Japan Proprietorship
A philosopher called Paul Janet many moons ago came up with Janets Law which basically says that young folks feel that time passes slowly and old farts (like me) feel time passes quicker. The reason given is that a person of 10 years of age will experience 1 year as a tenth of their current life time. A person of 34 (me ^^;) will experience 1 year as a mere 1/34th of their life time.
Before I know it, time will come to an end for me and I want die in knowledge that I lived my life the way I wanted. For me, that means to work for myself building/achieving goals and aiming for destinations that I set for myself as opposed to working for others and achieving goals that they set for me.
I believe that one should always invest time in reflecting on what they want from life before its too late. The saying goes that "its never too late to start" but the fact is that we wont be as physically able when we are of an older age unless we can easily replace our body parts ala Ghost in the Shell.
This post will be of interest to folks who have a feeling that they want to work for themselves at one point in the future.
No matter whether you are working for others or schooling, if you are making money on the side or intend to (no matter the amount) then I recommend that you set up something called a Sole Proprietorship. A proprietorship is a business entity which allows you to declare your expenses against your earnings as opposed to declaring just your earnings.
Lets say that you earn 100,000 USD per annum. Lets also presume you make 50,000 USD from advertising on your site/consulting services that you provide etc.
Usually, you would pay taxes on your total income of 150,000 USD. Getting the full amount of 150,000 USD taxed is not funny at all.
BUT! Lets say you had a proprietorship. When you declare your earnings, you will also declare your expenses. Lets say your expenses were 50,000 USD. The tax declaration that you make at the end of the fiscal year will be...
(100,000 USD (your annual salary) + 50,000 USD (money you make from the side)) - (50,000 USD (your expenses)) = 100,000 USD Taxable
The above means that you only need to pay taxes on your annual salary (100,000 USD).
Now lets go a bit more into detail. Lets presume you declare expenses of 70,000 USD...
(100,000 USD (your annual salary) + 50,000 USD (money you make from the side)) - (70,000 USD (your expenses)) = 80,000 USD Taxable
The above means that you need only pay taxes on 80,000 USD and will end up with you getting a tax refund. I have simplified this but thats the general idea.
You can expense anything related to running your proprietorship. For example lets say that you use 75% of your apartment/house as your office - you can expense 75% of your monthly rent/mortgage. Your Internet/phone/mobile connection can be expensed under "communications". Your trip to Japan can be expensed under "business trips". If you are making money from running a figure site for example, then the figures are an essential part of your proprietorship which can be expensed.
If you buy a computer however, you can only expense 20% of it for the first year, another 20% the next year until a full 5 years are up (this percentage varies depending on where you live).
Setting up a proprietorship is as easy as farting. Go to Japan's National Tax Agency site and download the PDF file you see on that page. Decide on a name for your proprietorship (in my case I called it Mirai) and fill in the nature of your business (web design/IT consulting etc). Also fill in your address and send it off to the tax office that represents your ward - you can find out which is your nearest on this list. Done. You can call up the tax office to see if they received your form (but you dont have to). You dont get anything sent back to you. You dont need any special tax IDs or anything either. All you have to do is use a different form when declaring your taxes at the end of the fiscal year.
Go to your nearest shotengai (shopping district) and look around - most of the small ramen, sushi, bakeries, dry cleaners etc will be proprietorships. Theres no reason for them to incorporate and they rarely do.
I only know how to set up one in Japan but dug around to find info for America, Singapore, Canada - a search for "sole proprietorships + your country name" should bring up results as this business entity seems to be globally recognized.
It took me ages to make the decision to set up a proprietorship (known as 個人事業(こじんじぎょう)in Japanese) as it just seemed like a pretty big step. The perception is that its too bothersome or another case of afraid-of-unknown-territory. There is really nothing to it...
1.Send form to declare that you are starting up a proprietorship.
2.Keep tidy records of your income and expense. Keep all receipts.
3.Use your tidy reports and receipts to make a Profit and Loss statement - hand it in with your declaration forms at the end of the fiscal year.
4.Depending on how much you declared (income vs expense), a tax return for 900,000 yen (for example) is deposited in your bank account 30 days after you send in your tax declaration.
As you can see - proprietorships are no brainers. Theres no reason not to do it and so many reasons *to* do it.
I learnt so much through my proprietorship in terms of issuing invoices, receipts, keeping good accounting records etc. You cant expense everything under the sun and each item has to be filled under a particular category - learning business accounting together with the other bits n pieces that go together with running my proprietorship has made the transition to incorporate my company an easy one.
If you read Rich Dad, Poor Dad then this should sound familiar as this was something the author suggested.
Now that you know about the huge tax benefits of owning a proprietorship, you can see that many set up proprietorships just to save tax. This however may only work for the first few years. Making a loss for the first few years of starting up a proprietorship is normal but when one continues to make a loss every year - a tax wo/man may knock on the door one day to ask questions.
If you have not done so already, you may want to read my reasons for starting up a proprietorship.
Those who want to go beyond working for others can incorporate themselves like I did. Leaving a comfortable job and-a-not-so-bad salary is a big risk. My personal recommendation is to secure a steady flow of side income/clients while you work for others.
While I do already have clients and that steady flow of income from online activities - incorporating and going it alone is still a big risk. Personally, I decided that I would take that risk to achieve my goals in life rather than sit at a well paid conformable job and forget about my life goals.
A well paid comfortable job is the worst kind of job to have for folks wanting to start their own business and I have met many during my AMZN/MSFT years. Their comfy status prevents them from doing anything to jeopardize their current situation as that would affect the safety layer in Maslow's triangle.
