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Legit business entities?

Discussion in 'BlackHat Lounge' started by daowns, Jun 24, 2010.

  1. daowns

    daowns Newbie

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    Hey everybody,

    I was just wondering how many of you have legitimate registered businesses, like LLCs etc? I've been looking to get into dropshipping type business but all the wholesale sources I look into require business names and tax codes. So I guess I just want some more information on this sort of thing.
    Thanks for any feedback :]
     
  2. Skyjockey

    Skyjockey Newbie

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    Yep got one LLC. With checking and line of credit. Easy to set up. Well worth the time to setup.
     
  3. dukeofism

    dukeofism Junior Member

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    Assuming you are living in the United States, all you need to do is register in your city/ county for a DBA (doing business as) and acquire a EIN (employer identification number). If you are making any money at all, you already qualify as a business entity (sole-proprietorship). Combine that with a EIN and DBA and you are good as you really ever need to be (assuming you don't plan on selling stock or having to deal with legal formalities).

    If you plan on getting sued, it may be worth it to set up an LLC, but for 99% of internet marketers out there, its not worth the time.
     
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  4. daowns

    daowns Newbie

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    Thank you for the information! Does a sole proprietorship cost anything to set up?
     
  5. blazen

    blazen Regular Member

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    No, just using your SSN while making money makes it sole-proprietorship, or you get a EIN and DBA as one. I like a llc because it separates your business assets from your personal assets.
     
  6. dukeofism

    dukeofism Junior Member

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    A sole propietorship doesn't cost anything to set up. By simply doing business at all, you are acting under a sole proprietorship. Under a SP, you and the business are the same entity. If you need more advice or information, please contact me VIA PM, I can more directly help you and answer specific questions pertaining to what you want to get out of "forming a business".

    Good Luck!
     
  7. opticbit

    opticbit Registered Member

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    Occupation:
    Any way you could zonk me out and make me think I'
    Location:
    NorCal.
    My dad had 2 businesses set up, He let me use them for my own ventures and what ever he had set up. I just used which ever one had what I needed. At the time I thought it was expensive to get set up. I recently set up my own business. Only cost a few bucks. Also there is a posting on here about building your business credit, basically order from

    set up your business
    get a DnB number

    order anything on acct from each of the following
    uline
    quill
    gemplers
    pay in 20-25 days

    get listed on
    listyourself . net
    superpages
     
    Last edited: Jun 24, 2010