Do any of you have your own business?

I would like to start my own business in office cleaning. Not for me but for my parents. My dad currently works in cleaning but doesnt make enough so my mom also works. It breaks my heart to see my mom work for long hours and get paid really low wages so i want to help them out and start a business so that my mom can work less and not do heavy work. I would also work and i would be the owner for the legal reasons since the one that has the ssn and driver's license. Any suggestions? I would like to get started soon. I appreciate your help.

I think all you need is an ITIN to start a business. Correct me if I am wrong though. You might want to contact Circasurvive for this.

super hero Circa. lots of cool beans

I actually own a residential cleaning service. My mom started her own cleaning service business back in 2007 as a sole proprietor, and I became her administrator (handling all office related stuff). Now that I have SSN, I incorporated the business into a new name and under my name, so I can officially be the president of it. PM me if you would like to chat.

Starting a business is very easy if you're a sole proprieter. It takes like $50 to get a DBA and you go to your local county tax office and congratulations, you're a business owner. You may want to be a corporation. Best to do a lot of research and talk to a CPA.

The other part is the hard part - getting customers, setting prices, keeping track of invoices, expenses, paying estimated taxes, having insurance (especially if your customers are businesses), etc. More importantly, how are you going to pay your parents?

I started an auto detailing business a few months ago its ok, but you really have to be committed to it. Remember dont just start a business to chase the dollar, create a brand.

Cleaning firms require a relatively fair amount of liability protection. In the event something unfortunate occurs, you want to be covered. You want your business and yourself to be 2 separate entities. Forming a corporation is one way to go about it, but it's much more burdensome than a simple LLC. Do some research around or shoot me a PM and I can go in detail about the best way to structure your firm for your needs.

Be aware, however, that LLCs are not without their downfalls either. A lot of small business owners comingle funds and it's one of the easiest ways to pierce the corporate veil. Make absolute sure you and your business are 2 separate entities. Additionally, should you want to take out a line of credit, or a loan, banks are more reluctant to do so with a newly established LLC without a personal guarantee. They want to see a constant track record, established revenues, etc. I would not recommend a personal guarantee as the entire purpose of an LLC is to shield you from liabilities the firm incurs.

That said, be sure you are adequately funded. Do proforma financials to create a realistic picture of your fiscal situation.

Be legit. File the proper paperwork on time with the appropriate entities. Get a Tax ID number for your firm, establish a business account. Establish lines of credit with your suppliers (if possible). If you choose to not carry retained earnings from year to year, pay your employees (including yourself) a reasonable salary and distribute the remaining profits as dividends. Dividends are taxed at a lower rate than income, but paying very low salaries and issuing giant dividends is a big red flag to the IRS.

You mean a Bus?