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michigan business owners.....

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Old 08-16-2002, 04:46 PM
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Default michigan business owners.....

What is needed in the state of michigan to start up a business.. permits? regulations?... specific areas? laws?....

What are the specfic things needed to start up a business ?


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Old 08-16-2002, 05:10 PM
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It depends on what kind of company you want to start:

A "C" Corp is the type that income is reported to the governments as a separate tax return as an entity by itself.

A "S" Corp is similar but the income is reported as income to the owners personal income tax.

It depends on what you want to do with the company and which way would be more bennificial inregards to liability and taxation.

You should contact a CPA to determine the comapay type then an laywer to draw up the corporate documents. S4 and UCC Filings.

I created a C corp a few years ago for a new out of state company and it cost me about 2K in legal to get it going.

You can also set up a "Home business" for next to nothing "LLC" (limited liability corporations) are popular too.

Talk to a an accountant.
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Old 08-16-2002, 05:22 PM
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Thanks Raypanic and flylevel...... Exactly what I needed to know


Flylevel.. you find a new boat yet?


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Old 08-16-2002, 05:23 PM
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If it's a simple home based business, file a DBA (Doing Business As) at the county Clerks office. APPROX $10.00 that will get you started, but you may need to concider some of the things that Raypanic mentioned. Also the local Chamber of Commerence has a class to get you started for $10.00 and you get a 1 hour session with a layer and a accountant for doing the class. The group that puts the class on is called SCORE. They are a group of retired business owners that donate their time to help peple get started in the right direction.
 
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Old 08-16-2002, 05:39 PM
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Set up a Limited Liability Company. The fee to the state for this is $50. This will give you added protection from legal issues. For tax puposes you are considered a sole propriotor, for legal purposes the business is considered a seperate entity. Like Raypanic and flylevel said - TALK TO AN ATTORNEY AND CPA first. They can determine what would be best for your situation and guide you further. If you do decide to go with an LLC, don't bother paying to have a lawyer file it for you - it is a very simple form that you can do yourself (I would even help if you needed - I've done several for myself).

Good Luck
 
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Old 08-16-2002, 05:51 PM
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thanks BTJ88... I'll let you know....


What kinda of job do you have? I see your in the marine industry..
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Old 08-16-2002, 06:07 PM
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Not currenlty in the marine industry - but always looking for something. I am an entrepenuer with my hands in many different cookie jars. Mostly though I am in residential construction / remodeling.
 
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Old 08-16-2002, 06:19 PM
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I am also lookign for a job in the marine industry... let me know if you find anything. I know the one lady at powerquest said that they always put ads in the local holland/ grand rapids papers for employment with them... right now I am working at UPS and doing concrete work during the day....
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Old 08-16-2002, 06:35 PM
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WEll......

My advice differs. I went to an attorney at one point (we had a company established) and asked these very things. Even spoke with our accountant. Nobody knew any more than I did. Then, our accountant went to a seminar on LLC stuff in particular and helped us out. After we pay over $1500 to various people to just talk with them. All supposed experts. OUr accountant didn't charge us for any time until she actually learned what to do and did them.

So, Traviss, you can be a lawyer with nothing at all Just a sign and an office apparently.

My suggestion is that you're probably not starting a huge company, but something small you'll do on your own. Flylevel has that nailed. Do it the simple cheap way first. Then, as money allows, look into these other things.

You can be an LLC and be taxed in various ways. NOt many people now the ins and outs of that though.

Good luck!
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Old 08-16-2002, 06:46 PM
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cool... more info... Thank ya sir
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