Naming the business
Jan 1, 2017 08:35:45 #
ParttimeRN wrote:
Inheritance from my grandmother has allowed me to follow my dream of buying a good camera and working towards photographing special moments. I have a name picked out for my hobby/business, but I have noticed that a lot, if not majority, of photographers name their business after themselves. Is there a particular reason for this other than for ease of remembrance of photographer's name? Thanks for your insight!
I don't use my own name in my companies name. My companies primary product is real estate photography so I named it All Most Home Photography to indicate that it was a medium where the customers could imagine living in my photo subjects. Now, the name is generic enough that I can and do use it for all other forms of photography.
Jan 1, 2017 08:37:43 #
Jan 1, 2017 08:44:03 #
Don't use your name. If you are successful and grow a business and latter want to sell it, you are selling your name.
Jan 1, 2017 09:15:54 #
Can I just call it a non prophet and deduct all my expenses? I've got another 13 years at my day job before I can retire and go pro😆 but would like to save a buck or 2 from the tax man when ever I can
Jan 1, 2017 09:25:45 #
As above--If a hobby, your name will not be a problem--such as 'Your name-Photography" But if a business you gotta check as your neme may be the same as a registered buisness, so you will run into all kinds of problems. Example-- if your name is Bill Halsey, don't print BH Photography on your card as you will get a big law suit from B&H photography.
Jan 1, 2017 10:07:30 #
Szalajj
Loc: Salem, NH
Ok, I'll put in my two cents worth as well.
Deciding on your business structure can be just as important as choosing your business name.
In our litigious society, you want to try to protect your personal assets from potential law suits against the business.
There are Sole Proprietorships, LLC's, Companies, and Corporations!
Choosing to set your business as a Sole Proprietorships gives you absolutely no protections for your personal assets. If a client decides to sue you for briech of contract, damage to their property, or injury incurred at your studio or while on site during a photo shoot you could potentially lose everything you own, and then some! You will need to provide a Certificate of Insurance for each site where you chose to set up a photo shoot.
Setting your business up as an LLC, will give you some protections, and creates a buffer between your business assets and liabilities, and your personal assets!
These are the two business structures that most people might choose for their business structures when they're just starting out.
But, whichever structure you decide to go with, you need to consult with and retain both legal counsel and a business accountant to correctly set up your business.
Open a separate account for all of your business transactions.
You could start out by paying cash until you have received your business documentation, but again, consult with your legal and accounting team about the correct way to proceed, and which business structure is correct for your purposes.
In the mean time, retain meticulous business records, and purchase your equipment under the business name.
Don't forget about insurance to cover your equipment, and liability insurance. You CAN'T rely on your personal insurance to cover your business equipment and liability needs.
There is a lot of paperwork that you'll need to factor into your creative time!
I hope this gives you food for thought about your future business, because it won't be all fun and games! There's a lot of hard work that goes into running a successful business. You must have had a very loving grandmother to have gifted you with this opportunity!
Just a suggestion. Decide on a specific genre of photography to concentrate on, and one where there is a need to be filled in and around your location. You don't want to be competing with a bunch of already established photographers vying for business within a limited pool of potential clients.
If the quality of your work is outstanding, you should do well with your business. Never settle for anything less than clear, sharp, detailed finished shots, or you likely won't see many return customers or clients. Word of mouth is your best friend, so if your work doesn't stand up to critics, your reputation will be on the line.
Try to find a mentor or a SCORE representative near where you live to work with as you move forward setting up your business. You will need to write a business plan, especially if at some point in the future you applied for bank financing. Often, your local community college will offer a course for entrepreneurs. If they do, register for the class, it'll be the best money you'll spend, and it could be tax deductible as a start-up cost. Check with your accountant!
I wish you the best of luck in your new endeavour!
Deciding on your business structure can be just as important as choosing your business name.
In our litigious society, you want to try to protect your personal assets from potential law suits against the business.
There are Sole Proprietorships, LLC's, Companies, and Corporations!
Choosing to set your business as a Sole Proprietorships gives you absolutely no protections for your personal assets. If a client decides to sue you for briech of contract, damage to their property, or injury incurred at your studio or while on site during a photo shoot you could potentially lose everything you own, and then some! You will need to provide a Certificate of Insurance for each site where you chose to set up a photo shoot.
Setting your business up as an LLC, will give you some protections, and creates a buffer between your business assets and liabilities, and your personal assets!
These are the two business structures that most people might choose for their business structures when they're just starting out.
But, whichever structure you decide to go with, you need to consult with and retain both legal counsel and a business accountant to correctly set up your business.
Open a separate account for all of your business transactions.
You could start out by paying cash until you have received your business documentation, but again, consult with your legal and accounting team about the correct way to proceed, and which business structure is correct for your purposes.
