Join Petrula Vrontikis for an in-depth discussion in this video Understanding your options for legal structure, part of Running a Design Business: Starting Small.
Your small business needs a legal structure. …It defines how profits will be taxed. By default, you'll be a sole proprietor. …A sole proprietor is a business that's owned and managed by one person. …You don't need to do anything in regards to filing additional forms with any …governmental agency. Profits are reported on your personal …income tax return using your social security number. …The advantage of a sole proprietorship is that it's easy to set up. …The process for filing income tax forms is the same as if you were a freelancer.…
You may want to refer to my other lynda.com course on freelancing, where I …take you through the process of tracking your business expenses, making quarterly …payments, and preparing for your annual tax return. …The disadvantage to a sole proprietorship structure is that you have unlimited …personal liability for all of the business debts. …If something goes wrong, your personal assets are at risk. …For a young designer just starting out, you may not have significant personal assets.…
- Naming and structuring your business
- Keeping records
- Cultivating business relationships
- Hiring employees and subcontractors
- Creating schedules and managing deadlines
- Understanding industry trends
- Avoiding the pitfalls of spec work
- Promoting your business through social media
Skill Level Intermediate
1. A Solid Foundation
2. Structure and Form
3. Getting Work
4. Developing Contracts
5. Keeping It Running
6. The Trends
7. Looking Ahead
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