Week 6

This week we learned about different legal structures, licenses and taxes. There are a lot of different types of legal structures, but the one that works best for my personal situation is a Sole Proprietor. There are pros and cons, but that will come with any type of structure you choose.

When it comes to licenses and taxes, it really depends on the type of business you are starting. For a personal marketing business, like the one I am starting, I only need a basic selling/business license. I will also need to register for a DBA (Doing Business As…), but I will not need any permits or special regulations like some people would. An example of a business requiring special licenses would include someone selling food, alcohol, or certain services that require special training like cosmetics or architects. Similarly, I will need to pay the basic sales tax, which will vary by state, but the simplicity of my business does not require anything further.

Creating a Web Business:

1. Choose a legal structure:

   • Research different types of legal structures

   • Choose the one that fits your personal situation the best

2. Register for licenses and taxes:

   • Research what different licenses and taxes your specific business will require you to acquire

   • Register for every single license or tax required and strongly consider the suggested ones to avoid legal issues later on in you business