Anyway enough babbling for one day - next will be the long awaited Blog Monetization post ^^;
Nearly forgot to mention about the image in this post - not absolutely nothing to do with proprietorships but is a hint to the next feature that I'm launching in a few days - I'm really excited about it ^^. Its also to keep people awake after reading a long post like this ^^;
If you are interested in reading about life in Japan, seeing photos taken daily around Tokyo, like Japanese subculture (anime, manga, figures, Dollfies) then you may want to start delving into the Japan or Figure categories for a start or have a gander at all photo articles.
If you don't have much time now, maybe subscribe to the RSS Feed, Twitter Feed or join the other readers in the FaceBook Page.
Alternatively, you may want to read more about the site.
If you are a regular reader then this message will probably annoy you each time - hide it forever.
-Akihabara News – Gadgetry from Japan (Subscribe)
Web Developer/ウェブデベロッパー, Photographer/写真や
http://www.moeside.net/weblog
The Proprietorship is really cool. I heard of it before but didn't know the complete idea of it, your post cleanly explained it ^___^
And yes, I do feel that time is passing too fast already :/
The only problem I see with proprietorship is that you'll need to constantly keep track of your receipts and stuff. Probably writing a database to store all that would be good :)
Web Developer/ウェブデベロッパー, Photographer/写真や
http://www.moeside.net/weblog
The Proprietorship is really cool. I heard of it before but didn't know the complete idea of it, your post cleanly explained it ^___^
And yes, I do feel that time is passing too fast already :/
The only problem I see with proprietorship is that you'll need to constantly keep track of your receipts and stuff. Probably writing a database to store all that would be good :)
Web Developer/ウェブデベロッパー, Photographer/写真や
http://www.moeside.net/weblog
The Proprietorship is really cool. I heard of it before but didn't know the complete idea of it, your post cleanly explained it ^___^
And yes, I do feel that time is passing too fast already :/
The only problem I see with proprietorship is that you'll need to constantly keep track of your receipts and stuff. Probably writing a database to store all that would be good :)
Web Developer/ウェブデベロッパー, Photographer/写真や
http://www.moeside.net/weblog
The Proprietorship is really cool. I heard of it before but didn't know the complete idea of it, your post cleanly explained it ^___^
And yes, I do feel that time is passing too fast already :/
The only problem I see with proprietorship is that you'll need to constantly keep track of your receipts and stuff. Probably writing a database to store all that would be good :)
student
http://animesugoi.animeblogger.net/
Great explanation Danny, I too read Rich Dad and Poor Dad which explains why I understood what you actually said lol. This is a great outline for those who wish to own their own business, which I hope to do after I can get side income and after graduation, so I will probably come back to this post for reference.
student
http://animesugoi.animeblogger.net/
Great explanation Danny, I too read Rich Dad and Poor Dad which explains why I understood what you actually said lol. This is a great outline for those who wish to own their own business, which I hope to do after I can get side income and after graduation, so I will probably come back to this post for reference.
student
http://animesugoi.animeblogger.net/
Great explanation Danny, I too read Rich Dad and Poor Dad which explains why I understood what you actually said lol. This is a great outline for those who wish to own their own business, which I hope to do after I can get side income and after graduation, so I will probably come back to this post for reference.
student
http://animesugoi.animeblogger.net/
Great explanation Danny, I too read Rich Dad and Poor Dad which explains why I understood what you actually said lol. This is a great outline for those who wish to own their own business, which I hope to do after I can get side income and after graduation, so I will probably come back to this post for reference.
Student Engineer
http://www.tgwnetohh.blogspot.com/
I never plan on working for myself: but then again I won't be working for someone else's goal either. As an Engineer, I want to be a part of something bigger, something that helps us in the long run. A company can come out with a product, however it was the designers who created it.
As I am about to settle into College, I have been always thinking about what I want to do and what I want to accomplish, not what is expected of me. The only person on this Earth I have to worry about pleasing is myself, and if one is dedicated to a goal and does his/her best to obtain the goal; well I would say its the journey, not the accomplishment (although they are nice!).
Student Engineer
http://www.tgwnetohh.blogspot.com/
I never plan on working for myself: but then again I won't be working for someone else's goal either. As an Engineer, I want to be a part of something bigger, something that helps us in the long run. A company can come out with a product, however it was the designers who created it.
As I am about to settle into College, I have been always thinking about what I want to do and what I want to accomplish, not what is expected of me. The only person on this Earth I have to worry about pleasing is myself, and if one is dedicated to a goal and does his/her best to obtain the goal; well I would say its the journey, not the accomplishment (although they are nice!).
Student Engineer
http://www.tgwnetohh.blogspot.com/
I never plan on working for myself: but then again I won't be working for someone else's goal either. As an Engineer, I want to be a part of something bigger, something that helps us in the long run. A company can come out with a product, however it was the designers who created it.
As I am about to settle into College, I have been always thinking about what I want to do and what I want to accomplish, not what is expected of me. The only person on this Earth I have to worry about pleasing is myself, and if one is dedicated to a goal and does his/her best to obtain the goal; well I would say its the journey, not the accomplishment (although they are nice!).
Student Engineer
http://www.tgwnetohh.blogspot.com/
I never plan on working for myself: but then again I won't be working for someone else's goal either. As an Engineer, I want to be a part of something bigger, something that helps us in the long run. A company can come out with a product, however it was the designers who created it.
As I am about to settle into College, I have been always thinking about what I want to do and what I want to accomplish, not what is expected of me. The only person on this Earth I have to worry about pleasing is myself, and if one is dedicated to a goal and does his/her best to obtain the goal; well I would say its the journey, not the accomplishment (although they are nice!).
CEO... of the world
I assume this post relates to the United States tax filing deadline. How depressing, for US citizens.
Still, It's a discovery for me. The fact that you (Danny) are still obligated to file taxes to USA even though you live in Japan. Bwa hahhaa!
