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Must open a company for eCommerce/Dropshipping?

Discussion in 'Making Money' started by nakamura, Apr 9, 2017.

  1. nakamura

    nakamura Senior Member

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    I am a bit confused over here. Some people say if you are doing WooCommerce/Shopify + AE then you should definitely open a company, because of tax reasons, pay pal business account, merchant accounts, etc.

    Some others are saying its not needed.

    What is up with that? How are you guys handling it?
     
  2. propipper

    propipper Junior Member

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    If you're just starting out and you're testing the waters then you should consider just doing it yourself to see how you do and if you want to keep at it.

    If you do well and want to continue then get the business set up. Depending on how you set it up, it may offer more personal protection with a corporate shield. You can set up a business under your name and that's called a sole proprietorship.

    Talk to an accountant and attorney. But, as you mentioned, having a business comes in handy when setting accounts up with vendors.

    No matter what you do, be sure the tax man gets what's owed to them.

    As mentioned, spend the $100 to talk to a competent attorney. If you can't afford that, go get a job.
     
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  3. nakamura

    nakamura Senior Member

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    I guess I would set up the company in Singapore or HK anyway. The one who can't even afford 100 bucks shouldn't start IM anyway.