zrail
Joined 16 years ago
Joined 16 years ago
If you're writing on your personal blog then take all of this with the size of salt crystal you feel it deserves. Personally, that's about the size of an Acme safe hanging over a cliff waiting for an unsuspecting listicle writer^h^hcoyote.
The biggest change from then to now is probably the amount of solid state electronics onboard. That's ridden roughly the same curve as other industrial and commercial applications.
Example, since you edited to add examples: I have several business bank accounts and far too many Stripe accounts all registered as sole prop. I haven't had to take a loan but I do have a sole prop credit card. My understanding is that even with an LLC a bank is going to require a personal guarantee for a loan.
Anyone can get an EIN for their sole proprietorship business (just one, though) and use it on tax forms.
A formal business structure is good (but not required!) if you have employees and/or business partners, or if your attorney tells you you need one. IME as a solo entrepreneur an LLC (or two, in my case) just invited more paperwork into my life.
You know what actually functionally limits liability as a solo business? Good contracts backed up with business insurance.
Author of Mastering Modern Payments: Using Stripe with Rails https://www.masteringmodernpayments.com
Author of Handle Your Business: The Succinct Guide to Money and Business for the Self Employed https://www.petekeen.net/handle-your-business
Email: [email protected] Blog: http://www.petekeen.com Resume: http://www.petekeen.com/resume