What are the benefits of having a small business?
I work for myself, doing music services for people. I'm thinking of "becoming a small business" for tax reasons, and so that I can apply for a small business loan. How do I go about doing this? What are the benefits of having a small business vs. just "working for myself?" Also---I have bad credit (not because I was irresponsible, but because of medical debt.) So what are my chances of being approved for a small business loan?
Public Comments
- If you work for yourself, you are a small business. How you are organized legally, will differentiate how your income is taxed. Just because the poor credit is medically related, does not mean that you do not have an obligation to repay the debt. Consider cleaning up the debt prior to applying for a loan.
- You should become a small business but do it the right way. It is good to incorpate. You should also file a FBN statement and you should obtain a tax id from the IRS. Once you do that then open up a bussines account at a bank, then apply for a loan on the business.
- Where there is a will, there is a way. Most people are broke because they dont realise that they are broke. Job is good to have till better things come along. Never trust the job as secure. There is no such thing called security in the job as the employer can fire the employee any time with 5 minute notice. Starting a small business with no capital investment and setting a game plan to implement and work accordingly during the weekends and weekdays evenings without affecting the job schedule and working partime can create significant income. There is one such business in my knowledge called financial industry business. Helping people understand how money works will eventually lead you to make money. That is the reason, poor people are always poor and rich get richer. I recently joined a great home based business. Its a Financial industry business. We work hard for money, But rarely we understand how to make money work for us. we make money, and we save in the bank. The bank give us 1 to 2 % interest and they utilize our money to invest and they make more than 12%. They know how to make money work for them. Because of the growing demand, people wanted to know what the bank does to make profit. Financial industry business is a home based with no inventory business which enables you to earn some great money. Helping people understand how money works will eventually help you make money. If this is what you are looking for and sounds interesting, contact this person at niaz7862001@hotmail.com who can guide you further.
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