Forget the venture capital, forget the expensive attorneys, and forget all the horror stories you’ve heard over the years about how difficult it is to start your own business. Starting a home business couldn’t be easier, no matter what state you live in.
If your goal is simply to work at home and pay the bills, you could be up and running in a day. You will need to file paperwork with your state, and you might need to open a business checking account depending on certain factors dictated by your state’s rules and regulations.
Stay away from attorneys and those online businesses that want you to believe you need to spend a small fortune in order to start a business. You don’t. If you hire them, all you get is a box full of junk you don’t need – leather binders, corporate seals, and blank forms you don’t need and will never fill out.
You can get the forms you need from your state’s business website, along with instructions and fee schedules. Plan on about $150 to file your Articles of Organization (which is a simple three or four page form) and about $50 to file for a Fictitious Name (only if you plan on working under a name besides your own).
In a few weeks you’ll get a letter from your state’s department of corporations that gives you permission to do business in that state. You can run your business, advertise, make money, etc., before you file your paperwork.
Both of these allow you to just fill out Schedule Cs that are added in with your regular tax return, and because of this, your business expenses might get you a very nice refund at year end! This is a major difference between have a corporation and an LLC or SP. A corporation doesn’t get a refund!