Episode 50: Do I Need to Formalize My Yarn-Related Business?

In this episode, I answer a common listener question: Do I need to formalize my yarn-related business? There are legal, tax, and mindset reasons for formalizing your business. But first, let me mention that I'm neither a lawyer nor an accountant. You may want to consult one if plan to formalize your business. So, why might you choose to formalize my yarn-related business? You may find it easier to get a business bank account, buy products wholesale, and protect your personal assets in the event of legal action. You may find that you are more accountable to your business once you formalize it. Your customers and family may respond more positively to the formality of an established business entity. Here are some resources mentioned in the episode: Find your local Small Business Administration office (U.S. only) here. Find your local Small Business Development Center (U.S. only) here. The Internal Revenue Service Small Business and Self-Employed Tax Center You can listen to the episode for more details about the advantages of formalizing your business and common business entity types for yarn-related businesses in the United States. If you enjoyed this episode The Creative Yarn Entrepreneur Show is no longer broadcasting. Episodes are available as a service to the yarn community. This episode originally aired in November, 2015. Be aware that content may be outdated. If you'd like to chat with other yarn-related business owners, join the Creative Yarn Entrepreneurs Facebook group. Support Marie's work by buying one of her books, Make Money Teaching Crochet: Launch Your Business, Increase Your Side Income, Reach More Students (Amazon | Gumroad) or Design It, Promote It, Sell It: Online Marketing for Your Crochet and Knit Patterns (Amazon | Gumroad).