Post a new topic
    5 Replies Latest reply on Nov 16, 2015 10:32 AM by clarckson

    new start up

    patti Adventurer

      We are planning stage to start a thrift store, we currently have rented a storage unit to sell online to raise funds to rent or purchase a store.

      We are female and I am also a senior. 

       

      My question is should I get a fictitious name or a LLC while in the storage unit.  also, read that we could get a mailbox so we can move forward getting the business name and using that address till we are ready for the store. 

      Have been considering making it a non-profit so anyone donating can receive a receipt to write off on taxes.

       

      Appreciate your response.

        • Re: new start up
          LUCKIEST Guide

          Patti, Welcome to the Community.  Two suggestions::

          Hire an accountant and ask the accountant your business questions.

          Write a Business Plan. The Plan is like a road map to success.

           

          Good luck. LUCKIEST

          • Re: new start up
            Moderator Rebecca Guide

            Hi patti, welcome to our community!  Thrift shops are becoming more and more popular these days, with their customers ranging from those on a tight budget to those looking for old, unique, or period pieces.  The first decision you'll need to make is if you are going to be for profit, or non-profit  If you are non-profit, and partnering with a church, or other community organization they will gladly assist you in the process, as there are various regulations and forms that will be required for non-profit status.

             

            If you decide to open as for profit, you would proceed as any other small business start-up, starting with a good accountant to advise on the best status for your business to register under.  Since you mention you are a senior, one of our business experts, Steve Strauss, has written an excellent article that I think you will find helpful.6 tips for starting a business when you are a senior.

             

            Please feel free to let us know what you've decided and ask any additional questions you may have.  We have a great community here that will love to assist you in your journey!

             

            Cheers,

            -Rebecca

            • Re: new start up
              helkhalil Adventurer

              Greetings:

               

              I will think about establishing an LLC. Based on your email, I think you will need more planning and consultation with business lawyer or your CPA.  Check the following link: http://elkhalillaw.com/if-i-incorporate-my-business-would-my-assets-be-protected/

               

              Good luck.

              • Re: new start up
                michaelxh Tracker

                The other users are right – you'll want to consult with a lawyer when you legally incorporate your business. It never hurts to incorporate early. For a primer on business structures, see this comparison of LLCs, S Corps, C Corps, and Partnerships. LLCs have become very popular among small businesses, and for good reason: they're very flexible, and relatively easy/inexpensive to set up. Could also consider a general partnership, though you won't have the same liability protections. For a retail business, that isn't always as much of a concern.

                • Re: new start up
                  clarckson Adventurer

                  yeah, I agree with the others.