Setting up your business correctly will save you legal and tax problems down the road. Here’s a step-by-step to get your paint business off the ground.
Step 1: Determine business type.
Starting out, filing your business as an limited liability company (LLC) will most likely be best. An LLC provides liability shelter for small business owners.
Filing as an LLC can be done with your secretary of state. Just google “[your state] secretary of state”. Most states give you the option to file online and charge around $150.
Down the line, if your business earns profits above $75,000 or so, consult a tax accountant on whether you should incorporate as an S Corporation to save money.