Opening a yoga studio will not feel like a major stretch and I’m confident it will forever change your life for the better. It has the potential to be a gratifying career and an enjoyable way to make a living. In order to get the most out of your yoga studio, you should first register it. Here’s how.
The process to register a yoga studio typically includes choosing a business structure, applying for the studio name’s trademark, registering with the Internal Revenue Service and local and state governments, and securing licenses and permits.
Some of the advantages of having your yoga studio registered include legal protection, assurance of your studio’s credibility, and the flexibility to advertise your studio completely. Once all pertinent documents and registration certificates are in your possession, you can officially start running your business of providing wellness and fitness through the fundamentals and physicality of yoga.
Decide on a Business Structure
The first step is to choose what form of corporate structure you want for your yoga studio. According to the Internal Revenue Service (IRS), the most popular types of businesses are Sole Proprietorships, Partnerships, Limited Liability Companies (LLC), and S-Corporations. Each of these business entities has corresponding tax return forms to file and business taxes to pay.
To assist you in making your decision, the following is a quick summary of the prevailing business forms:
- Sole Proprietorship: This basically refers to an unincorporated business operated by a single individual. This has the following legal status: a) it is not a separate juridical entity from the owner, b) the business person has unlimited liability, and c) it can sue or be sued in the operator’s name.
- Partnership: This is a sort of business that is owned and run by two or more people. Each partner contributes money, assets, work, expertise, and shares in the company’s earnings and liabilities.
- S-Corporations: These are corporations that are allowed to pass through business income, liabilities, deductions, and credits to their shareholders for purposes of federal taxation. This enables S corporations to avoid paying double taxes on corporate revenue.
- LLC: This is essentially a corporate structure permitted by state law. In the most basic sense, this company structure combines the liability-protection benefits of a corporation with the flexibility and tax pass-through benefits of a partnership.
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Apply for the Trademark of your Studio’s Name
After deciding on a business structure and determining which income tax return to submit, you may proceed to register and trademark the name of your yoga studio. This will bring several benefits to your business, including legal protection and the opportunity to display the ® sign next to your studio’s name and logo. This is similar to copyright in that a trademark safeguards your brand from counterfeiters and those who use your brand without your authorization.
The following are the procedures you may follow to register and trademark your studio:
- First, verify whether a trademark for your yoga studio’s name is still available using various online databases such as Trademarkia.
- Once you have decided to trademark your company name, the following step is to seek legal counsel.
- After you’ve evaluated everything, you may proceed to register your studio’s name with Trama.
Register with the Internal Revenue Service
Your next move after trademarking the name of your yoga studio would be to register with the Internal Revenue Service (IRS). This will help you in securing an Employer Identification Number (EIN), which functions similarly to your Social Security Number for your business and is required for tax filing. To achieve this, you only need to sign up on the Internal Revenue Service’s official website.
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Register with Local and State Agencies
After completing all federal applications, your next step is to register your yoga studio with one or perhaps more state or local government bodies. You will benefit more as a result of doing this. For instance, you can register with your state agency to file payroll taxes if you intend to handle payroll.
Obtain Licenses and Permits
Last but not least, you must submit applications for all required licenses and permissions. These will enable you to completely enjoy your yoga sessions after ensuring the legitimacy of your yoga studio. To achieve this, all you need to do is contact your local government to know what permissions are required and how to get them.
Here are a few examples of relevant licenses and permissions you might need for your yoga studio:
- Basic Business Permit
- Health Permit
- Fire Department Permit
Conclusion
All things considered, registering a yoga studio starts with choosing a business structure, applying for the trademarking of the studio name, registering with the Internal Revenue Service, and local and state governments, and obtaining all other necessary licenses and permissions. Complying with all the necessary requirements for registering your yoga business will establish your studio as a legitimate entity and you as a credible business owner.
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Frequently Asked Questions
Follow these steps to establish a yoga-at-home business: 1) Obtain necessary accreditation, 2) Select your yoga style specialty, 3) Choose a name and design a logo, 4) Create a website, and 5) Continue advertising your business to produce more students.
To build a yoga studio, you must first 1) do market research, 2) prepare a business plan that includes your brand concept, studio location, and so on, 3) work on your finances, 4) register your studio and secure licenses and permissions, 5) hire the suitable employees, and 6) create a marketing strategy.
To learn more about starting your own Yoga Business check out my startup documents here.
Please note: This blog post is for educational purposes only and does not constitute legal advice. Please consult a legal expert to address your specific needs.
Meet Shawn Chun: Entrepreneur and Yoga Fan
I’m a happy individual who happens to be an entrepreneur. I have owned several types of businesses in my life from a coffee shop to an import and export business to an online review business plus a few more and now I create online yoga business resources for those interested in starting new ventures. It’s demanding work but I love it. I do it for those passionate about their business and their goals. That’s why when I meet a yoga business owner in public at a studio or anywhere else I see myself. I know how hard the struggle is to retain clients, find good employees and keep the business growing all while trying to stay competitive.
That’s why I created Yoga Business Boss: I want to help future yoga business owners like you build a thriving business that brings you endless joy and supports your ideal lifestyle.