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Wednesday, June 24, 2009


A very interesting post regarding business names. It turns out that here in NJ a sole proprietorship must register with the county clerk's office. It's a simple form that must be notorized but the shocker is the $50 fee you have to pay. To reimburse the county for someone putting the form in a file cabinet never to be seen again? Another government ripoff. I'd rather do without and be a fugitive from justice. But then I'm not really an official business making money; it's a hobby...

Rich, I hate to shock you, but in NYC the filing fee is $120 - an even bigger rip-off. I decided to take the plunge anyway because of the opportunity for tax deductions. I did have a minuscule amount of income from the press last year and it looks like I'll make a little more this year, so I thought why not make it legal and deduct all those start up costs. Since I now have three presses, I can't see anymore enormous outlays in my future; perhaps just tiny amounts of income.

Interesting about the press name. Here in Australia I think you can trade under any name you want up until you start earning over $6K per annum (which isn't much I tell you). But the process of registering a business is very easy - its $75AUD for the registry of the name and obtaining an Australian Business Number (ABN) is free. The ABN is for if you want to recouperate the GST you pay on anything you buy for your business.

It's all pretty easy setting up here I think - but come tax time it can get complicated if you're making a lot of purchases for your business.

Well, I think you were right to do so (even at $120!!! AHHHHHHH!) Another business-friendly fee. But then since all NYC residents are rich with their six-figure incomes like Mayor Bloomberg-er, why not? Anyway, if I ever do start "officially" making money as a "business" I'll take the plunge. I do plan on doing some part-time paying work at some point and it will be better to have things "in Ordnung".

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