I feel so content that I'm not the only one suffering. ^^
CEO... of the world
I assume this post relates to the United States tax filing deadline. How depressing, for US citizens.
Still, It's a discovery for me. The fact that you (Danny) are still obligated to file taxes to USA even though you live in Japan. Bwa hahhaa!
I feel so content that I'm not the only one suffering. ^^
CEO... of the world
I assume this post relates to the United States tax filing deadline. How depressing, for US citizens.
Still, It's a discovery for me. The fact that you (Danny) are still obligated to file taxes to USA even though you live in Japan. Bwa hahhaa!
I feel so content that I'm not the only one suffering. ^^
CEO... of the world
I assume this post relates to the United States tax filing deadline. How depressing, for US citizens.
Still, It's a discovery for me. The fact that you (Danny) are still obligated to file taxes to USA even though you live in Japan. Bwa hahhaa!
I feel so content that I'm not the only one suffering. ^^
CEO MIrai Inc
http://www.dannychoo.com/profile/eng/
Ben,
Nothing to do with what you said ^^;
I used USD as people generally tend to have a good grasp on the amount.
CEO MIrai Inc
http://www.dannychoo.com/profile/eng/
Ben,
Nothing to do with what you said ^^;
I used USD as people generally tend to have a good grasp on the amount.
CEO MIrai Inc
http://www.dannychoo.com/profile/eng/
Ben,
Nothing to do with what you said ^^;
I used USD as people generally tend to have a good grasp on the amount.
CEO MIrai Inc
http://www.dannychoo.com/profile/eng/
Ben,
Nothing to do with what you said ^^;
I used USD as people generally tend to have a good grasp on the amount.
Email & Network Support/Administration
http://badger11.animeblogger.net/
While I don't really have an "entrepreneur" mindset, I do know that I want to work for myself partly because I want to do things my way (also frustration at the powers that be) and because I've never seen any potential for advancement where I've worked before (large companies, retail, and now a small company). A friend is an independent IT consultant and is having a tough time making a go of it. There's a lot of independent IT consultants in this area, so its tough. I suppose I'll just have to figure out how to leverage being an email admin into my own business.
Email & Network Support/Administration
http://badger11.animeblogger.net/
While I don't really have an "entrepreneur" mindset, I do know that I want to work for myself partly because I want to do things my way (also frustration at the powers that be) and because I've never seen any potential for advancement where I've worked before (large companies, retail, and now a small company). A friend is an independent IT consultant and is having a tough time making a go of it. There's a lot of independent IT consultants in this area, so its tough. I suppose I'll just have to figure out how to leverage being an email admin into my own business.
Email & Network Support/Administration
http://badger11.animeblogger.net/
While I don't really have an "entrepreneur" mindset, I do know that I want to work for myself partly because I want to do things my way (also frustration at the powers that be) and because I've never seen any potential for advancement where I've worked before (large companies, retail, and now a small company). A friend is an independent IT consultant and is having a tough time making a go of it. There's a lot of independent IT consultants in this area, so its tough. I suppose I'll just have to figure out how to leverage being an email admin into my own business.
Email & Network Support/Administration
http://badger11.animeblogger.net/
While I don't really have an "entrepreneur" mindset, I do know that I want to work for myself partly because I want to do things my way (also frustration at the powers that be) and because I've never seen any potential for advancement where I've worked before (large companies, retail, and now a small company). A friend is an independent IT consultant and is having a tough time making a go of it. There's a lot of independent IT consultants in this area, so its tough. I suppose I'll just have to figure out how to leverage being an email admin into my own business.
IT monkey/consultant
An excellent post.
In the US, if the only need is to report expenses versus income for a sole proprietorship at tax time, no special registration is required. However, due to the self-employment tax due in the US, for many there it may be wise to incorporate.
Sadly, during my earlier years of filing as self-employed, my expenses never made a significant reduction of my taxes due.
I'm making steps toward taking my side-business to my only business, though, so I'll be playing that game again. However, this time I will have to keep more meticulous care of any expenses. My lax (nonexistant) record keeping didn't cause me problems before, but it certainly could have. I don't intend to let it hinder me in the future.
IT monkey/consultant
An excellent post.
In the US, if the only need is to report expenses versus income for a sole proprietorship at tax time, no special registration is required. However, due to the self-employment tax due in the US, for many there it may be wise to incorporate.
Sadly, during my earlier years of filing as self-employed, my expenses never made a significant reduction of my taxes due.
I'm making steps toward taking my side-business to my only business, though, so I'll be playing that game again. However, this time I will have to keep more meticulous care of any expenses. My lax (nonexistant) record keeping didn't cause me problems before, but it certainly could have. I don't intend to let it hinder me in the future.
IT monkey/consultant
An excellent post.
In the US, if the only need is to report expenses versus income for a sole proprietorship at tax time, no special registration is required. However, due to the self-employment tax due in the US, for many there it may be wise to incorporate.
Sadly, during my earlier years of filing as self-employed, my expenses never made a significant reduction of my taxes due.
I'm making steps toward taking my side-business to my only business, though, so I'll be playing that game again. However, this time I will have to keep more meticulous care of any expenses. My lax (nonexistant) record keeping didn't cause me problems before, but it certainly could have. I don't intend to let it hinder me in the future.
IT monkey/consultant
An excellent post.
In the US, if the only need is to report expenses versus income for a sole proprietorship at tax time, no special registration is required. However, due to the self-employment tax due in the US, for many there it may be wise to incorporate.
Sadly, during my earlier years of filing as self-employed, my expenses never made a significant reduction of my taxes due.
I'm making steps toward taking my side-business to my only business, though, so I'll be playing that game again. However, this time I will have to keep more meticulous care of any expenses. My lax (nonexistant) record keeping didn't cause me problems before, but it certainly could have. I don't intend to let it hinder me in the future.
