Beginning a new business

Discussion in 'General Shop Talk' started by Mechanical, Aug 9, 2009.

  1. Mechanical

    Mechanical TPF Noob!

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    Ok, I have a few questions about beginning a photography/graphics operation in the US. I plan to do on-site work only, nothing with a studio in particular. What I want to know, is if I need to apply for an EIN. I know I have to register the company locally, and I have all the equipment. This is a join venture with my boyfriend and myself. It will be a partnership. I am currently working on a business plan and knpow who and where to go to for the state forms, but am not sure about federal forms and costs.

    Also, taxes... do I need to do anything special for the taxes, or can I just go to a normal tax place to have them do it for me?

    Any and all help would be appreciated.
     
  2. KmH

    KmH Helping photographers learn to fish Supporting Member

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    It's advisable to hire an accountant to handle the tax issue. You have to consider state sales taxes, state income taxes and federal income taxes as well as business taxes.

    Being in business in partnership with your boyfriend is a complicating factor. You cannot establish the business as a sole proprietorship, the simplest of business entities. Because of that yes, I believe you must get an EIN from the IRS.

    Were your business to be a sole proprietorship your SS# would suffice for the IRS.

    You will probably need to set your business up as an LLC (Limited Liability Corporation). I highly recommend you seek qualified legal assistance in setting up this partnership.
     

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