YES you do!

Posted By: Lisa on 2008-04-07
In Reply to: Starting a company - tradmt

Whether a business is big or small, if you are going to make money and claim it as your own, you MUST submit paperwork with the state. Taxes must be paid. I have owned several business over the last 10 years (non of the transcription though) and it does not matter how much or how little profit you turn, you have to file and fill out paperwork. I can pretty much guarantee that whoever you do work for will file with the state that they paid you. If you do not have paperwork to back it up you could be in a heap of trouble. BTW: Paperwork with the state is not a big hassle. It is quick and cheap. Took me an hour and cost me $25 in MI. Not sure about other states though.

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Starting a company - tradmt
- if it's available in your area - Another great programs pro
- SCORE - MTPockets
- YES you do! - Lisa
  - Not necessarily. Depends on the state and status. sm - If sole proprietor, not always needed.
    - Ditto in my state. I do the same thing. - Tina
    - taxes must be paid either way - Lisa

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