I find these articles interesting and useful as they might help me with my future endavors. I believe in taking risks as you said Danny. If you don't, you'll always be wondering "what if..?".
Congrats on incorporating Mirai, does that mean your company is a corporation (aka a legal person) now? Bet it took much more than just filling out forms for a sole proprietorship.
I find these articles interesting and useful as they might help me with my future endavors. I believe in taking risks as you said Danny. If you don't, you'll always be wondering "what if..?".
Congrats on incorporating Mirai, does that mean your company is a corporation (aka a legal person) now? Bet it took much more than just filling out forms for a sole proprietorship.
I find these articles interesting and useful as they might help me with my future endavors. I believe in taking risks as you said Danny. If you don't, you'll always be wondering "what if..?".
Congrats on incorporating Mirai, does that mean your company is a corporation (aka a legal person) now? Bet it took much more than just filling out forms for a sole proprietorship.
I find these articles interesting and useful as they might help me with my future endavors. I believe in taking risks as you said Danny. If you don't, you'll always be wondering "what if..?".
Congrats on incorporating Mirai, does that mean your company is a corporation (aka a legal person) now? Bet it took much more than just filling out forms for a sole proprietorship.
Student
The topic is too logn fer meh to read..
o yea..you put L instead of K in "ala".
Student
The topic is too logn fer meh to read..
o yea..you put L instead of K in "ala".
Student
The topic is too logn fer meh to read..
o yea..you put L instead of K in "ala".
Student
The topic is too logn fer meh to read..
o yea..you put L instead of K in "ala".
Designer & Animator
http://ariaanime.wordpress.com
Hi Danny your post really summarizes what I was trying to learn on a business course.
Previously (currently studying) I was working in the multimedia industry doing designs, animations n video stuff. Did also a few freelance jobs here n there...
Sadly (for me at least) starting ones own business can be a really huge risk and, I did try to envision setting up a business while working, but it seems more then just registering a company name.
But I have been asked by many of my peers if I would do my own small business, I dunno yet though. I may take your your recommendation of getting a steady flow of side income/clients while still working for others for a while before taking the plunge. Maybe I will start off with something small first.
This post has been really insightful.
Qn. Danny how long did you do your "side income" before leaving Microsoft? Did u really plan a lot for it?
btw what is the character's name in the picture that is used in your post, is it from a game? She looks cute ^^
Designer & Animator
http://ariaanime.wordpress.com
Hi Danny your post really summarizes what I was trying to learn on a business course.
Previously (currently studying) I was working in the multimedia industry doing designs, animations n video stuff. Did also a few freelance jobs here n there...
Sadly (for me at least) starting ones own business can be a really huge risk and, I did try to envision setting up a business while working, but it seems more then just registering a company name.
But I have been asked by many of my peers if I would do my own small business, I dunno yet though. I may take your your recommendation of getting a steady flow of side income/clients while still working for others for a while before taking the plunge. Maybe I will start off with something small first.
This post has been really insightful.
Qn. Danny how long did you do your "side income" before leaving Microsoft? Did u really plan a lot for it?
btw what is the character's name in the picture that is used in your post, is it from a game? She looks cute ^^
Designer & Animator
http://ariaanime.wordpress.com
Hi Danny your post really summarizes what I was trying to learn on a business course.
Previously (currently studying) I was working in the multimedia industry doing designs, animations n video stuff. Did also a few freelance jobs here n there...
Sadly (for me at least) starting ones own business can be a really huge risk and, I did try to envision setting up a business while working, but it seems more then just registering a company name.
But I have been asked by many of my peers if I would do my own small business, I dunno yet though. I may take your your recommendation of getting a steady flow of side income/clients while still working for others for a while before taking the plunge. Maybe I will start off with something small first.
This post has been really insightful.
Qn. Danny how long did you do your "side income" before leaving Microsoft? Did u really plan a lot for it?
btw what is the character's name in the picture that is used in your post, is it from a game? She looks cute ^^
Designer & Animator
http://ariaanime.wordpress.com
Hi Danny your post really summarizes what I was trying to learn on a business course.
Previously (currently studying) I was working in the multimedia industry doing designs, animations n video stuff. Did also a few freelance jobs here n there...
Sadly (for me at least) starting ones own business can be a really huge risk and, I did try to envision setting up a business while working, but it seems more then just registering a company name.
But I have been asked by many of my peers if I would do my own small business, I dunno yet though. I may take your your recommendation of getting a steady flow of side income/clients while still working for others for a while before taking the plunge. Maybe I will start off with something small first.
This post has been really insightful.
Qn. Danny how long did you do your "side income" before leaving Microsoft? Did u really plan a lot for it?
btw what is the character's name in the picture that is used in your post, is it from a game? She looks cute ^^
student
alsome post danny umm.. soo far i don relli get it hehe maibe wen i grow up i'll come bakk to ur site and see for mahself lol fanks
student
alsome post danny umm.. soo far i don relli get it hehe maibe wen i grow up i'll come bakk to ur site and see for mahself lol fanks
student
alsome post danny umm.. soo far i don relli get it hehe maibe wen i grow up i'll come bakk to ur site and see for mahself lol fanks
student
alsome post danny umm.. soo far i don relli get it hehe maibe wen i grow up i'll come bakk to ur site and see for mahself lol fanks
Troubleshooter, Universal Exports
http://funkyblueame.tumblr.com/
Good points Danny... Really enjoyed reading this post.
Not trying to be combative here, but one never really is too old to start. I agree as we get older our bodies do lose the advantages of youth. Although, great success can be achieved at any age, since great plans of action are not limited to youth. I personally refuse to believe that I should give up on obtaining new heights of achievement because I get older.
