You know, here's something I've always wondered about.....
Say I want to start up a business (actually, I am considering starting up a business making buzzers) in the U.S..
What are all the laws I have to follow? Where do I even start to find out such a thing?
"Even when leftists talk about discrimination and sexism, they're damn well talking about the results of the economic system" ~Neodoxy
I researched this.
You need to incorporate, which will set you back $500+. You can self-incorporate on the Internet, or you could hire a lawyer.
You'll need an accountant, or be smart enough to do it yourself. That will set you back $2k/year. Remember that you pay double Social Security and Medicare taxes when you're self-employed.
If you're self-employed, you can also start taking advantage of tax loopholes. You can give yourself a generous pension, which is tax-deferred income. You can give yourself great medical insurance, all pre-tax. You can expense practically everything to your business.
Depending on how you incorporate, you can pay yourself as dividends/capital gains instead of wages. That gets favorable tax treatment.
If you're hiring employees, then you have a further accounting/regulatory burden.
If you're manufacturing buzzers, you have to make sure you're not running afoul of anyone else's patents. You probably won't find out about the patent until you're sued.
If you're targeting corporate customers, they probably won't want to buy from a small independent manufacturer.
You may need to purchase liability insurance.
Alternatively, you can work 100% off-the-books. Then, you avoid all the overhead and all taxes. This method is called agorism.
I have my own blog at FSK's Guide to Reality. Let me know if you like it.
fsk:Alternatively, you can work 100% off-the-books. Then, you avoid all the overhead and all taxes. This method is called agorism.