Consult your CPA and Attorney who will help you to incorporate or not. It is ALWAYS worth the money to get expert advice from a professional. Bartering services might be an option to keep costs down for these services. If you don't ask you don't get. Good luck.

If you sell a product that can get you sued, consider incorporation.
Incorporation will limit your liability to whatever you have in the business.
Sole proprietor is the simplest way to operate.
I would only consider spending incorporation money after your sales reach over $15,000.

Cherryl, there are a number of simple websites you can use to get started - my personal favorite is Weebly. You can choose templates, colors, and customize with photos and fonts, etc. There are media and revenue options as well, so you can set up an online store.

A domain name runs around $40 a year - makes your site more professional and easier to find in search engines. I've found that it's a good idea to start the website as soon as possible, and put as much info as you have on it right away to start gaining interest in your product.

Go to the Sect. of State website too, to register your DBA - "doing business as."

Hi Cherryl22, First I recommend carefully choosing your business name. This will be used for your blog, website and social media channels. Chose something unique but easy to remember - this will benefit you with online search results. Second, start blogging. WordPress is the largest self-hosted blogging platform in the world. Use it to showcase your art and tell a story for each of your creations. You need text in addition to images for optimum search results. Next, your website. So many options for building and hosting. Weebly, as mentioned by Robin, is easy to use, Wix is another free option. Or you can go with a company like GoDaddy, which is famous for selling domain names and hosting, but they help customers build websites too. I use them and their customer service is excellent (so important)! After website, launch your social media strategy. Facebook and Pinterest are excellent for promoting art. Google+ and LinkedIn are excellent for networking and improving search results. I personally love Twitter, but don't feel like you have to be everywhere all at once. Use social media to attract, engage and converse with your audience - to develop and enhance your professional image (your personal brand). Keep selling on social media to a minimum. The goal of social media is to direct online traffic to your website or art show, where you can make a sale. Fully integrated blog/web/social strategy is a winning formula. Good luck! - Irene http://about.me/reign/

Don't just talk to one expert, what I like to do is ask people who may have been in my situation and what they did. Consult more than one expert and then evaluate the findings.

S Corporation is the lowest Tax cost under corporate structure.
C Corporations have 2 taxes. Once at corporate level and again taking the money out.
There are exceptions , of course. Payroll and losses could negate double taxation.
Usually corporations go from C to S, not from S to C.

You don't legally need separation. But, a good practice to set up one dedicated checking account for Rental Property Income and expenses. Makes tax filing very easy.

Unfortunately Red Lobster is not a franchise, it is corporate owned. If you like that concept seek out a Franchise Consultant who can find a similar franchise for you to run in the area. Email me directly at brenda@signarama-stcharles.com and I can connect you with a reputable Franchise Consultant in the area.

That should have said,what is the first step to opening a restaurant ( Red Lobster) in Ofallon,MO

We had a business plan for the bookstore, very detailed. THEN we jumped in! For publishing, I made a lot of notes. I'd encourage everyone to have a definite game plan, written, before jumping in, then revisit that plan every few months or so to check your progress or make adjustments.

It is a MUST! It's not the plan itself that's important but the thinking and the research that goes into it that's important. And do it every year. I can't tell you how many business owners I know did not survive 2008 and 2009 (and 2010) simply because they didn't adapt to the current economic climate and see that their buying customers were changing. You should always be documenting what's working and not working and be researching as to who your buyers are.
The SWOT analysis is so key. What are your strengths, weaknesses, opportunities and threats. The first two are internal (meaning they apply to you and your team) the second two are external (meaning the current business environment). Promise me you will do one!

Kalen - I made a business plan upfront and it was important. However, just as important, as I found my business plan was failing, I changed my focus. Planning should be an ongoing part of your business. Even though I am a sole proprietor, each year I still make out a budget. I focus on historical expenses and trends and try to adjust for future changes in the market and services we offer.

I disagree, to a point, with REM. The def. of "small" to most people is probably just what you stated, Ina; the def. of "small" to banks and the SBA is very, very different. As long as you keep good records - or tax time will be a nightmare - you can use your SSN and operate as a sole proprietor. Incorporation is totally unnecessary until much later, if then.

In my mind, if you are starting a business and are serious about it, you need to treat it like a business and set it up properly. If on the other hand, it is more of a hobby that may generate a little cash flow, then treat it as such.

Yes, and I agree that setting up properly to begin with is important - but not every type of business needs to be a corporation or have an FEIN. In your line of work, which is certainly more complicated with more permanent impact - I assume you are a physician - there are many, many more regulations and licensing involved.

Not everyone will start a corporate venture, and not everyone needs to do so. It has little to do with "being serious" and everything to do with budgetary considerations. However, obtaining an FEIN is very little cost; incorporating, much more so. Not having one doesn't make a business a "hobby."

It is not always "best" to incorporate. It is always "best" to keep separate set of books, (whether incorporated or not). Everyone has a Federal Tax ID-- It is your soc sec number. Only those who employ people need a Federal Employer ID#.
"Liability limitation" usually dictates incorporation route.
Example:
Every "Physician" should incorporate. No question about it.
Incorporation is not about Record-keeping. It is about "LIABILITY".
No Physician should even think about operating without LLC designation or incorporating. An attorney drafted Articles of Incorporation are highly suggested.

Do a business plan and make sure you know where the money is coming from. The biggest part about working in food is cash flow, make sure you have a lot of reserves. Is there any way you can start by selling your signature sandwiches in another shop to build attention and funds before making the plunge to your own brick and mortar?

Can you "cook"?
Can you speak Italian.?

Just kidding!
Actually, if you can do this alone, then lesser problems.
But, if you need employees, that makes you a people person. Do you have that in you.

I don't know a whole lot about non-profits, however, according to grantspace.org if you have a service that already exists then it will be harder to get money. Do your research! Investigate how many food pantries exist and determine the need that is not being served. Also, similar to what I recommended before, go and work in an existing food bank and learn from the mistakes they've made before taking on your own, they may be interested in a fiscal sponsorship for you to get started.

Excellent response, Chris!

Chris, nice points.
I have always suggested "aspiring" new business owners first work in their dream job under someone else. That experience can eliminate 50% of the mistakes made by "cold" starting your own operation. Pizza shops look easy. Work at one first, and see how the owner handles all the problems and settings and employees.
This applies to any business.

I don't see the benefit of two separate checking accounts, just more fees for the bank and more work for you and your partner. As for the phone - sounds to me like more of an expense again. Even if Charter doesn't charge a fee for this, if you're using a cell as a business phone why would you want it to ring to your home? In my experience, most people answer a home phone with "hello" which, by itself, is somewhat unprofessional.