9:48: Scrub your butt 😂. Don't hire a CPA or attorney to scrub your butt, you might get sued. Also, make sure you are organized as an LLC if you get sued for asking a CPA or attorney to scrub your butt. Great info! Probably the clearest and concise way I've seen taxes and the legalities described for starting a business. 👏👏👏
You're welcome! We're so happy people are finding this info helpful! We know how difficult it was to track down all this info ourselves, so it's exciting to help by putting it all in one place!
Hi! This video has been so helpful for me! I do have a question: I sell on eBay, do I need to collect sales tax from those orders even though eBay collects tax from them first?
Hi there! Neither of us sell on eBay, but I'd start by confirming with eBay - if they're automatically adding it to applicable orders, it'll make your tax time much easier! You definitely want to make sure you're not paying the sales tax twice though! I'd suggest checking with your CPA after looking closer into how eBay works.
Thanks. You guys are funny 😂. I am starting a photography and dot painting business. Do you have to hire an attorney? I have an LLC but I am the only employee. Thanks for all of the great information! And a tax permit is the same thing as a tax license, right?
We definitely recommend finding an attorney you can turn to when you need it. They can review your contracts or answer any questions you might have about terms as they come up. You can typically ask them for a one-time consult too. Goodluck!
Thank you so much for your video, it was really useful. I did have a question. If it's only one person, can they still register as a Ltd company? I was just wondering what was the best route to set up my art company.
Definitely check with your CPA to see if they can give you recommendations based on your income and business needs. I think you're looking into an LLC, and you definitely can do this as a solopreneur, but it may not be necessary. Goodluck!
Congrats! You definitely want to set up the EIN and business entity, but since we're not in the children's market there may be additional registrations or insurance that you'll need. I suggest talking to your a local small business advisor or attorney to get more info for your state.
Head to your local govt website and see what information they share - it looks like there's a great resource here: www.nm.gov/business/. You can always call as well if you have questions and want to speak to someone!
