mrsking14 11:49 AM 06-18-2011
Should I have a small business license? If so, how hard is it to get? I know nothing about it but DH's friend who is building something in my daycare room said I might wanna get one. What does it mean?
Also, I see something on the IRS site about registering your business. I already got an EIN number so I don't have to give parents my SS number. Should I also register my daycare name? I know you can register a name with the state for $20, but you have to choose LLC, ect. I don't even know what all of those mean. I'm such a dummy with all this stuff but really want to understand it and do everything the right way.
grandmom 07:36 PM 06-18-2011
Look up Master Business License for your state. My refinance officer required one for me to prove I was a legit business.
Talk to your accountant about LLC, SP, S Corp, etc. I'm filing for S. Corp right now. My accountant said it would reduce my taxes by $600 a month,
Yes, get an EIN! You don't want parents to have your SSN.
PitterPatter 07:49 PM 06-18-2011
Personally I go through the state and get "registered" because they say there is no such thing as a home daycare being licensed in my state. Only centers get that title. Best we can get is a certificate through the state proving u are inspected every year and take the required classes etc. I don't have a title. On taxes I just write the name of my daycare no LLC etc...
Good to not use your SS number! I made that mistake for the first 5 years. I am getting an EIN soon hopefully!
mrsking14 10:27 AM 06-19-2011
Originally Posted by grandmom:
Look up Master Business License for your state. My refinance officer required one for me to prove I was a legit business.
Talk to your accountant about LLC, SP, S Corp, etc. I'm filing for S. Corp right now. My accountant said it would reduce my taxes by $600 a month,
Yes, get an EIN! You don't want parents to have your SSN.
I don't have an accountant and probably won't in the beginning. I'm really going to try to do it all myself if possible.