My fiance and I had started a small business. The problem is we're trying to keep it from his ex wife. So, we're going to have the business in my name. The problem is the company card we use has his name on it. Is this going to be a problem when it comes to tax time? Anything we should do to keep it from being an issue with the tax man etc? Also, can I have him as a payroll employee even if we're living in the same house? The name of the company isn't either of our names...it's fictional... what do we do in regards to that? I also need advice about accounting software. We buy instrument parts to have installed onto another instrument (to make it more appealing), what kind of company is that? Are there taxes on instruments that need to be paid (an accountant told me he wasn't sure if there's sales tax on instruments)? Thank you for all your help.
2006-12-20 09:24:56 · 6 answers · asked by born2bfree 3 in Business & Finance ➔ Small Business
If the business was created after she legally became his 'ex' then she has no legal claim on the company.
Otherwise, I would be saying I hope you have a business license. Firstly, to secure the legal name of the business and to designate the industry. There would most likely be state, county, city regulations that would need to be fulfilled, as well, if you are running a business. There will always be some kind of tax to pay - either on the business purchase of or the business use of an item.
If your business is legal then any cards and bills should be in the name of the business with either you or your b/f as the contact person. Have bank accounts in the name of the business - which cannot be opened unless you have a a business license. You can also have business credit cards with your names on them.
Running what's called a 'Mom & Pop' operations or an Owner Operated business is all well and good and seems simple enough, but when it comes down to it - it also leaves you wide open to lose everything, personally, if something goes wrong.
2006-12-20 09:41:23 · answer #1 · answered by Lucy_Fur 3 · 0⤊ 0⤋
If the company is in your name then she can't mess with the company whether he is listed as an employee or not. Now for the accounting software I would go with peachtree. Quickbooks sucks and is not professional looking as far as I am concerned. The fictional name is still registered under your name it is just a doing business as name also known as a DBA. But when they type up the business name in their computer you will come up as the owner and proprietor of the company.
Don't listen to Mike J. What he is telling you to do is illegal and you can get into a lot of trouble if you are caught. You need to report all income. You can get shut down by the state for improper bookkeeping practices. Be careful.
2006-12-20 13:33:55 · answer #2 · answered by Medical and Business Information 5 · 0⤊ 0⤋
Is the business a sole proprietorship, a partnership or a corporation? Each of these has its own set of tax rules. For a small business I would suggest Quickbooks accounting software or using a professional to do your books for you on a part time basis (they generally charge by the hour).
Some states have a sales tax and some don't. Contact your state Tax & Rev Dept. to see if you have to collect the tax and under what circumstances you have to collect it.
Generally if you are not selling to the final consumer you are a wholesaler and would not need to collect or pay the sales tax.
2006-12-20 10:49:30 · answer #3 · answered by BD in NM 6 · 0⤊ 0⤋
first of all get a partnership agreement with your future hubby. I don't care if you trust him get one anyway! You need to agree on what % of the biz each of you own. Generally somebody needs the last say in everything so who ever is 51% owner has the last say legally. Don't go into business with somebody that is a friend or loved one. You need to get a bookkeeper pay her or him the money to take care of the books because you will just screw it up anyway and that's a few hours a day extra you have for yourself. You need to lie to your bookkeeper about sales always under estimate. Keep your Boy off the business period because X wives want everything and they think they deserve half of your business worth. I would just keep your Future hubby off the biz and any paperwork pay him under the table (Cash Only) so IRS and the x nightmare doesn't know anything. The cash you pay him should not be deposited at all leave it in a safe at home. If you play by the books you will lose your business by the books you will always have to skim cash, under estimate sales big time, etc... Set your business up with a lawyer pay the extra thousand , file your business name as a LLC because it will save your *** in the long run.
2006-12-20 11:30:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Mcdonalds. a million: they attempt to be healthful via promoting salads. Woop dee doo. They nonetheless sell fat crammed food at the same time with, Hamburgers and massive Macs, Fries, Shakes, Ice cream, Apple Pies, Mcflurries, i ought to pass on. 2: Everytime i pass there I consistently see fat *** shoppers. Why? through fact they are hooked on there food. 3: If i ate there thrice a week, i might get a heart attack at age 20. 4: Their food is discusting. in case you have had destroy burger in the past then you relatively compromise. I even have lots greater motives yet I dont have the time
2016-10-15 08:10:49 · answer #5 · answered by ? 4 · 0⤊ 0⤋
No. just file everything under you or consult with an attorney. I would like for you to go to my website and view the information that I think you and your company can benefit from. go to http://www.prepaidlegal.com/hub/donalderobinson and view all my information and videos and you can sign up. if you have any problems please contact me
2006-12-20 12:08:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