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Are IMers really "Business Owners" ?

Discussion in 'BlackHat Lounge' started by KHMNTCPR8, Aug 19, 2011.

  1. KHMNTCPR8

    KHMNTCPR8 Regular Member

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    My brother and I are getting a loan for a home for my parents and the bank needs to verify that we have jobs/income sources. My brother put down his job info, and I simply put that I'm self-employed with an internet business.

    Well now they need to see proof that I own a business. So I sent them my Godaddy screenshot showing my the domains I own and my Google Analytics overview to try and prove that I own those websites, because my Mom said I needed to put my name on one of my sites to prove its mine. But when you're a BHer you don't really want to put your real name on your website lol.


    Anyway the underwriter said she needs more information of how she can cross reference my name with my business online. The thing is I market online as an affiliate/cpa publisher. So shit its not like I own some business store front to show them, I suppose I'll just send them some fucking screenshots of my Godaddy account contact info? And perhaps a screenshot of my account info at one of my affilate/cpa networks?
     
    Last edited: Aug 19, 2011
  2. blackhataffiliate

    blackhataffiliate Senior Member

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    I just purchased a home and I am a full time affiliate. I had to show 2 years tax returns as well as the last 6 months of deposits. While I do have an LLC, the loan officer (VP of mortgage underwriting for my bank) said it did not really come in to play.
     
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  3. BigBuddy

    BigBuddy Account Under Review

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    If you paid tax for your IM income, your tax returns should help you in this case.
     
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  4. KHMNTCPR8

    KHMNTCPR8 Regular Member

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    OK, yea last week they had me send the last 2 months of deposites but I sent 3 because the previous two months they asked for were not big money months, and they also asked for last years tax return so I sent it all to them. Now they just want to make sure that the money is coming from somewhere not illegal, but they probably don't understand that I get paid commissions for online sales, and leads. I guess I should show them my godaddy account contact info, and some from a cpa/affiliate network.

    I'm definitely looking toward an LLC sometime in the near future as I need to take progressively bigger steps as I progress. Probably will just help take off some of the liability of this stuff off me too. Just a bit worried if they see my movie site O.O
     
    Last edited: Aug 19, 2011
  5. BigBuddy

    BigBuddy Account Under Review

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    Just purchase some 2 years old domain.

    Create a landing page of your offer. create contact us page and enter your personal details.

    After loan approval, just remove the contact page.
     
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  6. KHMNTCPR8

    KHMNTCPR8 Regular Member

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    hey thats a good idea!
     
  7. StartupBros

    StartupBros Regular Member

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    You gotta get a S-Corp or LLC asap...youre getting taxed to hell right now...
     
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  8. KHMNTCPR8

    KHMNTCPR8 Regular Member

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    yea, i try and include everything as a business expense lol

    when i buy a video game for example, I usually make youtube videos with them and make some cpa money from them so I count them as business expenses. but yes, I was researching S-corp VS LLC yesterday. Still gotta do more research and see what I should get
     
  9. ahiddenman

    ahiddenman Elite Member

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    Or you could just make a site as BigBuddy said but on Wordpress platform then disable Search Engine visibility :)

    So then all your details are kept safe.
     
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  10. Mr.Greyhat

    Mr.Greyhat Registered Member

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    Well I get paid thru my corporation, and I file taxes, and I give CPA companies that pay me my EIN number, so yes IMers can really be business owners. I also have an office, and deduct the gas mileage, of me trying to my business, and also save money on depreciating equipment such as computers and such.

    One of the cheapest ways if you are in the states is to file a Sole Proprietorship. Costs you like $10 and you can open up business bank accounts under the name and really look good to the loan people.
     
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  11. StartupBros

    StartupBros Regular Member

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    I dont know if that is going to work as a business expense :)
    Regardless, you HAVE to get out of being a sole proprietor. You are being TAXED like CRAZY right now.

    LLC = Simple, nothing too special. Just covers your personal liability.
    S-Corp = Losses carry over to your personal tax records, GREAT for companies netting $20-50k/yr
    C-Corp = So many exemptions your head will never stop spinning, great for companies netting $50k+/yr

    Just pick one and go before you give the Government any more money than you have to!
     
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  12. KHMNTCPR8

    KHMNTCPR8 Regular Member

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    Yea I totally agree with getting out of sole-propriotership

    did you read the millionaire fastlane by any chance?
     
  13. KHMNTCPR8

    KHMNTCPR8 Regular Member

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    Yea I suppose I need to get that, I'm making between 30k-40k this year (possibly more, well see!) so I guess thats enough to warrent actually getting a corporation. Last year I made 32k but just figured it was so little that getting a corporation would be overkill.
     
  14. EmpireQuality

    EmpireQuality Elite Member

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    you dont have to "get a corporation"
    you can simply get an LLC, a limited liability company
    it will cost you no more than $1,000 and you will be indexed in the .gov business database of the state you create your LLC in, which should be MORE than enough proof for the situation that you are in
    and by the way, you dont need to incorporate in the state that you live in :)
     
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  15. blackhataffiliate

    blackhataffiliate Senior Member

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    I just paid $300 for one through legalzoom
     
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  16. StartupBros

    StartupBros Regular Member

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    I didnt read that, but I saw it. Looked like a pretty decent read.

    Just to clarify - S-Corp, C-Corp, LLC; they are all about as simple as each other to get set up. Dont be scared off by the "Corporation" tag, it is just the IRS looking at an LLC differently.

    For you, it sounds like a S-Corp may be the best option. Followed by a LLC, then a C-Corp. Thats just my opinion, PLEASE do your own research first!

    LLC's are SIMPLE and QUICK, S-Corp is just about as simple with a little bit of lingo you have to learn, few technicalities you have to learn.

    Just make sure you get one of the two registered ASAP!
     
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  17. KHMNTCPR8

    KHMNTCPR8 Regular Member

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    Yea my roommate recommended legal zoom. He's filed different things there, I'd ask him for help but he is never home, always working.

    I really want to save a lot of money, and also protect my self from potential lawsuits.

    I've been doing a bunch of research so I suppose I'll just keep it up and then start looking into prices of doing through legal zoom.
     
  18. KHMNTCPR8

    KHMNTCPR8 Regular Member

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    hmm this is crazy I gotta pick a company name

    i guess the name won't matter since its for tax purposes and liability protection only for me
     
  19. EmpireQuality

    EmpireQuality Elite Member

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    you just wasted $300 on a "illegalzoom" LLC but it depends on what you are using your LLC for. do you actually plan on owning a legitimate company or are you simply doing affiliate marketing through your LLC?
     
  20. blackhataffiliate

    blackhataffiliate Senior Member

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    How did I waste my money? I have had no issues with Legal Zoom and I do own a legitimate company that is listed in Dun and Bradstreet and has a company credit card?