The Small Business Tax Help Blog

Posts Tagged ‘delicious’

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Question: Adding a 50/50 partner to Start up Business?

Hello all,

About 5 months ago I set up an LLC in the state of Idaho. A friend (in texas) decided to partner with the new business. We haven’t officially started yet. It’s a dotcom business.

My questions to you :

Where do I start as far as paperwork?

Do I go change the LLC first?

Do I need to put him on the EIN paperwork?

Where would I begin as far as legal contracts? What kind would I need?

Do we need to set up a dba, another business address in Texas, or something similar if he is doing the work in Texas and I’m here in Idaho? Or is just having the corporate office in Idaho ok since its an online business? Would it better better to set up an office address there?

I would greatly appreciate any advice/tips. Thank you kindly.

Best,
Jason

Answer: First thing you need to do is reach an operating agreement. Operating agreements govern issues of control, key decision-making, and buyouts of shares if one of you decides/needs to leave the company.

Once you both sign the agreement (don’t leave it unsigned), you can change the LLC.

I’m not an attorney but I doubt you need to set up separate corporate entities, unless there is a tax reason to do so. For example, Texas has no income tax.

I strongly recommend you do not do this alone. Hire an attorney who works for you. Your partner should do the same. A couple thousand bucks’ investment now can save you from much more losses down the road.

Unsolicited advice – 50/50 relationships are very tricky. When you disagree, you can paralyze and kill the company. In some states, when you have a true impasse, a judge can force the dissolution of the company.

Steve Jobs’ 2005 Stanford Commencement Address

Question: How can I find wholesale suppliers of DVDs for my Amazon store??

I’ve been running a moderately successful Amazon store since December, mainly by selling off DVDs from my personal collection. Now that I’m down to the last 100 or so, I’m trying to figure out how I can get more at wholesale. I’m starting to love this business, and I want to stay in it, but it seems every wholesale lead I look up leads to a dead end. My business is organized as an LLC, I have an EIN, please help!

Answer: Maybe try out http://www.samsclub.com

Edited

Rewind: Hardrock Striker über “I’m A Cult Hero”

Es ist wie im Fernsehen, eine gute Serie verdient es, wiederholt zu werden. Seit Herbst 2009 befragt Finn Johannsen jeden Montag auf dem Sounds-Like-Me-Blog in seiner Kolumne “Rewind” Musiker, Designer, Journalisten und andere Kulturschaffende zu ihrer Lieblingsplatte.

Steve Winwood, Eric Clapton – Can’t Find My Way Home

Question: How to calculate state and local taxes for paycheck in Los Angeles county based business?

Hi, I just started a very small business in El Segundo which is a part of LA County. I’m handling the payroll, and I was hoping that I could get some help calculating a paycheck. The employee is a single male and his salary is $12/hour with a total of 100 hours logged over a 3 week period (1200 total) with no benefits. Normally payments are made twice a month, but pay was not sent on the first of this month. Should I still calculate the Fed withholding tax as 2x a month or just change it as monthly for this pay period? Can I do that? Also note that this employee is a temporary worker.

So far I have social security, Medicare, and the fed withholding tax figured out (just not sure if I should calculate it as 2x a month or monthly payperiod). I’m not sure how to calculate the State and Local taxes at all and would appreciate if someone could either tell me or lead me to a site where I can find out how. Should I worry about any other calculations?

Answer: Same as anywhere else in the state

Grubb & Ellis Healthcare REIT II Reports First Quarter 2011 Results

Grubb & Ellis Healthcare REIT II, Inc. today announced operating results for the company’s first quarter ended March 31, 2011. Â

iTiki: See what real people have to say about the first, authentic, tiki-based iPhone case…

Die besten globalen Aktienfonds

Die Fondsmanager der besten globalen Aktienfonds haben exklusiv fünf Fragen zu ihrem Makro-Ausblick, den wichtigsten Elementen in ihrem Investmentprozess, den Gewichtungen sowie den Anlagethemen und Risiko-Kennzahlen beantwortet.

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