When i was a younger man I always though, someday I will retire. Now, I know I will never retire; but simply change my lifestyle so I am in more complete control of my life. I suppose that is my main goal behind being my own boss.
I hear what everyone else is saying and I do realize that the LLC is very popular here in the states. Although for one with limited risk a Sole Proprietorship is a good direction to protect ones hard earn, yearly income. I believe that's the point you are making. We need to work smart not just work hard. I setup my first Sole Proprietorship at the end of my second year in college. At the time I was doing a limited good procurement service.
Everyone starts small... I can remember Microsoft being a 3x5 black and white ad in the back of computer magazines. The other day I can across a photocopy catalog from a Japanese company called "General Products". Today that company is known as Gonzo.
Great post, because we all should start thinking about tomorrow. It will be here before we know it...
Troubleshooter, Universal Exports
http://funkyblueame.tumblr.com/
Good points Danny... Really enjoyed reading this post.
Not trying to be combative here, but one never really is too old to start. I agree as we get older our bodies do lose the advantages of youth. Although, great success can be achieved at any age, since great plans of action are not limited to youth. I personally refuse to believe that I should give up on obtaining new heights of achievement because I get older.
When i was a younger man I always though, someday I will retire. Now, I know I will never retire; but simply change my lifestyle so I am in more complete control of my life. I suppose that is my main goal behind being my own boss.
I hear what everyone else is saying and I do realize that the LLC is very popular here in the states. Although for one with limited risk a Sole Proprietorship is a good direction to protect ones hard earn, yearly income. I believe that's the point you are making. We need to work smart not just work hard. I setup my first Sole Proprietorship at the end of my second year in college. At the time I was doing a limited good procurement service.
Everyone starts small... I can remember Microsoft being a 3x5 black and white ad in the back of computer magazines. The other day I can across a photocopy catalog from a Japanese company called "General Products". Today that company is known as Gonzo.
Great post, because we all should start thinking about tomorrow. It will be here before we know it...
Troubleshooter, Universal Exports
http://funkyblueame.tumblr.com/
Good points Danny... Really enjoyed reading this post.
Not trying to be combative here, but one never really is too old to start. I agree as we get older our bodies do lose the advantages of youth. Although, great success can be achieved at any age, since great plans of action are not limited to youth. I personally refuse to believe that I should give up on obtaining new heights of achievement because I get older.
When i was a younger man I always though, someday I will retire. Now, I know I will never retire; but simply change my lifestyle so I am in more complete control of my life. I suppose that is my main goal behind being my own boss.
I hear what everyone else is saying and I do realize that the LLC is very popular here in the states. Although for one with limited risk a Sole Proprietorship is a good direction to protect ones hard earn, yearly income. I believe that's the point you are making. We need to work smart not just work hard. I setup my first Sole Proprietorship at the end of my second year in college. At the time I was doing a limited good procurement service.
Everyone starts small... I can remember Microsoft being a 3x5 black and white ad in the back of computer magazines. The other day I can across a photocopy catalog from a Japanese company called "General Products". Today that company is known as Gonzo.
Great post, because we all should start thinking about tomorrow. It will be here before we know it...
Troubleshooter, Universal Exports
http://funkyblueame.tumblr.com/
Good points Danny... Really enjoyed reading this post.
Not trying to be combative here, but one never really is too old to start. I agree as we get older our bodies do lose the advantages of youth. Although, great success can be achieved at any age, since great plans of action are not limited to youth. I personally refuse to believe that I should give up on obtaining new heights of achievement because I get older.
When i was a younger man I always though, someday I will retire. Now, I know I will never retire; but simply change my lifestyle so I am in more complete control of my life. I suppose that is my main goal behind being my own boss.
I hear what everyone else is saying and I do realize that the LLC is very popular here in the states. Although for one with limited risk a Sole Proprietorship is a good direction to protect ones hard earn, yearly income. I believe that's the point you are making. We need to work smart not just work hard. I setup my first Sole Proprietorship at the end of my second year in college. At the time I was doing a limited good procurement service.
Everyone starts small... I can remember Microsoft being a 3x5 black and white ad in the back of computer magazines. The other day I can across a photocopy catalog from a Japanese company called "General Products". Today that company is known as Gonzo.
Great post, because we all should start thinking about tomorrow. It will be here before we know it...
Art/Media
http://sgallen.wordpress.com/
hehe, wow, I could never of thought about that. Then again, I'm not a genius either. All I ever do, is just focus on one thing at a time. For exmaple, I choose full time study and leave 'working for money' much later because I'm also learning how to drive which means that I need to earn some money first (but, I got my parents to pay haha).
I still have no goals set in life, no destination and I'm bound to fail miserably. What can a art/media (+ some weird pshypo pherapy of Cyber culture) student do?
Having to read about this, I might just look into it more (in detail), later...
Anyways, I've rant on poop for a bit already, To Danny!
A Mirai.Suenaga Fan Art! Not too good, messed up quite a bit ^^;
link: http://www.deviantart.com/deviation/53302451/
Danny, dude, I can't even find your Email, Link In, had trouble..
Art/Media
http://sgallen.wordpress.com/
hehe, wow, I could never of thought about that. Then again, I'm not a genius either. All I ever do, is just focus on one thing at a time. For exmaple, I choose full time study and leave 'working for money' much later because I'm also learning how to drive which means that I need to earn some money first (but, I got my parents to pay haha).
I still have no goals set in life, no destination and I'm bound to fail miserably. What can a art/media (+ some weird pshypo pherapy of Cyber culture) student do?
Having to read about this, I might just look into it more (in detail), later...
Anyways, I've rant on poop for a bit already, To Danny!
