B250 L06 Weekly Reflection

It has been a crazy week learning about legal structures, licenses, and taxes.  There are several legal structures to pick from including sole proprietorship, partnership, LLC, and corporation.  Each costs a different amount to register and has different items you must complete before you can register them.  In Washington it cost $180 dollars to register an LLC or corporation.  I would like to have the legal protection one of these structures provides, but I do not have the funds for one.  Consequently I will be using a sole proprietorship.  I will need to report my income on my taxes and make sure that I don’t do anything that would cause someone to want to sue me as my personal assets would be on the line.

There are many many licenses and taxes to take into consideration when starting a business.  They can include state, county, and city licenses; federal and state income tax; business and occupation tax; property tax; and sales tax.  Not all of these apply to every business and not all apply in the same way.  It is very important to look them up and find out what regulations you need to follow for your individual business.

Setting up a shop is also much more time consuming than I thought it would be.  I have spent hours trying to get my shop ready and keep running into snags.  I have had to search for plugins to get the usability I want and then learn how to use them.  It seems like every time I get one thing figured out there is something else that isn’t working.  Starting a business takes a lot of time and energy whether it is brick and mortar or online.

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