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Type of license?

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Thread started 17 Jun 2008 (Tuesday) 14:00   
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tweenkal
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2 people, unrelated, 1 business...

What type of business license do we get?

Post #1, Jun 17, 2008 14:00:34




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cory1848
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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....

Post #2, Jun 17, 2008 14:39:15


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bwolford
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This is a business structure issue, not a license issue. At least in my part of the world.

Post #3, Jun 17, 2008 15:41:43 as a reply to cory1848's post 1 hour earlier.


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cory1848
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bwolford wrote in post #5739785external link
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.

Post #4, Jun 17, 2008 15:44:00


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tweenkal
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cory1848 wrote in post #5739808external link
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.

Post #5, Jun 18, 2008 09:44:35




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PhotosGuy
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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.

Post #6, Jun 18, 2008 10:21:49


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tweenkal
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PhotosGuy wrote in post #5745225external link
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?

Post #7, Jun 18, 2008 12:49:07




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tracknut
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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.

Dave

Post #8, Jun 18, 2008 14:37:05


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PhotosGuy
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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! ;)

Post #9, Jun 19, 2008 09:12:19


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cory1848
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PhotosGuy wrote in post #5751827external link
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.

Post #10, Jun 19, 2008 17:25:00


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DDCSD
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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.virgini​a.gov/smdev/external link

Check out the Busniess Launchpad:
http://www.dba.virgini​a.gov/smdev/launchpad/external link

Post #11, Jun 19, 2008 18:11:49


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DDCSD
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cory1848 wrote in post #5754684external link
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?

Post #12, Jun 19, 2008 18:13:22


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PhotosGuy
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Whomever you are advertising with? I don't understand your question?

I don't get it either.

Post #13, Jun 19, 2008 22:04:27


FrankC - 20D, RAW, Manual everything...
Classic Carz, Racing, Air Show, Flowers.
Find the light... A few Car Lighting Tips, and MOVE YOUR FEET!
Have you thought about making your own book? // Need an exposure crutch?
New Image Size Limits: Image must not exceed 1280 pixels on any side.

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Tigershark
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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

Post #14, Jun 20, 2008 09:19:00 as a reply to PhotosGuy's post 11 hours earlier.




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tweenkal
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DDCSD wrote in post #5754914external link
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.virgini​a.gov/smdev/external link

Check out the Busniess Launchpad:
http://www.dba.virgini​a.gov/smdev/launchpad/external link

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

Post #15, Jun 20, 2008 09:27:48




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