A Mirai.Suenaga Fan Art! Not too good, messed up quite a bit ^^;
link: http://www.deviantart.com/deviation/53302451/
Danny, dude, I can't even find your Email, Link In, had trouble..
Art/Media
http://sgallen.wordpress.com/
hehe, wow, I could never of thought about that. Then again, I'm not a genius either. All I ever do, is just focus on one thing at a time. For exmaple, I choose full time study and leave 'working for money' much later because I'm also learning how to drive which means that I need to earn some money first (but, I got my parents to pay haha).
I still have no goals set in life, no destination and I'm bound to fail miserably. What can a art/media (+ some weird pshypo pherapy of Cyber culture) student do?
Having to read about this, I might just look into it more (in detail), later...
Anyways, I've rant on poop for a bit already, To Danny!
A Mirai.Suenaga Fan Art! Not too good, messed up quite a bit ^^;
link: http://www.deviantart.com/deviation/53302451/
Danny, dude, I can't even find your Email, Link In, had trouble..
Art/Media
http://sgallen.wordpress.com/
hehe, wow, I could never of thought about that. Then again, I'm not a genius either. All I ever do, is just focus on one thing at a time. For exmaple, I choose full time study and leave 'working for money' much later because I'm also learning how to drive which means that I need to earn some money first (but, I got my parents to pay haha).
I still have no goals set in life, no destination and I'm bound to fail miserably. What can a art/media (+ some weird pshypo pherapy of Cyber culture) student do?
Having to read about this, I might just look into it more (in detail), later...
Anyways, I've rant on poop for a bit already, To Danny!
A Mirai.Suenaga Fan Art! Not too good, messed up quite a bit ^^;
link: http://www.deviantart.com/deviation/53302451/
Danny, dude, I can't even find your Email, Link In, had trouble..
CEO MIrai Inc
http://www.dannychoo.com/profile/eng/
SG,
What do you enjoy doing? Establish what that is and explore areas that are centered around that. For example lets say you enjoy art. Do you participate in art events or circles? Have you been meeting people with similar interests? Reach out to others who are also enjoying what you enjoy and you may find the answer. Your passion for your interests will help you succeed.
And thanks for the fan art - she looks great! I will post it soon.
Edward,
Good point and you are right re age. To tell you the truth, I personally feel that I'm a bit late at the game and sometimes feel that I have a race against time. I guess I need to take it easy a bit more.
Good to see that you are doing your own thing too.
Chris,
Yep - risk is there but its a start.
Canapan,
Just like the message to SG, explore what you are passionate about as that will help you succeed. We all do well at what we are passionate about.
Akiraman,
I've always had side income since I set foot in Japan and have always had the goal of starting up before I turned 35.
The girl is from a game called Kimihagu
http://xoops.frontwing.jp/product/kimihagu/character.html
Her name is Kazumi Shiina
Sam,
thats supposed to be "ala" ^^;
Rufus,
Yes - I am fully incorporated now and the paperwork was MUCH more involved ^^;
Leo,
If you can identify value propositions that your competitors cant provide then you will always have a good chance. If you love what you do then you can succeed!
Omo,
Yep the LLC (known as Inc in JP) is what I currently have.
CEO MIrai Inc
http://www.dannychoo.com/profile/eng/
SG,
What do you enjoy doing? Establish what that is and explore areas that are centered around that. For example lets say you enjoy art. Do you participate in art events or circles? Have you been meeting people with similar interests? Reach out to others who are also enjoying what you enjoy and you may find the answer. Your passion for your interests will help you succeed.
And thanks for the fan art - she looks great! I will post it soon.
Edward,
Good point and you are right re age. To tell you the truth, I personally feel that I'm a bit late at the game and sometimes feel that I have a race against time. I guess I need to take it easy a bit more.
Good to see that you are doing your own thing too.
Chris,
Yep - risk is there but its a start.
Canapan,
Just like the message to SG, explore what you are passionate about as that will help you succeed. We all do well at what we are passionate about.
Akiraman,
I've always had side income since I set foot in Japan and have always had the goal of starting up before I turned 35.
The girl is from a game called Kimihagu
http://xoops.frontwing.jp/product/kimihagu/character.html
Her name is Kazumi Shiina
Sam,
thats supposed to be "ala" ^^;
Rufus,
Yes - I am fully incorporated now and the paperwork was MUCH more involved ^^;
Leo,
If you can identify value propositions that your competitors cant provide then you will always have a good chance. If you love what you do then you can succeed!
Omo,
Yep the LLC (known as Inc in JP) is what I currently have.
CEO MIrai Inc
http://www.dannychoo.com/profile/eng/
SG,
What do you enjoy doing? Establish what that is and explore areas that are centered around that. For example lets say you enjoy art. Do you participate in art events or circles? Have you been meeting people with similar interests? Reach out to others who are also enjoying what you enjoy and you may find the answer. Your passion for your interests will help you succeed.
And thanks for the fan art - she looks great! I will post it soon.
Edward,
Good point and you are right re age. To tell you the truth, I personally feel that I'm a bit late at the game and sometimes feel that I have a race against time. I guess I need to take it easy a bit more.
Good to see that you are doing your own thing too.
Chris,
Yep - risk is there but its a start.
Canapan,
Just like the message to SG, explore what you are passionate about as that will help you succeed. We all do well at what we are passionate about.
Akiraman,
I've always had side income since I set foot in Japan and have always had the goal of starting up before I turned 35.
The girl is from a game called Kimihagu
http://xoops.frontwing.jp/product/kimihagu/character.html
Her name is Kazumi Shiina
Sam,
thats supposed to be "ala" ^^;
Rufus,
Yes - I am fully incorporated now and the paperwork was MUCH more involved ^^;
Leo,
If you can identify value propositions that your competitors cant provide then you will always have a good chance. If you love what you do then you can succeed!
