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Self employment

Self employment

Old Sep 27th 2007, 4:41 am
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Default Self employment

I am looking for some advice and tips from persons whom are self employed in the USA.

Do you think you are less stressed?
Do you think it was a great idea, now looking back?
What are the three main difference in creating a business in the USA in comparison to the UK?


Thanks.
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Old Sep 27th 2007, 4:44 am
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Default Re: Self employment

The biggest con to self-employment has got to be health insurance.
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Old Sep 27th 2007, 1:34 pm
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Default Re: Self employment

Originally Posted by snowbunny View Post
The biggest con to self-employment has got to be health insurance.
I've wondered about this.
Back in the UK I ran my own small business. I am a calligrapher and I worked full time for myself. I had hoped to do the same here when I could and now I have my EAD
But......we constantly get calls and letters from our health insurance co. asking me to show I am not employed in anyway. OH's company also wrote to all employees to say that if they suspected a non-working spouse was working they would ask to see bank statements to prove it. If you failed to comply ..the spouse would be removed from the insurance

I need to look into it more but the few self-employed people I know can barely afford insurance and the figures they have quoted are scary.

On the other hand my neighbours are self employed and work from home and I am amazed at the stuff they claim back.
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Old Sep 27th 2007, 2:11 pm
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Default Re: Self employment

Originally Posted by jumping doris View Post
I've wondered about this.
Back in the UK I ran my own small business. I am a calligrapher and I worked full time for myself. I had hoped to do the same here when I could and now I have my EAD
But......we constantly get calls and letters from our health insurance co. asking me to show I am not employed in anyway. OH's company also wrote to all employees to say that if they suspected a non-working spouse was working they would ask to see bank statements to prove it. If you failed to comply ..the spouse would be removed from the insurance

I need to look into it more but the few self-employed people I know can barely afford insurance and the figures they have quoted are scary.

On the other hand my neighbours are self employed and work from home and I am amazed at the stuff they claim back.


But you can still work and just stay on your husbands insurance though. For years I was not offered health insurance while I was working here for a one doctor office so my husband had me on his insurance. I pretty much had to fill in a questionaire everytime a claim was submitted when I used it but it was all fairly straight foward.....I just named my employer and stated I had no other coverage. You could do the same thing if you were self employed.
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Old Sep 27th 2007, 2:31 pm
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Default Re: Self employment

Originally Posted by Sugarmooma View Post
But you can still work and just stay on your husbands insurance though. For years I was not offered health insurance while I was working here for a one doctor office so my husband had me on his insurance. I pretty much had to fill in a questionaire everytime a claim was submitted when I used it but it was all fairly straight foward.....I just named my employer and stated I had no other coverage. You could do the same thing if you were self employed.
I can stay on his insurance if any job I take doesn't offer insurance but if it does, even if it's inferior, they expect me to come off his.
But if I am self employed I'm not sure if they will expect me to buy my own.
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Old Sep 27th 2007, 3:10 pm
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Default Re: Self employment

Originally Posted by jumping doris View Post
I can stay on his insurance if any job I take doesn't offer insurance but if it does, even if it's inferior, they expect me to come off his.
But if I am self employed I'm not sure if they will expect me to buy my own.
They do?? They wont let you stay on it and use it as a secondary insurance then?

Why does his company have to know if you are even employed or not, is it because they paid for your greencard? Sorry it's been so long since we moved here I'm sure lots of the rules etc have changed now
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Old Sep 27th 2007, 3:24 pm
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Default Re: Self employment

Originally Posted by Sugarmooma View Post
They do?? They wont let you stay on it and use it as a secondary insurance then?

Why does his company have to know if you are even employed or not, is it because they paid for your greencard? Sorry it's been so long since we moved here I'm sure lots of the rules etc have changed now
I don't think it's just us. The first year we were here, spouses could have their own insurance and still stay on the company policy but this year everyone got a letter saying that if you worked and had your own insurance you could no longer stay on the company policy.

It has upset a lot of people in OH's office because their wives have had to choose between their part time job and the insurance it offers or giving up work to stay with the firms better insurance.
I suppose they don't have to know you work but they might find out. I'm not sure how much information sharing goes on and I don't know if you can decline insurance in order to stay with the company one.

Since April, 4 people have left because of this type of issue and they have all gone to work for places that don't mind about spouses working and having insurance etc. We are stuck for a while because of our GC.
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Old Sep 27th 2007, 3:31 pm
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Default Re: Self employment

I want to evenutally quit my two corporate jobs and transition to self-employed, my wife works for metro govt, so I can use her insurance (i do now).

