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  1. #1
    Senior Member AmberC's Avatar
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    Starting a business

    I would like to start my own photography business. Nothing big really, just out of my home and I'll go places type of deal. Mostly portraits for people, but whatever they want really.

    It was suggested that I get an LLC license. I have found a few websites where I can form the LLC and some think it will be fine to do it this way, but others have told me I should go thru my lawyer.

    I was wondering what you guys thought or if anyone had any pointers for me. Thanks

    Amber
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  2. #2
    Jedi Master masdog's Avatar
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    Re: Starting a business

    Well...it really depends on the state you live in. Each state has different laws regarding LLCs, and it is often best to consult a lawyer or an accountant if you wish to form any form of business besides a sole proprietorship.
    Sean Massey
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  3. #3
    Learning more with every "click" mjs1973's Avatar
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    Re: Starting a business

    Hey Amber,

    I just spoke to my accountant this week about setting up a photography business. His advice was keep it as a sole proprietership, and then go from there. That way I really don't need to do anything, other than what I'm already doing. I may need to get a tax ID number, but that's about it. I will have to keep track of my expenses, and income, but that's not a big deal. Other than that, there really isn't much to it. At least here in Wisconsin. Your state may be different as Sean said.

    One thing my accountant did warn me about tho, was to make sure you can prove that you are selling photos from vacations, and other trips, if you plan on writing those types of expenses off on your taxes.
    Mike

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    "I thought that because fewer wolves meant more deer, that no wolves would mean hunters' paradise. But after seeing the green fire die, I sensed that neither the wolf nor the mountain agreed with such a view."
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  4. #4
    Senior Member AmberC's Avatar
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    Re: Starting a business

    Thanks for the replies I was planning on sole proprietorship.
    Amber
    cam: Sony a100 DSLR
    Please do not edit my images.. thanks

  5. #5
    We're Havin Fun Now JBPhoto's Avatar
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    Re: Starting a business

    My sales were getting to the point where I was wondering if I need to do something about it - tax wise. My accountant suggested that it still sounded like a hobby to him in that my expenses (investment in gear) still exceeds the derived income, so there are no profits to worry about. Something else to consider... I started an unrelated business out of my home a few years ago which is now defunct, and went the LLC route. The town "estimated" the value of the equipment used to run the buiness, which included a desk, chair, computer, printer, etc., at $8,000 and taxed me on it, to the tune of about $250 per year. I appealed that I already had all this stuff before I started the business, it didn't matter - I still had to pay the property tax. If I went the LLC route with my photography business I'd still be paying this, plus property tax on all my photography gear. Doesn't seem fair does it?
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  6. #6
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    Re: Starting a business

    What should everyone know about mergers and acquisitions?

  7. #7
    Member
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    Re: Starting a business

    Hello! Many mergers or acquisitions have a hidden profit element because one company can acquire another and instantly save on wages by eliminating employees who do work that the acquiring organization already has. There is a lot of information about M&A Education here https://imaa-institute.org/about-us/
    For example, a software company making $1 million in profit per year may cost the acquiring company $5 million, but after the acquisition, that same company may not add $1.4 million in profit to the bottom line because they eliminated 400,000 dollars from the payroll. Thus, the strategic purchase was more valuable to the acquirer than to the outside buyer.

  8. #8
    Junior Member
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    Re: Starting a business

    Hello! I guess offline marketing is really cool even these days. I personally use such a technique for me too. For this purpose, I make different cool stuff like Soft Enamel Pins for example and then give them to my friends as promo items. What do you think about it?

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