Omo,
Yep the LLC (known as Inc in JP) is what I currently have.
CEO MIrai Inc
http://www.dannychoo.com/profile/eng/
SG,
What do you enjoy doing? Establish what that is and explore areas that are centered around that. For example lets say you enjoy art. Do you participate in art events or circles? Have you been meeting people with similar interests? Reach out to others who are also enjoying what you enjoy and you may find the answer. Your passion for your interests will help you succeed.
And thanks for the fan art - she looks great! I will post it soon.
Edward,
Good point and you are right re age. To tell you the truth, I personally feel that I'm a bit late at the game and sometimes feel that I have a race against time. I guess I need to take it easy a bit more.
Good to see that you are doing your own thing too.
Chris,
Yep - risk is there but its a start.
Canapan,
Just like the message to SG, explore what you are passionate about as that will help you succeed. We all do well at what we are passionate about.
Akiraman,
I've always had side income since I set foot in Japan and have always had the goal of starting up before I turned 35.
The girl is from a game called Kimihagu
http://xoops.frontwing.jp/product/kimihagu/character.html
Her name is Kazumi Shiina
Sam,
thats supposed to be "ala" ^^;
Rufus,
Yes - I am fully incorporated now and the paperwork was MUCH more involved ^^;
Leo,
If you can identify value propositions that your competitors cant provide then you will always have a good chance. If you love what you do then you can succeed!
Omo,
Yep the LLC (known as Inc in JP) is what I currently have.
Visual Communications and Web 2.0
http://www.imagineboris.com
nice danny, should we all start buying stocks of your comapny? hahahaha just joking since your comapny is not publicly traded (we shold definatly get early warning if it will be lol) I'ma ctuly working for myself in a way. I do a lot of freelance work in Web Design/Development for varies clients and companies. Its a ncie income while been in school. I actuyl just finished doing work for one fo the old clients and another old client just came back for more work with me. It is a good way to have some fun and a side income. I pay all my bills though my freelance. I don't write off anythough though since I don't actuly spent money on doing it. I was thinking of setting something up so I can get advertising reveniew from it, but yet to think of something wroth while. Good Luck Danny :P
Visual Communications and Web 2.0
http://www.imagineboris.com
nice danny, should we all start buying stocks of your comapny? hahahaha just joking since your comapny is not publicly traded (we shold definatly get early warning if it will be lol) I'ma ctuly working for myself in a way. I do a lot of freelance work in Web Design/Development for varies clients and companies. Its a ncie income while been in school. I actuyl just finished doing work for one fo the old clients and another old client just came back for more work with me. It is a good way to have some fun and a side income. I pay all my bills though my freelance. I don't write off anythough though since I don't actuly spent money on doing it. I was thinking of setting something up so I can get advertising reveniew from it, but yet to think of something wroth while. Good Luck Danny :P
Visual Communications and Web 2.0
http://www.imagineboris.com
nice danny, should we all start buying stocks of your comapny? hahahaha just joking since your comapny is not publicly traded (we shold definatly get early warning if it will be lol) I'ma ctuly working for myself in a way. I do a lot of freelance work in Web Design/Development for varies clients and companies. Its a ncie income while been in school. I actuyl just finished doing work for one fo the old clients and another old client just came back for more work with me. It is a good way to have some fun and a side income. I pay all my bills though my freelance. I don't write off anythough though since I don't actuly spent money on doing it. I was thinking of setting something up so I can get advertising reveniew from it, but yet to think of something wroth while. Good Luck Danny :P
Visual Communications and Web 2.0
http://www.imagineboris.com
nice danny, should we all start buying stocks of your comapny? hahahaha just joking since your comapny is not publicly traded (we shold definatly get early warning if it will be lol) I'ma ctuly working for myself in a way. I do a lot of freelance work in Web Design/Development for varies clients and companies. Its a ncie income while been in school. I actuyl just finished doing work for one fo the old clients and another old client just came back for more work with me. It is a good way to have some fun and a side income. I pay all my bills though my freelance. I don't write off anythough though since I don't actuly spent money on doing it. I was thinking of setting something up so I can get advertising reveniew from it, but yet to think of something wroth while. Good Luck Danny :P
Art/Media
http://sgallen.wordpress.com/
Danny
Thankyou for the advice :D
hhhmm, Having to think about my interest deeply is hard, I don't really see a solid interest within me which is quite a mess, If I was to place a interest on a solid line besides drawing, it'll be a interest in learning new things.
I like to take on new skills, learn stuff... :D (I try and explore it, Broad area, but I may find what I'm looking for).
Thanks Danny.
And, glad you liked the fanart, I just noticed here shoulders, face and arm is ...off proportion ^^;
Art/Media
http://sgallen.wordpress.com/
Danny
Thankyou for the advice :D
hhhmm, Having to think about my interest deeply is hard, I don't really see a solid interest within me which is quite a mess, If I was to place a interest on a solid line besides drawing, it'll be a interest in learning new things.
I like to take on new skills, learn stuff... :D (I try and explore it, Broad area, but I may find what I'm looking for).
Thanks Danny.
And, glad you liked the fanart, I just noticed here shoulders, face and arm is ...off proportion ^^;
Art/Media
http://sgallen.wordpress.com/
Danny
Thankyou for the advice :D
hhhmm, Having to think about my interest deeply is hard, I don't really see a solid interest within me which is quite a mess, If I was to place a interest on a solid line besides drawing, it'll be a interest in learning new things.
I like to take on new skills, learn stuff... :D (I try and explore it, Broad area, but I may find what I'm looking for).
Thanks Danny.