In the mean time, retain meticulous business records, and purchase your equipment under the business name.
Don't forget about insurance to cover your equipment, and liability insurance. You CAN'T rely on your personal insurance to cover your business equipment and liability needs.
There is a lot of paperwork that you'll need to factor into your creative time!
I hope this gives you food for thought about your future business, because it won't be all fun and games! There's a lot of hard work that goes into running a successful business. You must have had a very loving grandmother to have gifted you with this opportunity!
Just a suggestion. Decide on a specific genre of photography to concentrate on, and one where there is a need to be filled in and around your location. You don't want to be competing with a bunch of already established photographers vying for business within a limited pool of potential clients.
If the quality of your work is outstanding, you should do well with your business. Never settle for anything less than clear, sharp, detailed finished shots, or you likely won't see many return customers or clients. Word of mouth is your best friend, so if your work doesn't stand up to critics, your reputation will be on the line.
Try to find a mentor or a SCORE representative near where you live to work with as you move forward setting up your business. You will need to write a business plan, especially if at some point in the future you applied for bank financing. Often, your local community college will offer a course for entrepreneurs. If they do, register for the class, it'll be the best money you'll spend, and it could be tax deductible as a start-up cost. Check with your accountant!
I wish you the best of luck in your new endeavour!
Jan 1, 2017 10:08:41 #
boberic wrote:
As above--If a hobby, your name will not be a problem--such as 'Your name-Photography" But if a business you gotta check as your neme may be the same as a registered buisness, so you will run into all kinds of problems. Example-- if your name is Bill Halsey, don't print BH Photography on your card as you will get a big law suit from B&H photography.
Get a lawyer. All this advice is generally bogus. Each state and City have their specific requirements for a business license. You must comply and especially so regarding taxes as that is what it is all about the government getting their cut of the action, not unlike the Mafia.
I have to meet different requirements in each state I work in and I have a person dedicated to that task alone.
Jan 1, 2017 10:15:02 #
bob fleer
Loc: Annapolis, MD
I think you already have your business name, it is in your posting. Special Moments Photography. If you want to you could add by and your name. I. Had my own business at one time and found that a simple but catchy name did draw more business then my competition. Good luck.
Jan 1, 2017 10:34:48 #
Your domain at GoDaddy.com
domain is available. Buy it before someone else does.
SpecialMomentsPhotography2017.com AND SMP2017.com
Select
$14.99* $2.99*
when you register for 2 years or more.
1st year price $2.99 Additional years $14.99
SpecialMomentsPhotography2017.us Add this: $1.00
when you register for 2 years or more.1st year price $1.00 Additional years $19.99
For $6.00 you can have both for a year, whale you make up your mine. DO IT
domain is available. Buy it before someone else does.
SpecialMomentsPhotography2017.com AND SMP2017.com
Select
$14.99* $2.99*
when you register for 2 years or more.
1st year price $2.99 Additional years $14.99
SpecialMomentsPhotography2017.us Add this: $1.00
when you register for 2 years or more.1st year price $1.00 Additional years $19.99
For $6.00 you can have both for a year, whale you make up your mine. DO IT
Jan 1, 2017 10:48:58 #
Don't get paranoid about all the professional advice people say you need. There is a huge difference between providing photography services and professional services, such as architects, lawyers, etc. The difference is that those professions require state licensure and if you provide such services in states in which you are not licensed, that can constitute a crime and can subject that professional to license suspension, disbarment or other penalties. Obviously NONE of that applies to a hobbyist or even a professional photographer because they are generally not licensed professionals regulated by state law. So don't let all of these well intentioned but inapplicable comments intimidate you.
First and foremost, you've got the money from Grandma and now its your dream to turn that into your personal reality. With that as your primary goal, the few legal and accounting issues are easy to comply with and should be viewed as aides to achieve your objective, not as impedements to achieving them.
The best advice I have seen in this string is to define your market. I would add to that, combine you current skill (e.g, nursing?) to photography and ask who would benefit from that combination? As a lawyer I can tell u that you can develop a freelance business catering to photography of personal injury victims. You can market that skill to plaintiff law firms and to insurance companies. Just follow your dream and put the naysayers where they belong: on the sidelines. Go for it! (And when you choose a lawyer or accountant you should make sure they are licensed and in good standing in your state.) Good luck!
First and foremost, you've got the money from Grandma and now its your dream to turn that into your personal reality. With that as your primary goal, the few legal and accounting issues are easy to comply with and should be viewed as aides to achieve your objective, not as impedements to achieving them.
