Tagged Questions
1
vote
1answer
76 views
Tax Year & Incorporation Question
My partner & I just won $30,000 in a business plan competition. We haven't incorporated yet (and therefore haven't cashed the check). We plan on spending all the money to get the business ...
5
votes
6answers
205 views
How do I prove my finances to a partner? My partner is afraid I will not give him his full cut
I own and operate a company selling products online. A partner is stepping in and wants to sell our product line across it's websites.
However, my company will accept the payments from the buyers. ...
3
votes
3answers
141 views
How important is to establish a relationship with a lawyer and an accountant in early stages of a company
The older I get and the more I get into entrepreneurship, I find myself having to talk more and more with different type of lawyers and accountants.
Does it make sense to establish a relationship ...
1
vote
1answer
100 views
1099 required for payment?
I run a small website. I sold $100 of ad space to a local business. They asked me to send them a 1099 so they can set me up in their accounting department. I'm not sure how this works or why I need to ...
3
votes
2answers
195 views
What are the variables that I must consider in putting together the accounting and legal fees budget?
I am estimating the total amount I need to spend to get things started the right way, but I can't figure out how much I should allocate for accounting and legal services.
My startup will be ...
4
votes
1answer
447 views
Is there any tax advantage or incentive to leave money in an LLC at the end of the tax year?
We're forming a 2 person LLC and part of what we're trying to figure out is how much to leave in the LLC to build up some capital reserves.
Since an LLC is a pass through tax entity if the LLC earns ...
2
votes
5answers
1k views
Can I have two different websites using the same PayPal account?
I have one site up that is struggling to find a MVP and getting dangerously close to running out of cash.
I have PayPal set up under that entity. However, now, I'd like to create a separate website ...
1
vote
1answer
403 views
Annoying startup Tax question - I moved, company didn't
I started my LLC in Michigan in 2009, filed the required paperwork, and sent in my tax return for 2009. My company was just myself, and I worked out of my home in Michigan.
After getting married ...
0
votes
3answers
369 views
deferred sales trust (DST) — guarantee long-term capital gains on entity sale?
Can a deferred sales trust (DST) be used to effectively convert a short-term capital gains entity sale into long-term capital gains income?
For example, suppose I create a small company on 1/1/2011, ...
0
votes
2answers
368 views
example company timeline & determining capital gains basis date
Looking at a hypothetical company timeline (corporation), what is the capital gains tax to shareholders upon entity sale? (aka, how is the basis date computed)?
Start date (1st effort of ...
2
votes
1answer
76 views
new startup — basis date for cap gains on exit
I'm part of a new three-man software startup. We began product development in February, and started accruing expenses at that time by hiring contractors for help. Our company is not yet legally ...
3
votes
4answers
450 views
Should I incorporate myself, use a high end law firm, or somewhere in the middle?
I am launching a startup (who isnt :) ) and while I am not planning on looking for outside funding, I'd like to leave the option on the table in the event that I catch a tiger by the tail (meaning ...
2
votes
2answers
128 views
Sending money to users
I'm considering building a system that allows our users to purchase points, trade them between themselves, then cash them in for real currency.
The system will work like this:
User A buys points - ...
3
votes
3answers
809 views
Startup LLC, tax time HELP, anyone?
I registered my company as an LLC last February(2009). Since that time, I've had a lot of expenses, but no revenue because it's not quite completely up and running.
How should I file my taxes now? ...
