would be.
This is really why you should get professional advice.
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Old 18th of June 2008 (Wed)   #7
tweenkal
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Default Re: Type of license?

Quote:
Originally Posted by PhotosGuy View Post
I'd be inclined to get individual licenses & operate under the same roof, but that's just me & I don't know what the relative tax advantages would be.
This is really why you should get professional advice.
I realize how stupid this sounds...but who do I talk to? A lawyer? Is that the professional advice you recommend? Or another person well versed in business/tax ventures? I'm completely lost in this.

With the way you suggested, getting 2 individual licenses, would one of those licenses be in the business name, and the other set up as a random name? Or would there essentially be 3 licenses, 2 individual and then 1 joint?

Did I mention I was confused?
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Old 18th of June 2008 (Wed)   #8
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Default Re: Type of license?

In my experience, a CPA is the right person to talk to regarding such things. He will be able to explain the differences (basically in a partnership, a LLC or a corporation) as far as the tax advantages of each. The legal ramifications of each may also be an issue, but much of that may be secondary to the tax/income component. For that, you may want to engage a lawyer.

A business license is required for an entity to do business. You probably have two options: 1) Each of you is in business alone, and you just share referals etc, or 2) you are in business together, as partners. So in the first case it's two biz licenses, in the second case it's one biz license. But the whole biz license thing is the teeniest part of this discussion, and should be the last thing you're worrying about, not the first.

Figure out how you two are going to structure your business (probably with a CPA's help), then create the business (hiring a lawyer if need be, but much of that could be done simply by filling out the relevant state paperwork yourself), and last of all get a business license, a bank account, etc.

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Old 19th of June 2008 (Thu)   #9
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Default Re: Type of license?

Dave has good advice.
The reason I suggested having your own license is I'm looking down the road when you've established your own clients & may have a parting of the ways. It just makes it easier to go out on your own without any fighting over who gets the name, & who gets this & that.
Even marriage is only 50% successful!
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Old 19th of June 2008 (Thu)   #10
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Default Re: Type of license?

Quote:
Originally Posted by PhotosGuy View Post
Dave has good advice.
The reason I suggested having your own license is I'm looking down the road when you've established your own clients & may have a parting of the ways. It just makes it easier to go out on your own without any fighting over who gets the name, & who gets this & that.
Even marriage is only 50% successful!
Only problem with this, is when is comes to advertising...Who do I make the check out to? That can get really confusing to clients... I previously had a general partnership and it worked out well. We split all expenses and kept the profits seperate. It wasnt a photo biz though. I will soon be forming an LLC once work picks up.
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Old 19th of June 2008 (Thu)   #11
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Default Re: Type of license?

The only ship that won't sail is a partnership....

Where are you located at specifically?

Likely all you need is a sales tax license. You should call your city information desk. They can tell you who you need to talk to.


Virginia has a great website with a ton of info on starting a small business.
http://www.dba.virginia.gov/smdev/

Check out the Busniess Launchpad:
http://www.dba.virginia.gov/smdev/launchpad/
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Old 19th of June 2008 (Thu)   #12
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Default Re: Type of license?

Quote:
Originally Posted by cory1848 View Post
Only problem with this, is when is comes to advertising...Who do I make the check out to?
Whomever you are advertising with? I don't understand your question?
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Old 19th of June 2008 (Thu)   #13
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Default Re: Type of license?

Quote:
Whomever you are advertising with? I don't understand your question?
I don't get it either.
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Old 20th of June 2008 (Fri)   #14
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Default Re: Type of license?

contact your Secretary of State's office, they have staff that will walk you through the steps of setting up an LLC or anything you want to do and they don't charge you. Then talk to an account before filling out all the paperwork to answer specific questions good luck
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Old 20th of June 2008 (Fri)   #15
tweenkal
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Default Re: Type of license?

Quote:
Originally Posted by DDCSD View Post
The only ship that won't sail is a partnership....

Where are you located at specifically?

Likely all you need is a sales tax license. You should call your city information desk. They can tell you who you need to talk to.


Virginia has a great website with a ton of info on starting a small business.
http://www.dba.virginia.gov/smdev/

Check out the Busniess Launchpad:
http://www.dba.virginia.gov/smdev/launchpad/
I'm in the VA Beach area.

Hmmm...so just a sales tax license possibly and not actually a business operating license? I hadn't thought of that. I will call the city today and speak to them about it.

Thanks for the links. I've been one the VA Small Business one quite a bit and you're right - it's a wealth of information. I'm still just having a hard time deciding what to do. It would have been so much easier if I had just done this on my own...which I really wish I had done. I feel stuck now.



I wondered the same thing too, about the individual licenses. How do we set up the business bank account if we don't have a joint business license? Clients would be paying someone different every time, and that doesn't seem very professional. We would want them to pay 1 "account" (for lack of a better term). How would that work?

Sorry if I am asking really stupid questions. I'm just trying to understand all of this.

This is a lot of work just to take pictures! :P
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