Question:
I quit my paycheck job in May of this year to fallow my dream for my own business. I have a great support system of family and friends. I have gotten off to a slow but I think good start. I am wondering about registering my business and tax id numbers a such.
I have the skill and the supplies to make my product but money is in short supply and I am pretty lost when it comes to legal things.
Laura
Laura,
Registering your business and getting a tax ID number is a very simple task that can be done online at the Minnesota Sec of state website.
That being said I would always talk to your accountant before doing that and also consider if it is worth the effort and cost right now. Once you register you have to file taxes for that business and pay someone to do those taxes.
Work on building it up. Get it going and then get your paperwork done.
Mark