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Advice Starting A Online Business

Discussion in 'Business & Tax Advice' started by natedogg, Jun 27, 2016.

  1. natedogg

    natedogg Regular Member

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    Hey guys,

    I been doing well being an affiliate and now its time for me to treat this more as a business. I was planning to go to legal zoom and register my business.

    - Should I register a LLC, S-Corp, etc.

    - I will be just running the business

    - How do I make sure no one takes my ideas for my products I'm selling

    - Should I or do I have to pay taxes quarterly once I register my business

    - Is their a tax attorney I can use online or do I have to go in person

    - How much taxes do I have to pay in the USA living in Massachusetts

    I know this is a forum and some people say get legal assistant which I agree but I know some of you have experience in online business. Any help would be appreciated!
     
  2. JokerSEO

    JokerSEO Power Member

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    If you want to protect your own assets from any lawsuits that can arise from your company, then go with an LLC. If you don't have tons of assets that need protection or don't think there will be any issues with the company, a DBA is all you need. If you are selling products, you will also need a sellers permit. You can register a DBA + Seller's permit through legal zoom in less than an hour online, will cost you about $187. An LLC is a little more expensive. Usually if you have employees you will want to go the LLC route, if it's just yourself and your running a small shop, a DBA usually is enough.

    As for the products, this is America - people can sell similar products and there isn't really much you can do about it unless your idea is patentable.

    Yes you have to pay taxes annually for a DBA and usually quarterly if you have an LLC.

    You will pay income tax on all profits.

    Best of luck,
     
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  3. natedogg

    natedogg Regular Member

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    So for a DBA the only choices would be paying taxes annually? I will obviously outsource to content writer, graphic designers etc. Would that still fall in the DBA? Thanks
     
  4. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    Taxes are paid quarterly as to Fed taxes; for Mass I have no idea but that won't be hard to find out.

    You do not need a tax attorney unless you are balling and it sounds like you are just getting going. Contact a local bookkeeper to have them set you up with your system and that would include how to pay your 941s (quarterly taxes) and you should be fine going forward.

    Odds are you are going to be best suited with an LLC but I'd get some advice from an attorney. You can get some free advice from amerilawyer.com as they will do a phone consultation with you at no charge.
     
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  5. JokerSEO

    JokerSEO Power Member

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    If you prefer to pay quarterly i'm sure you could do that as well, I have several DBAs and I just pay annually. Outsourced work are not company employees so it sounds like you just need an individual business. A DBA will work unless you wanted liability protection then go with an LLC.
     
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  6. natedogg

    natedogg Regular Member

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    Thanks BTB... so like someone else said if I go with DBA can I still pay quarterly taxes or just annual taxes with a DBA. Might sound like a stupid question but what is the difference between a DBA and a LLC. I'm not planning to make 6 figures at first. Thanks again
     
  7. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    You have to pay quarterly either way or you pay a penalty.

    The LLC gives you some protection in the event you get sued; operating as a DBA does not give you that same benefit.

    Amerilawyer has a horrible site but they have a few people on staff that are pretty sharp and you can even set up your LLC with them should you choose that route after the free consult. They may take a day or two to get with you telephonically but you'll get solid advice.
     
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  8. natedogg

    natedogg Regular Member

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    Last question BTB... so I keep all my records that I spend on advertising, supplies, outsourcing etc. and bring proof to my accountant? Also, what would you say in your opinion what self employed taxes are quarterly living in the US? Thanks again!
     
  9. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    At a minimum you'll pay 15% and change on your profits as that is FICA (social security) taxes. The actual income tax is based on your actual profits and is scaled so you'll need to estimate that. I believe Uncle Sam gives us a 10% variance there but that is a tad foggy for me as remembering the actual %.

    But you have the idea, you keep every jot and tittle of your income and expenses and bring it to your bookkeeper. I would suspect that you do not need an accountant at this point unless you are in the 6 figure range (I would not mess with an accountant's fees unless I was over 75K - 80 K or so.
     
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  10. natedogg

    natedogg Regular Member

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    Thanks... what a alternative to an accountant that could do this quarterly?
     
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  11. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    Bookkeeper - you must have 5 of them inside of a 10 mile radius up there in MA.

    Google bookeeper cityname and you'll be golden.
     
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  12. natedogg

    natedogg Regular Member

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    Thanks again BTB... great advice as always:)
     
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  13. MayhemMarketing007

    MayhemMarketing007 Junior Member

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    Thanks for this tip. I might look into a DBA once I get back Stateside. I've been operating as a sole proprietor for years now.