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rtanela
Joined: Apr 03, 2005
# Posts: 2
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Posted: 2005-Apr-04 08:07
Am a student. I created a web directory listing of woodworkers....
Individuals and small business list their name on my directory for Free. I know there are hundreths out there.
The whole project started so I can learn PHP, html, mySql, SEO, etc... Best way to learn is just to do it...
Anyways, I was thinking of charging them $5 a year per membership to get on my web directory.
And I actually been getting lots for free registering
My Questions:
Do I need a business liscence? How do I report any earnings I might receive to the IRS? Do most owners of web directories report it?
When Receiving monies....
Do I make money(checks) payable to me? or do I need to get a business liscence?
Can I use a Ficticious name?(I know this last one is kinda dumb).
I know that Laws change from state to state...I just want a general Idea. I am in california.
Anyways.... Thanks in Advance
Tanela
[ Message was edited by: rtanela 04/04/2005 11:23 am ]
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rtanela
Joined: Apr 03, 2005
# Posts: 2
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Posted: 2005-Apr-04 08:45
Is My Post destined to be one of those with no replies?
Sorry for my ignorance, hope my question is not a "to dumb" kinda question to ask.:D
Tanela
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ClickIt
Joined: Jul 31, 2000
# Posts: 742
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Posted: 2005-Apr-05 02:27
No, it is not a dumb question.
A business liscence is a good idea. There are tax advantages to having your own business. As well, getting a DBA in California is pretty easy. In my case, I went to the county building in Santa Ana and filled out a bit of paperwork and at the same time had the public announcement run in the newspapers. Start to finish, the whole process took about 90 minutes. However, you may also need a city liscence. You're going to have to call around and figure out what you will need in your area.
Once you get the business liscence, then you can get a business bank account; people can then write checks to the business name (much more professional). As well, when you do your taxes, you will be able to quickly and easily show what is your personal spending and what monies are from the business.
If you have Google AdSense on your site, Google can pay you individually or as a business. But, in your case (you are planning to charge other people for inclusion), having all the business paperwork done works out to your advantage.
Another thing to keep in mind, this is America; anyone can sue anyone for anything. With this in mind, setting up the business in such a way that 'anyone' has to go after the paper entity is good. In a worst case, let the business take the hit, but you personally are removed from the mess.
You mentioned that you started this as a platform to learn. Well, go for it. Setting up and running your own business is an excellent way to learn. (Even if this does not work out, the knowledge gained is valuable.)
It sounds daunting, but it is not all that dificult, nor expencive, to set up and run a properly licsenced business. The advantages to being properly liscened, insured, and such far outweights the benefits(?) of running a black market business.
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OAC
Staff
Joined: Jan 25, 2001
# Posts: 6805
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Posted: 2005-Apr-05 07:32
As far as reporting earnings (and deductions for expenses) are concerned, you need to get a federal tax ID number from the IRS.
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smogcity2000
Joined: Feb 06, 2004
# Posts: 198
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Posted: 2005-Apr-05 08:20
Tanela, you do not need any of these things mentioned, business license, tax id or anything unless you will be getting payment under a business name.
If you getting checks made out to your personal name, then just report your income normally. If you're getting checks under your business name, then just file a simple DBA, doing business as (ficticious business name) and that's it.
Tax ID numbers are used if you are charging tax for goods which you are not. I use a DBA for my web services so I can accept checks under a business name and open a business checking account.
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