The best advice I have seen in this string is to define your market. I would add to that, combine you current skill (e.g, nursing?) to photography and ask who would benefit from that combination? As a lawyer I can tell u that you can develop a freelance business catering to photography of personal injury victims. You can market that skill to plaintiff law firms and to insurance companies. Just follow your dream and put the naysayers where they belong: on the sidelines. Go for it! (And when you choose a lawyer or accountant you should make sure they are licensed and in good standing in your state.) Good luck!
Jan 1, 2017 10:57:04 #
I absolutely love you guys and gals! I have learned so much by reading the posts every day. My plan was to name my business "Grand Moments" in honor of my grandmother. Lots to think about and make an appt. to speak with an attorney. Happy New Years everyone! 2017 is going to be a great year!
Jan 1, 2017 10:59:19 #
NormanTheGr8 wrote:
Can I just call it a non prophet and deduct all my expenses? I've got another 13 years at my day job before I can retire and go pro😆 but would like to save a buck or 2 from the tax man when ever I can
Anyone can be a non-prophet. In fact almost everyone on UHH is a non-prophet!
Just what are a prophet's expenses anyway?
More seriously, you don't want a business to be a non-profit, you want it to make enough money so that you can legitimately deduct expenses for tax purposes.
Jan 1, 2017 10:59:46 #
Billy Bob wrote:
Your domain at GoDaddy.com br domain is available.... (show quote)
Then you better have a QR code on your business card to link to your site because nobody is going to type specialmomentsphotography2017.com into the search bar of a browser 😀
Jan 1, 2017 11:05:40 #
I am a photographer dating back to the 4x5 Speed Graphic camera and red and amber darkroom safelights. But with respect to your concern in naming your business, I am a tax preparer and will begin my 47th year as such this tax season, so here goes with my advice to you.
If you plan on selling your pics, then you will need to include on your Form 1040, a Sch C, "Profit or Loss From Business (Sole Proprietorship)" on which you will enter the revenues you received from selling your products and services to your customers, the cost of all expenses directly relating to the production of these products (Cost of Goods Sold), the other expenses of operating your business, and list the assets - your cameras, strobes, etc. - and the depreciation of these assets. This is where you "write-off" the cost of these items.
If you use your own name rather than a assumed name, your SSN can be used as your TIN. I do NOT advise that. Get a TIN assigned to you from the IRS as you will be required to do if you do use an assumed name. You should register this name with your state of residence. You should also get a state assigned ID number, which, along with your TIN are required to open a business bank account. This protects your Assumed Name by making is yours only - no one else can use that name as long as you maintain it within your state. Your state ID is also used for State Sales Tax reporting and paying. Your County (Parish in Louisiana) will issue a different number for use in reporting and paying County/City sales tax. In some states like Texas, all sales tax is reported paid to the state the the state who distributes to the County/City. This is great when your state has many counties in which you report and pay sales tax yourself to each taxing jurisdiction.
I hope this helps you in your decision.
If you plan on selling your pics, then you will need to include on your Form 1040, a Sch C, "Profit or Loss From Business (Sole Proprietorship)" on which you will enter the revenues you received from selling your products and services to your customers, the cost of all expenses directly relating to the production of these products (Cost of Goods Sold), the other expenses of operating your business, and list the assets - your cameras, strobes, etc. - and the depreciation of these assets. This is where you "write-off" the cost of these items.
If you use your own name rather than a assumed name, your SSN can be used as your TIN. I do NOT advise that. Get a TIN assigned to you from the IRS as you will be required to do if you do use an assumed name. You should register this name with your state of residence. You should also get a state assigned ID number, which, along with your TIN are required to open a business bank account. This protects your Assumed Name by making is yours only - no one else can use that name as long as you maintain it within your state. Your state ID is also used for State Sales Tax reporting and paying. Your County (Parish in Louisiana) will issue a different number for use in reporting and paying County/City sales tax. In some states like Texas, all sales tax is reported paid to the state the the state who distributes to the County/City. This is great when your state has many counties in which you report and pay sales tax yourself to each taxing jurisdiction.
I hope this helps you in your decision.
Jan 1, 2017 11:06:47 #
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grandmoments.us
Select
$19.99 $1.00
when you register for 2 years or more. 1st year price $1.00 Additional years $19.99
grandmoments.biz
grandmoments.org
Select
$19.99* $8.99*
grandmoments.net
Select
$16.99* $11.99*
grandmoments.online Ad
Select
$49.99* $4.99*
grandmoments.info
Select
$16.99* $2.99*
grandmoments.co Ad
Select
$29.99 $2.99
when you register for 2 years or more. 1st year price $2.99 Additional years $29.99
grandmoments.us
Select
$19.99 $1.00
when you register for 2 years or more. 1st year price $1.00 Additional years $19.99
grandmoments.biz
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