Hot Business Tips

Mrs. J asked:


I going to start a home business pretty soon, but the thing is I don’t know anyone personally to find out how to go about starting one. So I wanted to know what are the things I need to know and things I need to do before I jump in, preferably from people who have home businesses or who are planning to start one as well.

By the way I live in Toronto, Canada. If I could get some info and advice from you all, I would appreciate it!
I’m interested in starting an online business from home, and having a website with all of these products on it so people can order them. I’m interested in selling hair products like: perms, weaves, shampoos, oils , baby/kids hair products etc. I’ve compared prices, textures and quality of these products from other stores around my area and online that sell the same kind of products jus to get an idea of what sells and what doesn’t and basically just what people prefer. So I know what I want to sell but, I just don’t know how to get it started. I know I need a business plan, and business name etc. I know you have to get it registered but how do I do all these things.

Anything that I haven’t mentioned that someone who like to share with me, would be greatly appreciated.

Thanks in advance for sharing your info with me!

kelliwpns asked:


I need some ideas of what I can do and what would be beneficial right now. I used to deliver medications to assisted living homes directly from pharmacies about 5 yrs ago for another company and thought about doing that,although i have no idea of how to write up a bid or contract. I would travel within a 300 mile radius. Please help, I have the business name, tax i.d. number, business cards, business cell phones, adequate transportation.

Fahad S asked:


We have a small retail business that my father runs. The business is currently under my name but now I’m buying a house and because of the mortgage, I would now like to transfer it to my father’s name.

So question is how can I legally transfer the business to his name? I don’t want to go through a broker and take it through escrow, etc. Please help…

About the business: its a clothing store, location is in a mall, rented. All store information is under my name.

Thanks in advance.

Matt asked:


I am about to start a new business entity (probably an LLC), but I have already been earning income (intended for this business) under my name and personal bank account, since the LLC has not been formed yet and I do not have a business bank acount yet.

I will probably be filing IRS Form 8832 so that the LLC is taxed like a corporation, and can seperate my personal income tax from my business income tax.

Can I transfer income related to the business that i personally received before starting the LLC into the LLC so that the business would be taxed on it, and it would not be applicable towards my personal tax? How would this be done?

The income was received within the 2006 tax year, so I’m assuming i may need to start the LLC within 2006 as well?