Legal Structure (MKT 250 W6 Reflection)

 

This week we learned about legal structures for our businesses. We also learned about licenses we’ll need to operate the business and what taxes we’ll need to pay. I have already set up the legal structure for our business because we’ve been working on this for a while. We chose a Limited Liability Company because it will protect our personal assets in the case of a lawsuit. We thought this would be smart because of the nature of our business. Another reason is the taxation of an LLC. I was reminded this week that an LLC is taxed like a sole proprietorship, and it’s called “pass-through,” which means the profits pass through to our personal income tax so we aren’t taxed twice on the business and individually. I think that is a nice aspect of an LLC.

I also learned about business licenses and what we need to be operational in the coming months. We’ll get a business license from the City of Island Park once we are ready to rent. I looked up what we’ll need for that and we’ll need our tax ID along with our certificate of existence from the Secretary of State. Our business is already registered with the state, so I’ll just need to request the certificate then we can apply for the license.

I looked up the taxes we’ll need to pay for our business and found that the Idaho State Tax Commission website helped find that out. We’ll need to pay Idaho sales tax, as well as travel & convention tax and auditorium district tax. I knew we would have to pay the travel tax but I didn’t remember about the auditorium tax. I suppose everyone needs their piece of the pie. The nice thing about this website is that it spells it all out and has links to the forms we’ll need to pay these taxes. I like it when I can find the information I need online. It’s extremely convenient.

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