establishing a small business - incorporate it or roll with an LLC?

[PhillyB]

quite frankly the office is splurgey. i don't necessarily need it. but barring misfortune i'll be teaching anthropology online as an adjunct professor this fall, so i'll be able to combine time spent working on the business with developing the coursework and grading poo.

the company itself will be a creative enterprise, generally speaking, with a focus on publishing (other peoples') ebooks. i'll be targeting specific niches and trying to build submissions that way. plus i will control the means of production and can use that as a better platform to publish the book i've been working on the past decade. and i'm writing three screenplays concurrently and planning to shoot some stuff within the next couple weeks. i have a long list of stuff (documentaries, short films, features, etc.) that i want to shoot and a creative company gives me some kind of backing, in name if not financially.

so basically i'm gonna be renting an office so i can sit and poo creativity 8 hours a day

[PhillyB]

plus small greensboro office spaces are cheap as hell

[Doyle]

Please tell me you are gong to name it Prestiege Worldwide.  

[h0llywood]

I liked the name Sanctum but here in Los Angeles, there is a Swingers club by that name so forget about it.

[h0llywood]

12 hours ago, PhillyB said:

plus small greensboro office spaces are cheap as hell

You can deduct your office space to include a portion of the things you use to help you run your business i.e. phone, electricity, cable, internet. Could help you on the short term until you get established.

[Jimmy]

How does one get on the ground floor of this eventual multi million dollar enterprise? 

[stirs]

At the beginning, renting a portion of your home might be a good idea.  Property taxes, electricity, water, can all be expensed proportionally.  Internet and phones can all be company expenses reducing your normal outlay of personal cash. Mileage is another thing you might could use if it works toward your business.  I think the going rate is .54 cents per mile.  Was .56 a couple years ago.

Talking to your accountant would be the best, especially since you are doing multiple areas of business.  Mine helped me set up my company for less than Legal Zoom.  Then i bought basic Quickbooks and was off to the races.

[TheAmericanDream]

3 hours ago, Jimmy said:

How does one get on the ground floor of this eventual multi million dollar enterprise? 

Sounds like a pyramid scheme to me. Let's all get in. 

[PhillyB]

5 hours ago, Jimmy said:

How does one get on the ground floor of this eventual multi million dollar enterprise? 

you can make 5000-12000 dollars a month from your home in five simple steps! i'll have a seminar at the days inn conference room where you and other participants can learn how to start your own profitable business! participation is limited though so get your tickets now!

[PhillyB]

2 hours ago, stirs said:

At the beginning, renting a portion of your home might be a good idea.  Property taxes, electricity, water, can all be expensed proportionally.  Internet and phones can all be company expenses reducing your normal outlay of personal cash. Mileage is another thing you might could use if it works toward your business.  I think the going rate is .54 cents per mile.  Was .56 a couple years ago.

Talking to your accountant would be the best, especially since you are doing multiple areas of business.  Mine helped me set up my company for less than Legal Zoom.  Then i bought basic Quickbooks and was off to the races.

I thought about doing the home office thing but i can't poo where i eat. same reason i can't work out at home. i need separate places for separate things and if i can get a small space and carve it out into a spot i think it'll allow good things.

the only expense apart from rent and setup would be internet i think. much of it's internet based so i don't think i'll need a phone.

do you track stuff like mileage in quickbooks?

[Kevin Greene]

Is NC Small Business friendly? I have literally seen friends wanting to start small businesses in Cali beaten into submission after leaping through hoop after hoop after hoop. Big business leaves due to excessive taxes, small businesses never get started. Makes no sense.

[Ja Rhule]

Most people start companies as LLC before moving to Inc once get bigger.

[h0llywood]

19 minutes ago, PhillyB said:

I thought about doing the home office thing but i can't poo where i eat. same reason i can't work out at home. i need separate places for separate things and if i can get a small space and carve it out into a spot i think it'll allow good things.

the only expense apart from rent and setup would be internet i think. much of it's internet based so i don't think i'll need a phone.

do you track stuff like mileage in quickbooks?

You track mileage in a log. You have to create one. Another good thing about having a business is getting a lease and writing it off as an expense. Go ahead and get a new car every 3 years. I have 2 car leases at any given time and get a new car every 1.5 years.

QB has an online version so you don't have to buy the software. I personally use QB even though my software has its own accounting. I just love the ease of use with QB.

As for having separate places, I do not blame you. Too many distractions and temptations to go watch TV, go lay down, etc.

[PhillyB]

50 minutes ago, Kevin Greene said:

Is NC Small Business friendly? I have literally seen friends wanting to start small businesses in Cali beaten into submission after leaping through hoop after hoop after hoop. Big business leaves due to excessive taxes, small businesses never get started. Makes no sense.

i'm not sure. i actually don't give much of a damn about profit for the immediate future. i need to produce content basically and start landing contracts with writers to publish their poo. it'll be a slow takeoff.