A young man named Hercules is eager to start his own bait shop. He has no idea how to go about getting the necessary licenses and permits, so he seeks the advice of a local mentor, Midas.
Hercules: I'm so excited to start my own bait shop! But I'm not sure what kind of ownership structure I should choose. Do I need an LLC? A corporation?
Midas: Well, that depends on a few factors. How much money do you have to invest? How many people will be working for you? What kind of liability protection do you want?
Hercules: I'm not sure about the money yet. I'm hoping to start small and grow the business over time. I'll probably be the only one working for me at first. And I definitely want liability protection.
Midas: In that case, an LLC might be a good option for you. It's a hybrid business structure that offers the liability protection of a corporation and the tax benefits of a sole proprietorship.
Hercules: That sounds perfect! So, I don't need to file a DBA if I form an LLC?
Midas: Not necessarily. If your LLC name is the same as your legal name, then you don't need to file a DBA. But if you want to use a different business name, then you'll need to file a DBA.
Hercules: Okay, I think I'm starting to get it. So, if I form an LLC with the name "Hercules' Bait Shop," I don't need to file a DBA. But if I want to use the name "The Bait Bucket," I would need to file a DBA.
Midas: Exactly.
Hercules: Great! Thanks for your help, Midas. I feel much better about this now.
Midas: You're welcome. And good luck with your bait shop!
In addition to these general licenses and permits, you may also need to obtain specific licenses or permits depending on the type of business you are starting. For example, if you are selling food, you will need a food service license. And if you are selling alcohol, you will need a liquor license.
It is important to check with your local government to find out what licenses and permits you need to operate your business.
You can choose to be a(n) Bait Shop :
Talihina Business Tax Registration ( Business License) All businesses including home, online or mobile BUSINESS need a BUSINESS license because they are BUSINESSES.
What do i need to start a bait shop fisherman shop?