Internet business (blog/website) in illinois

[ericwordelman]

Does anyone know the website where I would go to to find out what I have to do to comply with the laws in illinois for me to run my own online personal development business out of my home? I'm not sure if I even have to "register" it or fill out paperwork completely I actually have no idea at all what I have to do and I google it but come up with a bunch of different websites so I'm just wondering from people who already have their own online businesses what exactly I have to do (if anything) to "register" my business or "make it legal" so I can start contributing ASAP. If anyone knows directly what site I would have to go to or something that would be greatly appreciated. Thanks.

[Buddy]

..caveat, I'm not a lawyer nor accountant so I'm only talking about my experience...

Of course it will depend on your state (go to your town hall) but generally you can set up a DBA (doing business as) at your town hall (maybe county level?) with a business name. Then you'll need a business checking account. Then all your expenses can be deducted through your personal (your job) income tax. The last I knew you could lose money in your business 3 out of five years. That means more money in your tax return. If you make a profit you'll have to pay self employment taxes. If you don't pay quarterly you get a small penalty (a few bucks). So it's actually better to make your hobby into a business for the tax deductions. Make sense?

[Gene]

Originally Posted by Buddy

..caveat, I'm not a lawyer nor accountant so I'm only talking about my experience...

Of course it will depend on your state (go to your town hall) but generally you can set up a DBA (doing business as) at your town hall (maybe county level?) with a business name. Then you'll need a business checking account. Then all your expenses can be deducted through your personal (your job) income tax. The last I knew you could lose money in your business 3 out of five years. That means more money in your tax return. If you make a profit you'll have to pay self employment taxes. If you don't pay quarterly you get a small penalty (a few bucks). So it's actually better to make your hobby into a business for the tax deductions. Make sense?

If the person is doing business as himself, i.e. Gene Wilson, for me there is no reason to register as DBA. The checking account can be obtained with personal ID.

Coaching and Personal development is not regulated as Counseling is in Illinois. Be sure to make it clear you do not offer "therapy".

My experience is in downstate Illinois If you are in Chicago or one of the other large metropolitan ares there may be requirements specific to that area.

Keep good records and do not co-mingle your business money and personal money. When you invest money for your business document the transfer and when your business makes money pay yourself and document the transfer.

You may deduct your business expenses from your taxes if you have a plan and expectation that it is a business and not just a hobby. This is another reason to keep full and accurate records of the money trail.

This is just my experience in owning business in Illinois.

[ericwordelman]

So all I have to do is keep records of the money trail?

[Zukin]

This site looks like it has the right information:

http://business.illinois.gov/step_by_step_guides.cfm

[Gene]

Originally Posted by Zukin

This site looks like it has the right information:

State of Illinois Business Portal - Step-By-Step Guide

The site you referenced appears to be a great resource to those starting a business in the state of Illinois. I recommend it to all who are interested Illinois businesses. It is much better than my fallible memory of how I did it back in the day.