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In this episode, I answer a common listener question: Do I need to formalize my yarn-related business? There are legal, tax, and mindset reasons for formalizing your business.
But first, let me mention that I'm neither a lawyer nor an accountant. You may want to consult one if plan to formalize your business.
So, why might you choose to formalize my yarn-related business?
- You may find it easier to get a business bank account, buy products wholesale, and protect your personal assets in the event of legal action.
- You may find that you are more accountable to your business once you formalize it.
- Your customers and family may respond more positively to the formality of an established business entity.
Here are some resources mentioned in the episode:
- Find your local Small Business Administration office (U.S. only) here.
- Find your local Small Business Development Center (U.S. only) here.
- The Internal Revenue Service Small Business and Self-Employed Tax Center
You can listen to the episode for more details about the advantages of formalizing your business and common business entity types for yarn-related businesses in the United States.
Did you formalize your business? If you did, what business entity did you choose? If not, why not?
Share your comments in the show notes for this episode at http://creativeyarnentrepreneur.com/entity, in the Creative Yarn Entrepreneurs Facebook group,Tweet me at @cyeshow, add me to your G+ circle and send me a note, or leave a message at 646-713-8973.
You can subscribe to the Creative Yarn Entrepreneur Show on on iTunes or Stitcher. Please leave an honest review on iTunes or Stitcher and join the mailing list. I’ll let people on the list know in advance about special guests and topics so you can share your questions.
77 episodes available. A new episode about every 12 days averaging 42 mins duration .