sevenyears90@gmail.com
05-20-2014, 10:26 AM
Good morning all!
After 30+ years combined experience in the greeting card industry selling to Papyrus and American Greetings, my partner and I have decided to "go for it" and unlock ourselves from the shackles of big business. Enough poetic imagery though.
We had a quick question that we wanted to throw out for anyone to answer.
What Bussiness structure is ideal for a small greeting card business run by two people with an estimated first-year income of around $100,000?
Our Bussiness Needs:
We are not overly concerned with having "limited liability" at this point, as our overhead costs are relatively low and our initial credit will be minimal. However, it would be of interest to leave open the possibility of avoiding full-debt liability if possible, especially as we increase in size.
From a tax perspective, we would like the taxes to be as straightforward as possible, but would be willing to suffer a slight learning curve that pain would result in a benefit to the business and it's attractiveness to future credit lenders.
We only have two employees as of now, both of whom are co-founders, but we would like to leave open the option of easily hiring a paying employees.
In our first year, we will certainly be making under $100K.
We would like to take advantage of the maximum amount of tax exemptions and programs for small businesses.
Now before we are bludgeoned to death for asking such an "overly broad" question that we "should have been able to answer ourselves after doing a simple google search", I would like to note that we have done weeks of research into the forms of business. With this said, we would still like to get the opinion of those who had first hand experience in making this decision, in hopes that we can absorb some of their wisdom (or at least avoid sharing their failures).
We look forward to hearing back from everyone! Thanks!
After 30+ years combined experience in the greeting card industry selling to Papyrus and American Greetings, my partner and I have decided to "go for it" and unlock ourselves from the shackles of big business. Enough poetic imagery though.
We had a quick question that we wanted to throw out for anyone to answer.
What Bussiness structure is ideal for a small greeting card business run by two people with an estimated first-year income of around $100,000?
Our Bussiness Needs:
We are not overly concerned with having "limited liability" at this point, as our overhead costs are relatively low and our initial credit will be minimal. However, it would be of interest to leave open the possibility of avoiding full-debt liability if possible, especially as we increase in size.
From a tax perspective, we would like the taxes to be as straightforward as possible, but would be willing to suffer a slight learning curve that pain would result in a benefit to the business and it's attractiveness to future credit lenders.
We only have two employees as of now, both of whom are co-founders, but we would like to leave open the option of easily hiring a paying employees.
In our first year, we will certainly be making under $100K.
We would like to take advantage of the maximum amount of tax exemptions and programs for small businesses.
Now before we are bludgeoned to death for asking such an "overly broad" question that we "should have been able to answer ourselves after doing a simple google search", I would like to note that we have done weeks of research into the forms of business. With this said, we would still like to get the opinion of those who had first hand experience in making this decision, in hopes that we can absorb some of their wisdom (or at least avoid sharing their failures).
We look forward to hearing back from everyone! Thanks!