I personally would have never considered becoming self-employed in the UK
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Old Sep 27th 2007, 3:41 pm
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Default Re: Self employment

Originally Posted by jumping doris View Post
I don't think it's just us. The first year we were here, spouses could have their own insurance and still stay on the company policy but this year everyone got a letter saying that if you worked and had your own insurance you could no longer stay on the company policy.

It has upset a lot of people in OH's office because their wives have had to choose between their part time job and the insurance it offers or giving up work to stay with the firms better insurance.
I suppose they don't have to know you work but they might find out. I'm not sure how much information sharing goes on and I don't know if you can decline insurance in order to stay with the company one.

Since April, 4 people have left because of this type of issue and they have all gone to work for places that don't mind about spouses working and having insurance etc. We are stuck for a while because of our GC.

I think that is a pretty bad company decision, very bad for employee morale I would think
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Old Sep 27th 2007, 3:49 pm
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Default Re: Self employment

I self-incorporated as an LLC when I was self-employed. Was pretty easy to do. I then hired 'paychex' to do all my payroll and tax filings, which was a very nice thing to have. As part of their service, they had a buffet of health insurance plans I could buy which were pretty reasonable--certainly better rates than if I had called Blue Cross on my own begging for insurance.

Also by incorporating as an LLC, I had some legal protection against any suits against me. The suit would only go against the coroporation, not myself. (LLC's do not pay corporate taxes--the profits pass through to your personal income, which is a very nice feature).

Not sure if LLC's even exist in the UK yet. Very common over here.
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Old Sep 27th 2007, 3:52 pm
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Default Re: Self employment

Originally Posted by penguinsix View Post
I self-incorporated as an LLC when I was self-employed. Was pretty easy to do. I then hired 'paychex' to do all my payroll and tax filings, which was a very nice thing to have. As part of their service, they had a buffet of health insurance plans I could buy which were pretty reasonable--certainly better rates than if I had called Blue Cross on my own begging for insurance.

Also by incorporating as an LLC, I had some legal protection against any suits against me. The suit would only go against the coroporation, not myself. (LLC's do not pay corporate taxes--the profits pass through to your personal income, which is a very nice feature).

Not sure if LLC's even exist in the UK yet. Very common over here.

thats what I have - makes things a lot easier
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Old Sep 27th 2007, 5:34 pm
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Default Re: Self employment

Originally Posted by BritGuyTN View Post
I want to evenutally quit my two corporate jobs and transition to self-employed, my wife works for metro govt, so I can use her insurance (i do now).

I personally would have never considered becoming self-employed in the UK
I found being self employed in the UK very easy but there was only me. I don't know what it is like if you employ people.

The tax office were, as you would expect, often less than helpful but I had an accountant and that made things much easier.
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Old Sep 27th 2007, 6:27 pm
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Default Re: Self employment

You may not remember this but you were the one that gave me some really good advice on inproving my FICO score. I don't think I got the chance to say a big thank you.

In regards to self employment, it something I am pondering on and getting fed up with the corporate world. The health insurance situation seems to be the most highlighted issue so far. What about other things that can affect your business?


Originally Posted by BritGuyTN View Post
I want to evenutally quit my two corporate jobs and transition to self-employed, my wife works for metro govt, so I can use her insurance (i do now).

I personally would have never considered becoming self-employed in the UK
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Old Sep 27th 2007, 6:48 pm
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Default Re: Self employment

Originally Posted by veryfunny View Post
In regards to self employment, it something I am pondering on and getting fed up with the corporate world. The health insurance situation seems to be the most highlighted issue so far. What about other things that can affect your business?
The more formal you make your business, the better it is on some of the 'other things.' For example, things like health insurance, 401k plans, taxes, and other things are better sorted out when you have a company structure in place, like an LLC that acts as sort of an umbrella for all your business activities. It also allows you to get a business banking account, and you can report to credit agencies that you worked for 'this company' instead of saying 'self-employed'.

Beyond that, issues like profit/loss come into play :-).

If you have to go back to the corporate world, you don't necessarily want a 'hole' in your resume so having something formal looking is often a benefit.
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Old Sep 27th 2007, 7:08 pm
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Default Re: Self employment

Originally Posted by veryfunny View Post
You may not remember this but you were the one that gave me some really good advice on inproving my FICO score. I don't think I got the chance to say a big thank you.

In regards to self employment, it something I am pondering on and getting fed up with the corporate world. The health insurance situation seems to be the most highlighted issue so far. What about other things that can affect your business?
glad the credit stuff worked for you

i think liability insurance as well as an LLC is very very important

build up your business credit file also , get a DUNS number etc

much better to have any company lending off your credit report, even if you personally gurantee, at least your utiisation will be less
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