Nov 5, 2015
In this episode, I answer a common listener question: Do I need to formalize my yarn-related business? There are legal, tax, and mindset reasons for formalizing your business.
But first, let me mention that I'm neither a lawyer nor an accountant. You may want to consult one if plan to formalize your business.
So, why might you choose to formalize my yarn-related business?
- You may find it easier to get a business bank account, buy products wholesale, and protect your personal assets in the event of legal action.
- You may find that you are more accountable to your business once you formalize it.
- Your customers and family may respond more positively to the formality of an established business entity.
Here are some resources mentioned in the episode:
- Find your local Small Business Administration office (U.S. only) here.
- Find your local Small Business Development Center (U.S. only) here.
- The Internal Revenue Service Small Business and Self-Employed Tax Center
You can listen to the episode for more details about the advantages of formalizing your business and common business entity types for yarn-related businesses in the United States.
If you enjoyed this episode
The Creative Yarn Entrepreneur Show is no longer broadcasting. Episodes are available as a service to the yarn community. This episode originally aired in November, 2015. Be aware that content may be outdated.
If you'd like to chat with other yarn-related business owners, join the Creative Yarn Entrepreneurs Facebook group. Support Marie's work by buying one of her books, Make Money Teaching Crochet: Launch Your Business, Increase Your Side Income, Reach More Students (Amazon | Gumroad) or Design It, Promote It, Sell It: Online Marketing for Your Crochet and Knit Patterns (Amazon | Gumroad).