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studio legallities and taxation.
Old 10th September 2011
  #1
studio legallities and taxation.

I am still a in school for music production but, i can not easily find out what i need to do to start my business up.


home studio, no other employees, cash only. i know i should start keeping records of costs, making contacts, ect. but i would like to know what other have done so i have some guidelines for our line of work.

im trying to apply what i learn in accounting so i can actually use it. do i get an LLC, tax forms for Va, then i am able to make a business bank account? please help. i dont want to rush into a legal situation that i should be in the first place
Old 10th September 2011
  #2
Gear Maniac
 
voodoovox's Avatar
 

don't you have something like a chamber of commerce somewhere nearby?
They can answer all these questions for you.
Old 10th September 2011
  #3
Lives for gear
 
Tarekith's Avatar
Contact the small business association in your city, they have offices all over. Plenty of free advice, and usually a lot of free classes and legal advice too.
Old 14th September 2011
  #4
Gear Maniac
 
voodoovox's Avatar
 

^^
that's the word I was looking for
Old 16th September 2011
  #5
Lives for gear
 

Quote:
Originally Posted by berkleystudios View Post
I am still a in school for music production but, i can not easily find out what i need to do to start my business up.

home studio, no other employees, cash only. i know i should start keeping records of costs, making contacts, ect. but i would like to know what other have done so i have some guidelines for our line of work.

im trying to apply what i learn in accounting so i can actually use it. do i get an LLC, tax forms for Va, then i am able to make a business bank account? please help. i dont want to rush into a legal situation that i should be in the first place
there are how to inc books - with forms and instructions
there are specialised books - look for one on doing a studio

irs has many pubs of interest
sba may have useful info too
basic accounting book may be useful

you shoudl be able to get llc info from the state
you may need to register your name in the county too
ask the bank they will tell you what you need for a biz acct.

local adult ed has short courses on setting up your biz
Old 16th September 2011
  #6
Lives for gear
 
Tarekith's Avatar
You'll need a business license for most cities as well. Federal, state, and cities all want their cut. Look into Quickbooks classes as well, doing your own books can save you money when it comes time to meet with the accountant.
Old 16th September 2011
  #7
Gear Nut
 
jimmoon's Avatar
 

A good accountant!

If you can find a good accountant to help you with tax returns (even if you don't need that service now) and build a relationship with them, that would be a good place to start. They know how to get things done properly so you don't have to hide or undo things later. Start small and get to know them. You might not be an important client to them now but if they are willing to help you out when you're starting out you can probably count on them later.
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