Tuesday, April 27, 2010
Saturday, April 24, 2010
Sole proprietorships are so easy to set up and maintain that you may already own one without knowing it. For instance, if you are a freelance photographer or writer, a craftsperson who takes jobs on a contract basis, a salesperson who receives only commissions, or an independent contractor who isn't on an employer's regular payroll, you are automatically a sole proprietor.
However, even though a sole proprietorship is the simplest of business structures, you shouldn't fall asleep at the wheel. You may have to comply with local registration, business license, or permit laws to make your business legitimate. And you should look sharp when it comes to tending your business, because you are personally responsible for paying both income taxes and business debts.
Since Alta Moda is located in Nashville, TN I found that it costs $42 annually in the city and $22 to obtain my business license in Davidson county. Alta Moda is a brand that is based as a retail store for now. Since it is a growing brand, additional locations of Alta Moda will grow as well as the potential to have a website. As a brand, having additional locations and an option for customers to shop online provides customers multiple ways to shop Alta Moda. Liability for a company is very important and according to multiple websites general liability coverage for sole-proprietorship costs around $800/ a year in premiums.
Below is additional information regarding a sole-proprietorship from www.nolo.com
Personal Liability for Business Debts
A sole proprietor can be held personally liable for any business-related obligation. This means that if your business doesn't pay a supplier, defaults on a debt, or loses a lawsuit, the creditor can legally come after your house or other possessions.
By contrast, the law provides owners of corporations and limited liability companies (LLCs) with what's called "limited personal liability" for business obligations. This means that, unlike sole proprietors and general partners, owners of corporations and LLCs can normally keep their house, investments, and other personal property even if their business fails. If you will be engaged in a risky business you may want to consider forming a corporation or an LLC. You can learn more about limiting your personal liability for business obligations by reading Nolo's articles on corporations and LLC.
Paying Taxes on Business Income
In the eyes of the law, a sole proprietorship is not legally separate from the person who owns it. The fact that a sole proprietorship and its owner are one and the same means that a sole proprietor simply reports all business income or losses on his or her individual income tax return -- IRS Form 1040, with Schedule C attached.
As a sole proprietor, you'll have to take responsibility for withholding and paying all income taxes -- something an employer would normally do for you. This means you'll have to pay a "self-employment" tax, which consists of contributions to Social Security and Medicare, and pay estimated taxes throughout the year.
Registering Your Sole Proprietorship
Unlike an LLC or a corporation, you generally don't have to file any special forms or pay any fees to start working as a sole proprietor. All you have to do is state that your business is a sole proprietorship when you complete the general registration requirements that apply to all new businesses.
Most cities and many counties do require businesses -- even tiny home-based sole proprietorships -- to register with them and pay at least a minimum tax. In return, your business will receive a business license or tax registration certificate. You may also have to obtain an employer identification number from the IRS (if you have employees), a seller's license from your state, and a zoning permit from your local planning board.
If you do business under a name different from your own (such as "Custom Coding" instead of "Jim Smith Graphics"), you usually must register that name -- known as a fictitious, or assumed, business name -- with your county. For more information on filing and publishing a fictitious business name statement.
In practice, lots of businesses are small enough to get away with ignoring these requirements. But if you are caught, you may be subject to back taxes and other penalties.
Friday, April 23, 2010
Thursday, April 22, 2010
- Hand Brushed Copper Finish
- Decorative S-Shaped Accents
- Stylish Decorative Top
- Includes Casters for Easy Mobility
Impress your customers when your roll out this hand finished Raw Steel Sa
lesman Rack with stylish welded corners. Our Raw Steel Salesman Racks make displaying your merchandise easier than ever. Since they have wheels just roll them out when you need them.Our Raw Steel design features a stylish mottled brushed metal finish. Goes perfectly with rest of our Boutique Line. All of our Boutique Clothing Racks come standard with flat caps or give you the option of adding your own custom touch by adding one of our four Finial designs to the top of rack. Finials easily attach and detach allowing flexibility to the look of your store.
- Mottled Brushed with Metal Finish
- Stylish Welded Corners
- Adjustable from 48" to 72"
- Customizable with Custom Finials
17" Wood All Purpose Notched Hangers
Price: $87.50/per case of 100
4" Wooden Skirt and Pant Hangers
Off Signs are great promotional tools to use store-wide or adjacent to specific merchandise. Signs are 7" x11" durable scratch-resistant, pebbled finish, heavy-duty plastic. White print on red background
12" x 10" x 4" Frosted Plastic Shopping Bags With Handles
Wednesday, April 21, 2010
Big city lights, big time style. Inspired by her home town NYC, a city as practical as it is original, designer Nadia Nour develops vibrantly hued, well-tailored dresses and separates meant for layering and long term investment. Eschewing trends for developing a confident, personal sense of style, Nadia Nour promotes expression and innovation in the most sophisticated way possible.
Nadia Nour’s production is centered in the NY garment district, employing seasoned professionals. Organic textiles such as silk and cotton are used, as are vegetable dyes, and vintage fabrics.
Lav and Kush
For those of you who want to polish up on your Hindu mythology, Lav&Kush are the royal twins born to lord Ram and their earth mother Sita. They are raised in the forest, become the protectors of the woods and represent music, beauty, and strength. Those qualities are also found in the clothing line Lav&Kush, which could be just perfect for those of you more interested on polishing up your flirting skills. Lush materials and feminine urban styling are the trademarks of this Canadian collection.
Lav& Kush garments are mostly made from or
ganic cotton and sustainable fabrics such as bamboo and soy. All clothes are manufactured in Canada. A percentage of their sales goes to PETA, Imagine 1 Day and the BC SPCA.
Chlorine of Los Angeles
Venture off the well-trodden path and carry a bag with signature style. Most designer ‘it bags’ can be a little too trendy and ubiquitous to satisfy. Vintage is an alternative, but vintage is often a little too, well, old. Chlorine of Los Angeles offers the perfect solution—vintage bags restored and refurbished with an eye toward creating modern, sophisticated carry-able art. Beautifully chic evening clutches bedecked in jewels and feathers, classic totes of manageable size and smart detailing, and clever purses with elegant chain straps denote a time when carrying a designer purse meant more than buying a label.
Chlorine reduces waste be refurbishing vintage bags, upcycling the product. Vintage bags are expertly restored and embellished with vintage jewelry and ornaments.