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    925

    I've audited Fortune 1000 companies and small...

    I've audited Fortune 1000 companies and small community organizations. They don't track investments in their accounting ledgers -- they post only what is needed for an adjustment and that is because...
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    That is for a single owner. You'll be taxed as a...

    That is for a single owner. You'll be taxed as a partnership. You'll need to file a Form 1065. When you apply for your tax ID, you'll select partnership. Good luck!
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    Much of what you describe isn't accounting....

    Much of what you describe isn't accounting. QuickBooks does have a fixed asset manager and can keep track of inventory assuming you have the right package that can offer you these full benefits. But...
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    If you have sales and such in California, or if...

    If you have sales and such in California, or if you're performing any of that work in California, the state will say you need to register with them and pay taxes back to California anyways. The...
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    Member Loan (liability) or Member Contribution...

    Member Loan (liability) or Member Contribution (equity) would suffice. You'd create a journal entry by Dr. Organizational Costs $500 / Cr. Member Loan/Equity $500. Keep the documentation on file like...
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    As long as the fictitious names are filed, you...

    As long as the fictitious names are filed, you should be able to use just the fictitious name. Glad to see it was resolved.
  7. Each ledger indicates a transfer (out / in)....

    Each ledger indicates a transfer (out / in). Fairly straight forward in that regard.
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    Stay tuned, as many states are taxing even the...

    Stay tuned, as many states are taxing even the intangible aspect of a digital product. Plus if one of your clients asks for a CD, you now have a physically tangible product. I'm a bit surprised that...
  9. You're asking a very specific question to NYS,...

    You're asking a very specific question to NYS, which is not my expertise. You can call the state to ask a general question and they may be able to answer. The short answer is yes, you're probably...
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    Just see this wasn't answered. In general, if...

    Just see this wasn't answered. In general, if you're a US citizen, you're taxed on worldwide income, so even if you earned money as a taxi driver in Uzbekistan, the US will still require you to...
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    You should obtain an EIN for your DBA by visiting...

    You should obtain an EIN for your DBA by visiting IRS.gov and completing their SS-4 application online. You can get an EIN in just a few minutes and it will help provide some separation between you...
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    Unless they do one of the tasks described, they...

    Unless they do one of the tasks described, they aren't statutory employees.

    Are they:


    A driver who distributes beverages (other than milk) or meat, vegetable, fruit, or bakery products; or...
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    If you cancelled your payroll service and had...

    If you cancelled your payroll service and had processed payrolls with them, what were they doing for you? Did they withhold the taxes for you and not remit them to the state agency? Were they just...
  14. Thread: Why not ?

    by Evan
    Replies
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    7,664

    [/COLOR]A corporation holding property is doing...

    [/COLOR]A corporation holding property is doing business. Thus it requires registration.



    You'd need to look at state laws, and the term "foreign corporation" to states refers to corporations...
  15. Thread: Why not ?

    by Evan
    Replies
    39
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    7,664

    Foreign corporations can't hold property in the...

    Foreign corporations can't hold property in the United States. You keep forgetting this fact. You need to register with a state in order to be recognized to do business. Therefore the foreign...
  16. Thread: Why not ?

    by Evan
    Replies
    39
    Views
    7,664

    If you're not a US Citizen, not a US Permanent...

    If you're not a US Citizen, not a US Permanent Resident, and have no association with the United States, why is the US being mentioned at all? If one LIVES in the United States, they are subject to...
  17. Thread: Why not ?

    by Evan
    Replies
    39
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    7,664

    Depending on the legal entity you're operating,...

    Depending on the legal entity you're operating, it doesn't matter whether you don't pay yourself as all profits pass through to you anyways for a personal level of taxation. Let's assume you don't,...
  18. It varies, but the state would generally notify...

    It varies, but the state would generally notify you for not filing after about three years that they've dissolved your LLC. Now you have no legal liability protection. For the IRS, they can't...
  19. If there are TWO important dates to not forget --...

    If there are TWO important dates to not forget -- it's when your annual report is due to the Secretary of State (to prevent your entity from being administratively dissolved) AND when your tax return...
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    Yes, New Jersey acknowledges the single-member...

    Yes, New Jersey acknowledges the single-member LLC as a disregarded entity and the information from your federal 1040 and Schedule C will flow through to the New Jersey forms.

    As a single-member...
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    What you describe is actually illegal. If there...

    What you describe is actually illegal. If there is no business-related transaction going on, your corporation can't be paying for food, hotels, and living expenses. Those are uniquely personal...
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    You DO realize that LLC's are most flexible, and...

    You DO realize that LLC's are most flexible, and you could change the taxation from personal to be taxed as a corporation if and once you reach levels that it seems like it'd be more advantageous....
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    Depending on the "when" you declare the...

    Depending on the "when" you declare the dividends, they'll likely be qualified dividends, which are taxed at 0%/15%/20% depending on your current tax bracket.

    The general rule is you must have...
  24. This is important. Ultimately, you have your...

    This is important. Ultimately, you have your company name on the trucks and if involved in an accident, they are likely to sue the driver and the company who owns the vehicle. You need to make sure...
  25. Contractors aren't usually paid hourly at rates...

    Contractors aren't usually paid hourly at rates you negotiate with them. They tell you what their rate is and you pay it. They don't charge for overtime either, it's just another hour, whether 5...
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