Ideas on Buisness name/model/type

[WolfSpring]

So my state is really lax on buisness stuff for Locksmithing, you don't need a license, certification or even register in some cases. All you need to do is pay taxes, it's harder to be a barber than a locksmith. And if you do a Sole Proprieter or a General Partnership and you use your name and not some company name, you don't even have to register your buisness, so technically you could just say "bob smith locksmithing" and you could sub contract yourself out, or run your own buiness. And if it's one of the two afore mentioned buisness types you only have to claim it on personel tax form as income from a personel buisness, kinda like babysitting. So this is my ideas I'd like some feedback on.

1. Start my buisness "bob smith Locksmith/Locksmithing" or "Smith Locksmithing" Of course this is not my name, I have a unique Scottish name to the US, it's common in Scotland but not the US so it would be unique thats for sure.

2. Since I'm military I won't be seeing much work at all, but I figure on the weekends I can go to the swap meat(flea market, outdoor sales type place big yard sale basically" and do key copies and sell some lock pick sets and stuff just to be doing buisness and establishing a name, maybe throw my card out there explain who I am what I do or am trying to do.

3. Start purchasing equipment I need and using it as tax write offs as I go.

If nothing else I don't make much each year but I learn and I do what I can on the side establishing a name and a length of time before I retire from the military so I'm not starting from the ground up. The military is also very big about small buisness loans so if I don't have all what I need to jump into either a brick and mortar shop or even a mobile shop I can use the 10,000 to finish off what I need, IF I keep on this path. Worst case I waiste the next six 1/2 years trying to do something I love and learn a lesson, but I won't really be losing any money except on tools and thats a lot better than spending it on junk and booze anyways, not that I drink very often.

SO what you guys think? Good idea/bad idea?

[Evan]

@WolfSpring:

Starting any kind of business in your own name, even a "Doing Business As" is dangerous... If someone sues you for something they can end up having your house and car sold out from under you to pay out any judgments against you awarded by a court...

It is worth the extra costs to incorporate yourself as a sole proprietor business, which is then an entity which can be sold and transferred, open commercial accounts under its own name rather than having accounts and assets in your personal name which are more difficult to transfer away and would affect your personal credit and assets if anything unusual were to ever occur...

The act of incorporation separates the business assets from your personal assets and is a layer of protection from any liability that could be incurred in the future... If you do business in your own name these days you are literally taking your life in your hands...

~~ Evan

[WolfSpring]

Had never really thought of it that way, especially in our field, I do a rekey job and someone breaks into the house afterwards people sue me, even if it's not my fault the money I'd have to come up with in court costs would be killer alone. Thanks.

[Leyton45]

Also might want to look into business insurance pretty soon mate. There's a good article on this site about why it's so crucial to have. ( http://www.smallbusinessinsurance.com ) Hope that helps!!