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I'm applying for an EIN....

Discussion in 'Business & Tax Advice' started by domainplayer, Oct 31, 2009.

  1. domainplayer

    domainplayer Junior Member

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    Should I register as a sole proprietor? If not, what should I register as? I want to use my EIN for CPA networks and affiliate programs.

    Thanks
     
  2. domainplayer

    domainplayer Junior Member

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    Can someone please answer this?
    Posted via Mobile Device
     
  3. absinthekid1

    absinthekid1 Junior Member

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    I suggest you apply as an S Corp because as a sole proprietor your personal assets can be taken if you're sued.
     
  4. leebo1010

    leebo1010 Newbie

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    A Sole Proprietor is a quick fix if you're just trying to get something registered right now to give to the networks. And it's also only $25 in Texas to do this. However, if you've got a little bit of time (not in a rush) an S-Corp or an LLC are your best bets. S-Corps are my favorite b/c of the tax benefits and the liability protection. However, these usually cost anywhere from $750-$1250+ to register depending on who you use.

    If $750+ is a bit much for you to spend, you can register as a Sole Proprietor to get started and convert later to an S-Corp.

    Hope that helps:D
     
  5. skylark516

    skylark516 Regular Member

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    open up a S-Corp or LLC.

    Then you can get an unlimited number of DBAs.
     
  6. domainplayer

    domainplayer Junior Member

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    What are the benefits of an LLC vs an S-Corp?
    Posted via Mobile Device
     
  7. skylark516

    skylark516 Regular Member

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    They are a separate legal entity. If your corp gets sued, then you aren't liable.

    Go with an S-Corp.

    Taxes benefits:
    With a corp, and a good accountant, you should be able get move your taxes town into the 15-20% range, no matter how much you make.
    -you can incorporate offshore in panama, and pay no taxes (no taxes on offshore income. Just don't be stupid and buy a mansion when saying you made 30,000 last year.)
    -the best way to do it is to give yourself a *loan* from your panama corp, then you pay your corp each month what you *owe* :)

    Unlimited number of DBAs (doing business as):
    Apply to as many CPA companies as you want, each with a different legal identity that comes with an EIN.
     
  8. jmm223

    jmm223 Registered Member

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    I thought that an S-Corp was not as much protection as an LLC or a Corp.

    If you are just doing CPA stuff, and don't plan on being a bad boy, I think an S-Corp is the easiest.