- August 24, 2018 at 1:41 pm #235322
I reside in Virginia with a goal in mind of starting a home business. I have the name of what I would like my business to be called in mind and have created a logo. However, it will take me some time to purchase the equipment needed for what I am wanting to do. I was told that I could trademark the name of my business/logo/slogan. I was also told that I will have to pay monthly or annually to keep the name/logo/slogan…which I am willing to do. However being that I will not officially start the business until I have the equipment needed, how does having a business name come into play with the IRS for a business that isn’t yet up and functioning? I really want to claim my name/logo/slogan. I just want to make sure I am abiding by whatever business laws are associated with that. Thank you in advance for your help.August 24, 2018 at 1:46 pm #238105
You can trademark it now, there’s no IRS ramification of doing that or no for most small businesses (other than writing off the cost). If you have a registered business with income — or expense write-offs for startup — you can report that through the IRS. But as far as having a logo automatically requiring IRS filings, that’s not a flag to them. If you’re making investments in logo design, trademarks, and equipment, then you definitely need to talk to an accountant early-on to ensure your investment is recorded properly and that the accounts are set up to cover repayment of your investment when you do start making money. Good luck!