JohnLuther
Registered Member
- Jul 29, 2014
- 80
- 30
First off, I would request you to reconsider your plan of 'not paying' tax. Not for ethical reasons but from my personal experience. I did this initially and ended up with no creditworthiness to get a loan approved. Now you are going to say that you don't need a loan. Few years back, I found an interesting domain extension and setting up an ICANN approved registrar wasn't that expensive. Long story short, I couldn't but if I managed to get a loan, I should be making a lot of money because that particular extension is selling like hot cake.
To answer your real question, here is the best way to do it. Register an LLP for 3,000 bucks and open a current a/c. Get sole proprietor account on Paypal and link it to your current a/c. Start making bill for all your expenses (hosting, online transactions, inventory) and I am sure your 'profit' will come down by 50% at least. A laptop purchased for your company is an expense
Flight tickets, Uber rides and phone bills all can be converted. Heck, you can even buy a car in your company name and you are sorted for 4-6 years
To answer your real question, here is the best way to do it. Register an LLP for 3,000 bucks and open a current a/c. Get sole proprietor account on Paypal and link it to your current a/c. Start making bill for all your expenses (hosting, online transactions, inventory) and I am sure your 'profit' will come down by 50% at least. A laptop purchased for your company is an expense
Flight tickets, Uber rides and phone bills all can be converted. Heck, you can even buy a car in your company name and you are sorted for 4-6 years