We're going to take the plunge.

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Lucky_Dog
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p.1 #1 · We're going to take the plunge.

My wife and I went to our first bridal show last weekend.... I can't believe how many people were there! We talked to many photogs and have decided to register our business (been doing it under the radar this far) and go full tilt. I have a full time day job so I'm thinking that I'd like no more than 10 or so weddings this year to get our feet wet -- if we can even get that many. Attracting people to our site has been a major challenge thus far for us.

And now for the first question; is the insurance offered by the PPA adequate coverage for my burgeoning business? My prices are low and my contract supposedly limits liability to the price charged…. I need to run everything by a lawyer, though, before I can feel comfortable with that clause/statement.

Thanks

Jan 29, 2008 at 08:27 PM

coreypolis
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p.1 #2 · We're going to take the plunge.

I would highly suggest getting quotes from Tom Pickard's Group insure and Hill & Ushire for insurance.

Registering your business probably should have been done a long time ago, not only is it the law but there are many benefits like being able to write off your expenses. What have you been doing with sales tax to date?

You also need to decide what type of business, sole prop, LLC etc. there's benefits to each one, so talking to an accountant would be a good start.

Setting up 3 bank accounts, 1 for checking, one for sales tax and one for personal taxes really makes life easy.

Jan 29, 2008 at 09:04 PM

FSJ_Guy
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p.1 #3 · We're going to take the plunge.

Get a lawyer. AFAIK, standard insurance minimum is $1 million.

Jan 29, 2008 at 09:17 PM

Lucky_Dog
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p.1 #4 · We're going to take the plunge.

coreypolis wrote:
I would highly suggest getting quotes from Tom Pickard's Group insure and Hill & Ushire for insurance.

Registering your business probably should have been done a long time ago, not only is it the law but there are many benefits like being able to write off your expenses. What have you been doing with sales tax to date?

You also need to decide what type of business, sole prop, LLC etc. there's benefits to each one, so talking to an accountant would be a good start.

Setting up 3 bank accounts, 1 for checking, one for sales tax and one for personal taxes really makes life easy.

Starting a business wasn't even a thought 6 months ago and we’ve been moving slow as we both have day jobs. I really didn't decide to go after it as a "real" business until a few days ago.

We had two weddings last year, one we shot for free and the other didn't buy any prints, lol. We wouldn't owe any sales tax at this point and there has only been a very small profit that I can care for on my income tax return. The only one cheated is me... I could have shown a healthy loss in '07 if I'd moved sooner.

I had a business a decade ago and know that the responsibilities can be overwhelming -- hence the slow go.

Thanks for the comments.

Jan 30, 2008 at 11:55 AM

Paul Bekker
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p.1 #5 · We're going to take the plunge.

coreypolis wrote:
...Registering your business probably should have been done a long time ago, not only is it the law but there are many benefits like being able to write off your expenses. What have you been doing with sales tax to date?
...

Obviously a legitimate business is the way to go, but writing off expenses is no upside of a legitimate business vs doing it under the table. Maybe even more of a downside!?

Jan 30, 2008 at 03:07 PM

cordellwillis
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p.1 #6 · We're going to take the plunge.

I suggest you find a local small business class in your area. Many community colleges and local groups have some form of course to take. This would be your best one stop shop for advice on what to do.

In terms of insurance, simply contact your insurance agent. You will often find that they will be just as much as help as PPA.

Peace,
Cordell

Jan 30, 2008 at 03:39 PM

coreypolis
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p.1 #7 · We're going to take the plunge.

Paul Bekker wrote:
coreypolis wrote:
...Registering your business probably should have been done a long time ago, not only is it the law but there are many benefits like being able to write off your expenses. What have you been doing with sales tax to date?
...

Obviously a legitimate business is the way to go, but writing off expenses is no upside of a legitimate business vs doing it under the table. Maybe even more of a downside!?
that depends on whether you are reporting the income or not. If not, then sure.

But many places like Millers Lab or album companies require a Tax ID number to use, or give you wholesale pricing, and not paying sales tax on things like ink and paper for a pro printer is pretty darn nice, or business discounts from Apple . . .

Jan 30, 2008 at 04:00 PM


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