Wednesday, March 31, 2010

EIN & Sales Tax ID - DONE!

Oh.. I am getting closer!!!

On Monday night I went to my accountant so my SS-4 and PA-100 was filled out correctly and on Tuesday I filed the two applications online. I received my EIN right away and today I received my Sales Tax ID.

This means that I can now:
Open a bank account
Connect a PayPal account to it
Set up my PayPal to
Buy at wholesale
Start my shop

Ahhh... do you guys know how excited I am???

Monday, March 29, 2010

First Batch of Labels

As I am making sure I am following all CPSC, FTC and CPSIA regulations I made my first labels for all my items yesterday, including:

  • Name of Business/Brand (Candie Ink)
  • Country of Origin (Made in USA of imported fabric)
  • Size
  • Designer Name (Helena Mathis)
  • Fiber Content
  • Wash and Care Instruction
  • Batch Number
  • RN Number
  • Date of Production
  • Place of Production
  • Web address
They came out looking great and the whole process was really pain free! But I think I am going to make them just a little bit larger so I can fold in the edges easier to be able to attache them to the clothes as I do not want to use fray check.

Tuesday, March 23, 2010

CPSC Webinar

For those of you that are targeting your items to products intended for children this is a great opportunity to get the latest info on rules and regulations: 

The U.S. Consumer Product Safety Commission
cordially invites you to participate in a special
- Webinar -
Join CPSC Officials for a Chat Addressing
CPSIA and Small Businesses
Friday, March 26, 2010
The Consumer Product Safety Improvement Act is a child safety law that affects people and small businesses that make handmade toys and other products intended for children. Our contacts at the Consumer Product Safety Commission will be joining us in a Webinar to talk about what the CPSIA means for our community. 
Here are the details:
On Friday, March 26 at 11 a.m. EDT, (8 a.m. PDT) Senior CPSC Officials Jay Howell and Gib Mullan will be live on a Webinar for our members to talk about how the CPSIA has impacted small businesses.
Jay and Gib will share their insights and experiences about how the CPSIA is being implemented and enforced, how compliance with the law is possible, what has been stayed and what is in effect, what needs to be tested and what does not, and what the future holds.
Presentations by both officials will be followed by a question and answer session. Jay and Gib are doing this webinar as part of an effort by CPSC to connect with organizations like ours and to demystify the CPSIA for small business owners.
CPSC will record the session for those who can't make it.
You can help move the presentation into your areas of concern by sending in advance questions to the web address below. That will help us decide which topics will be most useful for you!
To participate in the webinar go to:
Send in your questions before, during and after the webinar to: (This email address will be active until a month after the webinar to follow up on all questions.)

Proud Owner!

I just wanted to say that I am now a proud owner of an LLC. I received my letter of filed organization yesterday and now I will continue the quest with getting my EIN number and also to set up a business account so I can get the PayPal and site all connected to it.

I have been reading pages after pages of tax rules - and I am happy that I have an accountant so I don't have to be too tuned in to what is going on as far as taxes, but I feel more confident knowing at least the basics of it. That way I at least have a chance of asking the right questions when and where I need to. Some of you might think I am overdoing it - but I rather be too careful now as a start than go back and say Oops!

Hopefully once everything formal is taken care of I can just get going and hope that it will pay off.
Soon, soon I will be posting my items! Can't wait!  

Thursday, March 18, 2010

LLC or S corp?!

Well.. I guess my choice is LLC and S corp after doing some research. But I guess that will have to wait until next year since I already passed the date of when it has to be sent in, March 15th.

Until then I will be a LLC and taxed as a sole proprietorship. I think that will be just fine, this way I will have some time to figure out what type of salary I can expect, and how my husband and I should divide the responsibility...

But there really is no easy way to figure this out. IRS provides the rules and forms to be filled out, but no recommendations or help. Help that is found online may or may not be objective. And help from an accountant or lawyer can get costly...

I am expecting my LLC application from the State to return this weekend and I was doing some reading on how to fill out my SS-4 for my EIN number... I thought it would be a walk in the park - just fill in the blanks type of deal... but there is more to it than that!

I am not too worried about it though - I feel confident that I am making the right decisions... now I just have to keep CPSC at bay and hope that they don't ban everything I need to make children clothing besides for cotton or wool... it would be a shame if all of a sudden we couldn't use zippers or buttons... 

Tuesday, March 16, 2010

Set-back number one

But I am planning on making it my onlyONE!

On Friday night I came across some information while researching hanging tags for my clothes. "Should I have a hanging tag on the clothes I sell or do people not care about them" was my thinking. My husband didn't think I should, since they get cut off and thrown in the trash right away. I agreed, but still feel that a tag was the right way to go just to get the new and special touch on it. I was even thinking of making the hanging tab into a business card... What is your thought on it? Would people realize it, would it be a "ah that is so smart" or "that is so cheap"??? Right now, after a few days of thinking, I am leaning towards hanging tags but maybe not in the style of a business card... but love some comments on it!

So where is my set back?

It has nothing to do with hanging tags - cause I believe you can pretty much put whatever you want on those, but my head started to spin when I learned about FTC and CPSC rules and what I HAVE to put on the sew in labels for each item... it was crazy. But thanks to DuhBe and her fabulous description on the issue I manage to figure it all out. Not without getting a little bit sweaty but at least there is a way...

So if you are planning to make anything that is intended for kids - read it! It is well worth it times a thousand.

So this probably set me back a week or two, but it is ok... I am still waiting for some paperwork to be finished.

Friday, March 12, 2010

Going Crazy

I am so ready to get going. I am so curious to see what this whole new venture of mine will bring to my life... But I am still in waiting mode - I am waiting for the Department of State to send me back my papers...

I feel like I am sitting in a car, my foot is on the gas pedal; full throttle yet ~ I am going nowhere because someone is lifting my car off the ground!!

Do you have any idea of how frustrating that is?

Off course I still have ton of things I can work on in the meantime but I just want to roll out the carpet and do it all ~ all the way. The way I am doing it now is just bits and pieces here and there... but I guess ones the carpet is to be rolled out I will be happy that I did them all before.

So even though in waiting mode I am still working and thinking of this 24-7!

Tuesday, March 9, 2010

What's up?

I have been working on setting everything up with my new business. I sent my papers in to PA Department of State yesterday and hope that I can have an answer back before next week. Next step is the tax document: SS-4 and I hope I won't screw it up. I never contacted a lawyer. I felt, when I had red through everything of what was required, that I could do it myself.

I already have an accountant and I plan for him to take care of my yearly tax issues, just like he already is. But maybe I will contact him along the way. Just to make sure...

Have to look up if there are any extra sales taxes in the township I live in... which would suck but I wouldn't be surprised.

A well. In the meantime I am working day and night to try to figure out what to sell and how much of it I should get out at first... It is a constant battle in my head and it never ends: One day I feel one approach is right and the next day I have another approach... I am driving myself crazy... hahah!!!

So all to all of you; you will have to wait a little bit longer to see what I am creating.

Until then.