legally, how do i start an event planning business?

Answer 1

Depends on what the business is. Do the research in your area to see if the business has any potential. Talk to others in the same business to see what the ups and downs are, what the expenses are. Look for a location (if it's a physical location). Look into vendors. Apply for the proper liscenses for local, city, state and federal. Get a tax id. Speak to an accountant for that.

Answer 2

The following are steps that you must take when starting new business:
1) Choose your Business Name
2) Create Business Plan
3) Choose Business Structure and register your company
The following table will help you to make a decision about business structure: http://www.blquest.biz/business_structure.htm

DBA is the cheapest one. But it is the worst way to save money. In taxes and liabilities you will pay more down the road. Partnership is another disastrous option. Chose between LLC or Corporation. Your CPA can help you with decision (in relation to taxes).

4) Apply for Employer ID Numbers (EIN) with IRS.
5) Establish your business credit:
•Request a D-U-N-S Number with D&B registry
•Open physical location for your business (it can be your home office).
•Order business phone lines, fax line, 800 numbers and other communication tools
•Order business website and e-mail
•Obtain all necessary licenses
•Open business account with your bank. Try to have an average daily balance of at least $1,000
•Establish trade references. You can start with the business credit cards.
6) Apply for Identity Theft Protection with PPL. Having business without affordable legal assistance is an expansive option.
7) Enroll your business in Better Business Bureau after 6 months of existence.

Good luck,
Marina Lando
President
Business Loan Quest
http://www.blquest.biz

Answer 3

Decide your business structure.

A corporation, limitied liability company, or limited partnership need to be filed with the Secretary of State office for your state and they'll have fees and forms online.

If you are working as a sole proprietor under a business name then file a fictitious business name at the County Records Office and a business license at the City hall.

If you are operating as a sole proprietor under your own name (i.e. Jane Smith Services") then a business license at City hall will suffice (assuming of course that you are operating in an incorporated municipality and not in an unincorporated part of a county).

A Federal Taxpayer ID number is needed for LLC, Corporation, Limited Partnership. Small business owners who are sole proprietors often use their own social security number in lieu of getting a Federal TIN. Your call.

A General Partnership (as with a limited partnership) will also involve having a partnership contract in place establishing the business. Filing with the state is optional, but filing a County Fictitious Business Name Statement and City business license should be done to protect the business name.

In the case of a General parthership, limited partnership, llc, and corporation, establishing documents (whether articles of incorporation, operating agreements, or partnership agreements) will be necessary and can be purchase from Nolo Law books at the self-help business section of your nearest large bookstore.

A resale certificate from your local state tax agency will be useful in defraying costs for some business expenses, but may not be valuable to you, as yours' is a more service-oriented field.