Beginning with a swapmarket store.... not sure what to do first?

[Guitarmaan]

I've received some good advice from this forum so far, including contacting the SBA for advice (which I have done) and will hopefully hear back soon. I'm also reading up on business generally.

My wife and I were considering buying a laundromat, but have now decided to open a little store at an indoor "swapmeet" set up three days a week and test the water in retail. This has the benefits of a lower outlay, and no long lease. So for chickens like us it's safer We will use our own savings to finance this venture, so no need for a loan thankfully.

We know we need a local business permit, and a tax ID to obtain this permit. As new starts we also have to complete some paperwork about citizenship etc.

At this point, new questions are arising....

As a husband and wife team how should I "create" the company? Should it be a sole proprietor under one name only, or both of us as a limited liability company etc. It seems there a few alternatives and we're not sure which to go for. Until we've decided this, we can't move forward.

The premises we'll locate at requires that "merchants must maintain individual liability insurance policies with a min. coverage of £1mil and name the landlords company as additionally insured". Any idea how much this might cost? I'm a bit worried it's a big bill.

At what point should we get an accountant/paid advisor involved (if at all)? Considering our lack of experience, could we slip up somehow with the authorities?

Other than that I'm trying to place in order a plan of action. For example, the company name and type has to come before the business permit registration, as does the tax ID. Any advice on what should come first?

Here is a list I just drew up with everything I am aware of so far.....

Decide on type of company
Ensure company name is available
Register company name and create company (Legalzoom?)
Register it for AZ and local city tax
Get a local city permit
Get insurance for premises
Get stock and equipment


thank you

[IADS]

My thoughts:


Decide on type of company = All business need not incorporate. Incorporating for a small business is there to protect the owner from liability. Depending on what you are selling your insurance may cover you. So a Sole Proprietor may be okay. Otherwise, get an LLC...

Ensure company name is available = Go to your county building and look up the name that you want to use. You do this as you apply for a DBA. You will have to look through an alphabetized list of name on a computer or microfilm that has all taken names in your area. You may also need to publish your chosen name in a newspaper.

Register company name and create company (Legalzoom?) = If you stay a Sole Proprietorship you will not need Legalzoom, just a DBA, you will only need Legalzoom it you incorporate as an S-Corp or LLC.

Register it for AZ and local city tax = This is usually done at city hall, if you stay a Sole Proprietorship you only have to deal with the state is at tax time. If you incorporate you must register with the state and file taxes four times a year.

Get a local city permit = Done at city hall.

Get insurance for premises = Shop around for the best price.

Get stock and equipment = Shop around