I filed to be an LLC.
It's a scary feeling. I really hope I'm good enough. I'm going to get my ducks all in a row before I start really charging. I need to be able to charge sales tax on products. So once I get the approval for the LLC, I have to file the DBA (as I don't want LLC in my name, so I need a "doing business as" without it), get an EIN for the business, get a business bank account, register to charge sales tax, and get a permit to operate a business in my home (as I can do studio work inside). So the LLC is just the first step. I just can't do much else until that's been approved.
Scary but exciting times!
My DH is supportive to a point. I have to try to get my editing done more quickly, and during the day. School starts on Tuesday, and I'm going to be disciplined with a schedule to include editing, scrapbooking (I dearly miss it) and exercise. Cross your fingers that everything falls together. I want to move forward ... but I can't really do more than 1-3 sessions a month yet.
Good luck Gwen!! I actually am familiar with all that "jargon" since I help my SIL with her restaurant bookkeeping and she became an LLC last year. I do all her payroll, tax filings, record-keeping, etc. It's really not bad, paperwork wise, once you get the IRS & state all straightened out--they are pretty dumb sometimes lol!
I hope that since your kids will be in school you'll be able to get your routine down pat for yourself. I look forward to seeing your new work, as always!
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Congratulations!! That really is very exciting. I'm sure that once you start doing everything, you'll develop a system and a schedule that works for all of you. It will take some trial and error though. I bet your DH will be more supportive once he sees the extra money rolling in from all the people that want to book you!!
My "babies" are Abigail (6/06) and Caleb (1/08 )
thanks for the support girls! it means a lot to me. I need to get from under my backlog and I hope to do a promotional event to kick things off once all of the paperwork is done (like Christmas card mini sessions or something)
LLC is Limited Liability Corporation - means that the business is separate from my family. if my business gets sued for whatever reason, my family assets can't be touched. my equipment will be in my name, on loan to the business so that it's safe.
You're gonna do GREAT, Gwen!!!!! You have a great eye for this work and I know that it's gonna work out in the long run. I know working into a new schedule is never easy, but with the older kids going back to school soon, it's time for everyone to adopt a new schedule so hopefully that will help to ease into things for everyone.
I think a holiday mini-session promotional will be a really fun way to kick off your business!
How exciting!!! Congrats to you!!! Hope it all works out quickly for you!! The EIN should probably be the easiest thing to get. I had to get one for a non-profit I ran