1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Incorporating Question

Discussion in 'Business & Tax Advice' started by darklegion, Dec 5, 2008.

  1. darklegion

    darklegion Regular Member

    Joined:
    Nov 24, 2007
    Messages:
    280
    Likes Received:
    35
    I have ZERO knowledge about incorporating but I do know what I would like.

    I want to have my own EIN (employee identification number) for my business. My business is strictly online, through a website. I do not want my earnings taxed on my own SSN# you will understand why later...

    I want my personal belongings to not interfere with business issues. In case anything wrong goes on with the business, I do not want to lose my car, belongings, etc.

    Now things get 'tricky' at least they do for me....

    I run my websites with a partner and we have made a deal that all profit is split 50-50. I live in the USA while my partner lives in New Zealand.


    How do I go about registering this as a company? I think creating an LLC or even an LLP would be sufficient but I am not exactly sure and would like to hear your opinions.
    Thanks
     
  2. the_demon

    the_demon Jr. Executive VIP

    Joined:
    Nov 23, 2008
    Messages:
    3,177
    Likes Received:
    1,563
    Occupation:
    Search Engine Marketing
    Location:
    The Internet
    I might know someone who can help, check your PM for details.
     
    • Thanks Thanks x 1
  3. martin101

    martin101 Newbie

    Joined:
    Sep 27, 2008
    Messages:
    49
    Likes Received:
    117
    Location:
    LA
    One piece of advice, don't mess with those indians(no offense) service. Talk to your local accountant. You don't want to fuck with IRS or you'll end up being in jail. Incorporate cost no more than $300, it comes with EIN. If you live in US you have a big advantage.
     
    • Thanks Thanks x 1
  4. bizcredit

    bizcredit Power Member

    Joined:
    Apr 1, 2008
    Messages:
    678
    Likes Received:
    253
    Occupation:
    blackhat
    Location:
    usa
    Home Page:
    http://www.explodebizcredit.com/
    Free E-book

    Includes a small bit about incorporating and getting your tax ID. Dont pay a company. In my state I can setup a corporation for $50
     
  5. carryout

    carryout Junior Member

    Joined:
    Nov 7, 2008
    Messages:
    137
    Likes Received:
    34
    Occupation:
    Student @ UND
    Location:
    Midwest
    go to legalzoom.com if u want a cheap way to get a company incorporated, but keep in mind your still going to have to pay fees etc, just read about it on their website. If you want a EIN number just go to IRS's website and they have forms you can fill out its like $29.00 to get one...Otherwise just type in Get EIN number or somthing and there plenty of services that do it automatically review the app and approve you within a few minutes etc. very very simple. Good luck

    Edit: if you have any LLC, LLP whatever you dont have to worry about your personal belongings, thats why its called limited liability. say ur parnter f's u over u both loose the company but keep ur assets. All Limited liability props/parneterships and corps are this way, however if u go the Sole proprietorship ur screwed and can get sued personally and your company will get sued...
     
    • Thanks Thanks x 1
    Last edited: Dec 5, 2008
  6. Uptownbulker

    Uptownbulker BANNED BANNED

    Joined:
    Oct 21, 2007
    Messages:
    960
    Likes Received:
    477
    Dude, hit me up!

    Click my sig, PM me, AIM, MSN; whatever; I am The Man With The Plan for you and your situation!:)

    Uptown.

    (John.)
     
  7. darklegion

    darklegion Regular Member

    Joined:
    Nov 24, 2007
    Messages:
    280
    Likes Received:
    35
    Thank you very much to everyone.

    UpTown: I'll be contacting you soon, I already sent a PM to you several days ago saying I would be in touch. I don't think I'll be using your service but we shall see.
     
  8. innocent

    innocent Junior Member

    Joined:
    Dec 3, 2008
    Messages:
    149
    Likes Received:
    67
    Make sure you are doing this for the right reasons. You indicate that "if something goes wrong" you don't want to lose your personal items. Are you concerned about some sort of liability in running your internet business? What are those concerns? Fact is, unless you are taking large amounts of debt within the business, or, are concerned about someone suing you over your online business, then you don't have much to worry about.

    On the other hand, if you have concerns over taxes, anonymity, etc. then forming a corp of some type makes sense. However, for the reasons you listed you might not want to go through the costs and setup.

    Just my 2 cents.
     
  9. darklegion

    darklegion Regular Member

    Joined:
    Nov 24, 2007
    Messages:
    280
    Likes Received:
    35
    I have several reasons.

    1. I do not want my personal earnings to be taxed to my own SSN#. I have signed up to all the affiliate networks and split profits with my partner. I do not need to be taxed for what is not my money.

    2. I do not care so much for anonymity but I must rather have my personal items protected. I run an online business and live in the USA. People sue each other for ridiculous reasons and just want to have that protection.

    3. It is to gain the legitimate factor for the business I run.

    4. The way things are set up, I much rather feel more secured. I have control of all the money, and my partner has control of the script. I have no access to the host and the files and by forming the partnership it will ease that tension.

    There are more but that is all I want to type for now.
     
  10. innocent

    innocent Junior Member

    Joined:
    Dec 3, 2008
    Messages:
    149
    Likes Received:
    67
    Good reasons DarkLegion carry on! You've outlined some good reasons. Peace of mind probably being the most important!!!
     
  11. Uptownbulker

    Uptownbulker BANNED BANNED

    Joined:
    Oct 21, 2007
    Messages:
    960
    Likes Received:
    477
    I can help you guys, so why don't you stop jerking each other off and hit me up?

    :eek:
     
  12. Vivica

    Vivica Regular Member

    Joined:
    Dec 15, 2007
    Messages:
    260
    Likes Received:
    72
    Occupation:
    Agent of novelty!
    Location:
    Planet Earth ≡ This was just a first step; in time
    You can BELIEVE what Uptown says! I used his services to form my corporation and it was so fast and easy. My only regret was not doing it ages ago when I first got started in this biz. Don't repeat my mistakes... let Uptown do it for you, as when it comes to incorporating, he is DA MAN!
     
    • Thanks Thanks x 1
  13. digitalpower

    digitalpower BANNED BANNED

    Joined:
    Dec 16, 2008
    Messages:
    303
    Likes Received:
    69
    I have a similar model and I can help you setup your LLC. Its not that difficult unless you do all the research on your own. If you are interested in my help, let me know!