B250 – LESSON 5 REFLECTION

This week I learned about the steps I need to take to fulfill the requirements for my legal structure and the licenses in the state of Idaho. The business legal structure, as most everyone has chosen, will be the sole Proprietorship. Based on the website that I looked into it said that this was the simplest business structure to organize. It said that one single person owns the rights and that person makes all the business decisions. I don’t want to have a partnership for it because it just will be easier for me to learn and do the things as I go. I know that my business is not going to be huge so I feel that this is a good choice. Since my business will be out of Idaho, it seems to not be so tricky. I found that I will need to do the registration for Assumed Business Name(ABN). I will have to pay the $25.00 filling fee for that which is a downfall but I would rather pay that then have other hassels with other states! I will have to set up a schedule C for my taxes as well. I will need to look more into the fees and licenses for other states because I was aware of this in my discussion board this week. I hope to get everything figured out. It has really became stressful as I feel like I dont know what I am doing because I have never done this before.

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