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Posts Tagged ‘Starting’

Starting a sole proprietorship with a partner/supplier in Peru, how do i share profits and avoid tax problems?

26 May

Hi all,
I’m starting a business and i have a business partner (very trustworthy) in Peru. We’re going to be in retail essentially importing quality handmade clothing and misc from Peru to the US. Establishing this as a sole proprietorship, i have to declare the profits as “personal income”. The problem is i have to share the profits 50/50 with my partner. How do i declare that 50% that goes to my partner in my taxes….wont the IRS audit that? What efficient way is there to share the profits, declare my taxes and have everything be legit?

One more thing, Since my partner is my supplier, he will send the goods here to the US. Do i have to pay any tariffs on Importing those goods?

Any help will greatly be appreciated.

 
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Buyer wants to buy on contract starting Nov ending in May. Worried not binding & don’t want to start over?

06 May

A buyer has made an offer using a contract for deed; house is 239,900; want to put 1000 earnest money; get an FHA loan (he has been pre-approved for FHA as well as conventional) and we are worried that come next May if he didn’t get the money we would get the house back. He will make $1100 monthly payments for 6 months, 600 going to the house, rest to taxes and insurance. If this falls through, we do not want to go through litigation.
Can’t get blood out of a turnip they say. It is our only solid offer. Would it be better to pass on this and keep marketing and try to get a buyer who can buy now? Most have houses to sell which is a problem as well. Buyer also wants an FHA mortgage which I understand the appraisal is much harder to pass. Our house is nice but it could be a problem.

We do have an attorney but I still worry that any contract could be broken.

We have no mortgage on the house but we have purchased another one which we would like to move into. No mortgage on that one as well but keeping up with utilities, taxes and insurance on both homes can be costly.

 
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Advice Starting a small home repair (handyman) business.?

16 Apr

I would like to start my own home repair business. I live in K.c. Mo. and want to do work in the metro area. Right now I’m just wanting to run this business part time. I have a full time job that I want to keep working. I’m a maintenance tech at an apartment complex. My first question:
Is it even possible to keep this job or would it be a conflict of interest?

I want to do work like bathroom refurbishment, basment refinishing, maybe deck building, painting, light plumbing and electrical. Yard work. Simple home maintenance.
What kind of Licenses would I need?
Would I need to register to pay taxes?

If I brought someone in to help, would it be better for me to have them as a partner or an employee?

I want to be able to advertise my services in the phone book and online. As well as with business cards.
Do I need to do anything extra for this privilege?

I read something that said you must register for any business operated under any name other than your own.
Does this mean that if I use my own name as the business name I don’t have to register?

Do I need to have to have an accountant?

I’m thinking that an L.L.c. would be my best bet.
I know of someone who just “went down and payed a hundred dollars and got a business permit”. Is it really that simple or should I just get an attorney to set up the business? How much should I expect an attorney to charge to set up a small business?

I don’t know anything about starting a small business, but I do know the field I have choosen. Ten yrs of experience. I apprieciate your advice on this matter, Ty.

 

What are the tax advantages to starting a small business?

15 Apr

I have been thinking for a while about starting up a small business, based out of my home. It will basically be a mobile auto service business. I have heard lots of stuff about tax advantages to starting up a small business. I have also heard that you can write off a vacation once a year as a board of directors meeting. What are the facts about tax advantages for small business, or where on the web can I find this info? Any help is greatly appreciated!

 
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Starting an online business, wondering if I have to register as an LLC or something?

23 Mar

A friend and I are starting an online business where we are going to be writing resumes for people and stuff- Do we have to register with someone as a business or file separate papers with the IRS? We were just thinking we could have the website and everything and just claim the extra income on our personal tax returns. Also, Do we have to become an LLC or something? I just want to make sure we trademark our ideas and don’t break the law. But we don’t have a lot of money to register(meaning $40-$50 is probably the max). Can anyone help, possibly a tax attorney?

 

I’m starting a business in Chicago dealing with banks/lenders. Where can I get mailing lists…cheap?

08 Mar

I will need a way to market my service to banks, lenders, mortgage companies as well as attorney’s who do tax appeal and estate planning. What is the best way to let them know I am available. Rules and non compete clauses prevent me from contacting current clients through other companies I work for as a consultant.

 

Legal Guide for Starting & Running a Small Business, Seventh Edition

03 Mar

Product Description
Small business owners are regularly confronted by a bewildering array of legal questions and problems. Ignoring them can lead to disaster — but with lawyers typically charging $150-$250 an hour, calling one to answer routine legal questions can be a fast track to the poorhouse. Fortunately, you have a better alternative. Legal Guide for Starting & Running a Small Business clearly explains the practical and legal information you need to: *raise start-up money
*choose between a sole proprietorship, partnership or LLC
*get licenses and permits
*buy or sell a business or franchise
*negotiate a favorable lease
*insure your business
*hire independent contractors safely
*under… More >>

Legal Guide for Starting & Running a Small Business, Seventh Edition

 
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Financial/Tax questions with starting my own youth baseball team?

03 Mar

I am starting my own little league baseball team. When recieveing donations/sponsorship do I have to give a reciept or something for their tax write off? Dose their contribution qualify for a write off? Do I have to file with the IRS or anything? This only for 1 team and we are looking to get a total of $2000.00 to start. Any help would be appreciated. We are in Ohio if that matters.

 
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My final IRS Tax Rebate question! Where is the starting point of the rebate checks?

27 Feb

Alphabetically by state or by persons last name or what time they filed their 2007 taxes? I know they start cutting them out in May 2008.

 
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Successful Entrepreneurs – Choosing The Proper Entity When Starting Your Business

29 Nov


Surround yourself with trusted, competent advisors when starting your own business. Find an Attorney and CPA in your area. Don’t try to do everything yourself by reading books and doing endless r…