And, glad you liked the fanart, I just noticed here shoulders, face and arm is ...off proportion ^^;
Art/Media
http://sgallen.wordpress.com/
Danny
Thankyou for the advice :D
hhhmm, Having to think about my interest deeply is hard, I don't really see a solid interest within me which is quite a mess, If I was to place a interest on a solid line besides drawing, it'll be a interest in learning new things.
I like to take on new skills, learn stuff... :D (I try and explore it, Broad area, but I may find what I'm looking for).
Thanks Danny.
And, glad you liked the fanart, I just noticed here shoulders, face and arm is ...off proportion ^^;
Anime Store Owner, artist, Web master
http://www.chucksanimeshrine.com
This is the creed I live my life to, also. I even got into the business of aiding others in being able to make money in their own business on top of owning an anime products company.
Having a job is only a stepping stone that you use as a basic step to meet key people who hopefully will guide you down the path of success or be part of your business team (if they truly are your friends).
It sucks that school and colleges never and will never teach you that the correct path to happiness, wealth, time and an earthly utopia is to be in business for yourself.. then again they wouldn't be in the college teaching you because that's only for people who want to be a slave to another's goal.
I'm glad the people I spend time with are those who have fruit on the tree and can spend all day long doing nothing yet they net 7+ figures and can either spend time with family or teach others to be where they are in life. Because of that now my hobby in anime can be a way of life. Listen to Danny's advise because this is true and nobody but people in that position could teach you.
Anime Store Owner, artist, Web master
http://www.chucksanimeshrine.com
This is the creed I live my life to, also. I even got into the business of aiding others in being able to make money in their own business on top of owning an anime products company.
Having a job is only a stepping stone that you use as a basic step to meet key people who hopefully will guide you down the path of success or be part of your business team (if they truly are your friends).
It sucks that school and colleges never and will never teach you that the correct path to happiness, wealth, time and an earthly utopia is to be in business for yourself.. then again they wouldn't be in the college teaching you because that's only for people who want to be a slave to another's goal.
I'm glad the people I spend time with are those who have fruit on the tree and can spend all day long doing nothing yet they net 7+ figures and can either spend time with family or teach others to be where they are in life. Because of that now my hobby in anime can be a way of life. Listen to Danny's advise because this is true and nobody but people in that position could teach you.
Anime Store Owner, artist, Web master
http://www.chucksanimeshrine.com
This is the creed I live my life to, also. I even got into the business of aiding others in being able to make money in their own business on top of owning an anime products company.
Having a job is only a stepping stone that you use as a basic step to meet key people who hopefully will guide you down the path of success or be part of your business team (if they truly are your friends).
It sucks that school and colleges never and will never teach you that the correct path to happiness, wealth, time and an earthly utopia is to be in business for yourself.. then again they wouldn't be in the college teaching you because that's only for people who want to be a slave to another's goal.
I'm glad the people I spend time with are those who have fruit on the tree and can spend all day long doing nothing yet they net 7+ figures and can either spend time with family or teach others to be where they are in life. Because of that now my hobby in anime can be a way of life. Listen to Danny's advise because this is true and nobody but people in that position could teach you.
Anime Store Owner, artist, Web master
http://www.chucksanimeshrine.com
This is the creed I live my life to, also. I even got into the business of aiding others in being able to make money in their own business on top of owning an anime products company.
Having a job is only a stepping stone that you use as a basic step to meet key people who hopefully will guide you down the path of success or be part of your business team (if they truly are your friends).
It sucks that school and colleges never and will never teach you that the correct path to happiness, wealth, time and an earthly utopia is to be in business for yourself.. then again they wouldn't be in the college teaching you because that's only for people who want to be a slave to another's goal.
I'm glad the people I spend time with are those who have fruit on the tree and can spend all day long doing nothing yet they net 7+ figures and can either spend time with family or teach others to be where they are in life. Because of that now my hobby in anime can be a way of life. Listen to Danny's advise because this is true and nobody but people in that position could teach you.
Student & Accountant
http://nivexus.deviantart.com
Here we have a lot of trusts / discretionary trusts which tend to work better than sole prop in terms of tax and in particular if the business starts finding itself in debt.
frustrated hikikomori + dual core persona guidance counsellor
http://karusnote.blogspot.com
Oh man!!! I would love to manage my own business and i wish it would be hobby-related one just like what danny's owning. There's no best business than the one that can provide what your soul need better!!! Lolz. XDD
My dream is to establish my own company. Very useful information.
Grocery Store Clerk
I would like to be be able tp start up m own business. But I do not feel comfortabel being with out a job that has some kind of benefits
Web Developer
http://travelfolio.co.uk
Hi Danny, thanks for the post - I read this a few months ago thinking it would be useful. Today it proved so. I'll be moving to Tokyo at the start of the next year, I'm in discussion with my company in England at the moment for me to work for them from Japan, I think the proprietorship will be the way to go. My only concern is the method of payment, deposit into an English account or into a Japanese account, I wonder how both countries taxmen feel about that.
I've seen that you run web / blogger meet ups in Tokyo, would like to get envolved if possible?
Excellent post.
I'm currently in the 1st stages of setting up my own proprietorship in Japan when I stumbled across this article. Anyone have an updated link to the National Tax Agency site for the .pdf download, having some trouble locating it ~_^
Musician, web entrepreneur
http://learnjapanesepod.com
That is an awesome post and I am in the midst of researching ways to start up a new web based company here in Japan. Terry Lloyd has written some really in depth articles about the various company types you can register in Japan. Check it out: http://www.daijob.com/en/columns/terrie/article/1473
Great article again. Thanks.
Exporter
Hi Danny, I have just registered as a Kojin Jigyo which was very easy thanks to the help I found here, but I have been to Citibank, UFJ and Shinsei Bank, even sat down with the Bank manger from Shisei bank, but none of them will open an account with my trading name.
I was wondering if you know of any bank that will do this?