The Small Business Tax Help Blog

Posts Tagged ‘llc’

Question: How to open US bank account and get Individual Taxpayer Identification Number (ITIN) for Non US Citizens?

Can I obtain an EIN ?? if I am not an US resident or citizen?
Im planing to join a network business via online which requires tax id and US bank account..

What are the details/document do i need?
What is the cost?
Can it be done via online???

Please give me an advise on this..Thanks

Answer: No, stop, don't do this.

1. If the entity you want to pay you only accepts US persons as members, do NOT pretend that you are. The entity would pay you, then issue you a 1099-Misc and a copy to the IRS. The IRS would, rightly, assume you are subject to US taxes and demand a tax return. (US taxes start at income of $400 for self-employment purposes.)

2. If the entity that is to pay you knows you are *not* a US person, they should also know they don't issue a 1099-Misc.

3. While there are US banks that will open accounts for you (and you DO NOT need an ITIN for a bank account, even if it pays interest), most won't do it unless you open the account in person, in the US.

Horizon Council: Consider these factors when doing business

The Fort Myers Regional Partnership, Lee County's Economic Development Office offers a wide range of business assistance and can also help businesses...

Curse ft. Jenny Lane - Nur Ein Ganz Kleines Bisschen

Question: In Mass: Do we apply for an EIN before or after we form our 2 member LLC?

Pretty much, which comes first? The EIN or LLC? We just want to make sure we form our small business the right way!

Answer: In order to apply for an EIN, regardless of the state in which you are applying, you will need to have information that your state treasurer or secretary of state will issue you, such as your state identification number. This will be used as a part of completing the form on your EIN Application with the IRS. By the way, you can apply online for your EIN - takes only a few minutes, and you have a printable copy of your EIN to take with you to the bank for account purposes! Just go to http://www.irs.gov/businesses/small/article/0,,id=102767,00.html

Good luck with your new business!

TSX Venture Exchange Daily Bulletins for February 22, 2010

VANCOUVER, BRITISH COLUMBIA-- -

Genzyme Pharmaceuticals LLC, Liestal; Der Gesundheit ...

2009 and the USOC deal

The biggest local story of 2009 was unquestionably the USOC deal. Here’s a recap of the stories that chronicled the unraveling, collapse and revival of the agreements between the U.S. Olympic Committee, LandCo Equity Partners and the City of Colorado Springs. March: City drags feet On March 6th, a story appeared that asking why the city had yet [...]

Ch. 4 LLC & Self Employment Tax

Question: I am applying for a federal tax id number and not sure if I apply as a sole proprietor or LLC. Just need the..?

tax id number to start buying wholesale. I plan on doing majority of sales online or open own website. What are the advantages of having the business license(tax id) as LLC and as a sole owner. Do they have disadvantages also. Thank you for all feedback.

Answer: Disadvantages of a Sole Proprietorship
Sole proprietors are not personally protected from any debts and liabilities of the business.
Sole proprietorships have a hard time raising money from investors as there is no structure to invest in.

Advantages of a LLC
The owners are generally not liable for the debts and obligations of the corporation
Another advantage of incorporating is continuance. Unlike a sole proprietorship, a corporation has an unlimited life span; the corporation will continue to exist even if the shareholders die or leave the business, or if the ownership of the business changes..

Allscripts Reports Fiscal 2010 Second Quarter Results

CHICAGO, Jan. 10 /PRNewswire/ -- Allscripts-Misys Healthcare Solutions, Inc. (Allscripts or the Company) today announced its financial results for the three and six months ended November 30, 2009.

The Business Owner Movement with Business Attorney David M. Walker, Esq.

Question: How can i get funding for my business using my EIN??

I am a metal stud a drywall sub-contractor and I want to expand my business so I can pass over the middle man and become the middle man. It would mean a great increase in income, but my personal credit is lousy and I want to obtain a loan under my EIN. Is this possible??

Answer: Apply to the bank where you have your business account for an unsecured business loan under your EIN.

Jinan inks Minerva Egypt deal

UAE-based Jinan Hotels and Resorts has announced the signing of an agreement with Minerva Travel to manage the Ein Shanda Hotel in Egypt.

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