Employees almostly work exclusively for another individual or company. This is an pattern setup or the worker who only wants to serve the beauty and grooming needs of customers without the responsibilities of a business. The employee is responsible for wage encompassing, valuate withholding, federal and state business requirements, marketing, finances, etc. Booth renters pays rent to the salon owner in exchange for workspace, usually a in effect(p)y equipped space. A booth renter is a tenant running a exquisite business. Booth renter set their own prices and payment structure, hours, own means of communication, report own income to the IRS, etc. Independent contractors, is also a small business owner who may have a work agreement with one or more salon owners. The individual customers belong to the salon. You are hired on a contractual basis. You are also responsible for reporting your income to the IRS. Salon owner may utilize workers who are employees, booth renters, and/or independent contractors.
(Small Business 2006)
Setting Up Your Business
First establish a name for your business. Make sure the name represents the two-bagger you want to portray.
Choose your business /ownership structures: Sole proprietorship, oecumenic partnership, Limited partnership, Limited Liability Company, C-Corporation, and S-Corporation.
There are several(prenominal) business structures to make from, but you must pick the most advantageous one for your specific situation. Consult with a restricted Public Accountant (CPA) and or an attorney to help you choose the one thats right or you. And to assist with the necessary software documentation that goes to your Secretary of States Office.
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