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
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!
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/
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.
yeah, I agree with the others.
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.