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April 27, 2015
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I've just received my 250 hour diploma from Aura and am ready to begin teaching, but my Business Secrets dvd was faulty and i'm awaiting replacement. I've researched a location which will rent me a wonderful, affordable space by the hour and I have a couple people who are showing interest in attending a class. To start, i'm just looking at setting up a weekly class--to see if I can generate enough interest to pay for the rental--but can anyone direct me as to the legal bottom line of what I will need to begin? Liability insurance? A city business license? Do I need to file a Fictitious Business Name statment at this point? What if I can secure a position teaching yoga through a health club? Will I still need my own liability insurance, business license, and the DBA? There's so much information--but I really just want to take a baby step without falling on my face.
April 27, 2015
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It depends what you have to protect. If you own a house, you need liability insurance and to register your business. The taxes are all part of the equation. You could start up without paying a penny (under the table) but then file at the end of the year. The only tax ID you'd need is your Social Security and you could file as a sole proprietor on your personal income tax.
To be honest, setting up a business isn't expensive as a sole proprietor, but if you incorporate it will be much more. But a corporate S or an LLC protects you as much as your liability insurance.
April 27, 2015
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I think the LLC option is the best. You might want to call legal zoom and find out about the option of opening your yoga business as a Delaware LLC. You don't have to be a resident or have a business in DE. Delaware has the lowest rates for incorporating in the USA.
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