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May 19, 2004

Project Inquiry from Microsoft..

The reason I edited Monday's post out was that I recently got a project inquiry from Microsoft IT Department for Icon Design and I want to avoid any potential conflict of interest. I know I should be putting my foot in mouth for contradicting myself but I love a large and challenging project and this one interest me.

The only problem is that they require an active business license and we don't have that right now. I've also gotten a project inquiry from ATI a while ago but I have to turn them down for the same reason.

Right now I'm going to learn more about getting a business license. If you know a great place to get information about getting one, it would be appreciated if you could post it here. Thanks.

Comments

1

Wow, I would definitely look into that business license, sorry I can't help you with that kind of stuff though.

Posted by: Chris Wronski at May 19, 2004 10:32 PM
2

Dunno how it works in the US, but here in UK you can get all business advice at your bank....most have a inhouse small business advisor that'll take you through the right steps of becoming a licensed business etc.
So if you have such people at your bank.....I'll say go speak to them!....seems a shame to miss out on big clients like these!

Posted by: Andy at May 20, 2004 03:52 AM
3

Congratulations. The fact that you've received inquiries from companies such as Microsoft and ATI shows how good your work is.

Posted by: Chris Sano at May 20, 2004 04:25 AM
4

adam,

you can contact me directly about setting up a business. I know a few about setting up a business due to setting up LightKitchen.

contact me if you want to know...I'm more than happy to explain different kinds of business structures there is in US of A.

I believe www.sba.gov is a good place to start, but they can be boring read.

rene v.

Posted by: Rene Visco at May 20, 2004 12:46 PM
5

http://www.sba.gov/starting_business/startup/guide2.html#how

Posted by: rene v. at May 20, 2004 12:51 PM
6

a business license is the easiest thing (at least around here):

you go downtown, see if the name that you want is in use, if not you pay a small fee and reserve the name and get a license. viola.

then, you pre-pay taxes every quarter and make sure you reserve about 1/3 of every [insert currency here] to pay for taxes at the end of the year.

I didn't do the previous paragraph and got into quite a hole. learn from that mistake :)

Posted by: Hobeaux at May 25, 2004 11:00 AM
7

The part Hobeaux mentions about the taxes is important. When I started selling PodWorks, I had no idea about the tax implications, and didn't really look into it for a long time. When I actually did look into it, I was a bit freaked out because I hadn't been saving money out of my PodWorks revenue for taxes, and I owed a lot (stupid, I know, but it's a mistake a lot of naive business newbies make)!!!

The key is to start paying quarterly estimated taxes, rather than the yearly taxes "normal" people pay. My next PodWorks taxes are due June 15, for example, and then September 15 and January 18.

The idea there is that I pay a quarter of my "estimated" income to the IRS, and then at the end of the year if I haven't made that much, they owe me money (or, conversely, if I estimated too low, I owe them money). You should be able to estimate your income based on what you've made so far as a designer.

You might want to actually call the IRS for more info on this. I did, and they were surprisingly friendly and helpful :-).

Posted by: Buzz Andersen at May 26, 2004 12:07 PM
8

Reading back over my last post, I realized that one thing might not have been clear: the quartely taxes I pay are not just for PodWorks, they're for my entire income. As the "sole proprietor" of a business, I pay them instead of the annual taxes "normal" people pay.

Posted by: Buzz Andersen at May 26, 2004 12:08 PM
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