<p>Okay, I've read about all these people starting their own businesses.. or even just district programs. And it sounds so easy to them. Like, some created three or four businesses. I have this idea with music.. kinda the "students teaching students in music" thing. But how do I formulate a business plan? How do I go through with the legalities?
Please heeeelp!</p>
<p>My business is just a small under-the-table business. We have a website, and customers, but we never went through with the legalities. I guess we're kinda like a lemonade stand business. :D</p>
<p>That's pretty sweet.. But is that considered a "business"? Or more importantly, would wharton be impressed by that type of business?
Sorry, i'm cutting right to the point.
What is your business?</p>
<p>If you want to mention your business on your apps, MAKE SURE you have legal documents (aka Article of Incorporation) for verification.</p>
<p>Well, I mean, I have a list of clients as well as videos (I do digital media editing) I can give as references if they ask. Plus, I'm not applying to B school so it's not a big deal for me. It's just something I do for fun and to make money, so I thought I'd include it.</p>
<p>Hey, that's still really sweet.</p>
<p>doo doo doo
BUMP</p>
<p>go to your local Chamber of Commerce they will guide you</p>
<p>Oh WOW..
I totally didn't know that.
I'm actually in this program with my Chamber of Commerce... and I see the president and all the other workers like about once a month. I will totally ask, thanks!</p>
<p>"Its not what you know, its what you can prove." - Training Day
Without the docs, leave it off.
Depending on you industry, you may need insurance, probably not for webdesign and stuff like that, but for lawncare and snow plowing/removing you do. You will need to keep track of all your expences, because these are your write offs.
To formulate a business, search online for your state, because they have the business papers there.
Then go to your chamber of commerce, register (there are many types of business), get your federal tax id number, and then go out and buy lots of stuff for the business.
Without buying the initial stuff, you will be paying 1/3 in taxes. If you have a computer/anything now, the business can buy it off of you, but it gets a little fuzzy there (talk to accountant/tax man).
Then you can go out and get a client base, work your ass off 50-70 hrs a week (yes its possible, even during school) 5days * (11pm-2pm) =45 hrs + 25hrs weekend. After about two years, you should be making steady profit.</p>
<p>As for the people who form more than one business, I wonder about that because it is much more of a hassel to form seperate entities than to do it as like a corporation and have subcompanies.</p>
<p>Will it be a lot easier if it's non-profit? My idea is a kind of "students teaching students music" type of thing. Just getting a group of musicians to teach classes to needy kids who want to learn how to play music. there shouldn't be any fuss with money, because it would be free.. just open for donations. and I dont' think we have to make a tax form.. do we? if it's non-profit we wouldn't be getting any money.. or spending anything.
But yes, I agree, it will definitely be a lot of work, but I am so willing to do this and go teach someone how to play the violin!</p>
<p>that would be a volunteer thing then, not a business</p>
<p>Its a non-profit organization, its WAY more significant.</p>
<p>yeah, it really is a volunteer thing, but it's a NEW group volunteer thing, with a name. Business_Freak, what do you think? But from what I heard about that other guy on the Wharton thread, it's difficult to start a non-profit, and easy to start a profit-based business...
Tell me which one's easier! I mean, I know they're both extremely time-consuming and hard.. but I just have a goal in mind.. and no way to actually make it happen.</p>
<p>Most people are committing tax fraud.</p>
<p>By not paying taxes? But can't some nonprofit companies by tax exempt if they apply? And all profit-based companies obligated to pay taxes and the works?</p>
<p>Nonprofit means exactly that. You can't generate revenue. Thus, by definition, it is not a business.</p>
<p>Yes, obviously nonprofit can't generate revenue.. so do we have to pay taxes?</p>