Starting a company

[Matt]

I had some bar ideas and an idea for compression so I was thinking of starting a small buisness.

My dad says if you start a profit making business than you have to pay taxes on it or the IRS can fine you

Do you have to and how do you? Explain

 

[humpurple kushiones]

well thats true. dont make it to big. they look for the big guys

 

[Madis]

In the economical crisis time, they will look fork the small guys aswell. Small fines are small income, but it's still an income which will save your country. So be aware.

 

[Matt]

So madis do you pay these for wee?

 

[SOA]

how old are you matt? as you could start it off as a hobby as it sort would be for a rider then could mke changers in future if kicks off

 

[Jordan Jasa]

So madis do you pay these for wee?

pretty sure WEE is part of a larger non-profit group.

if i were you i would just start selling stuff and if it catches on then make it "real".

 

[Matt]

Ya but what I want to know is like how you register as a business or whatever

 

[Matt]

Bump

Andrew don't you know about this?

 

[c4scooters]

I know about this. Getting a tax ID and shit is nothing big. Just tell the government that you have not been making much profit and bam, you get a tax write-off.

 

[SOA]

Ya but what I want to know is like how you register as a business or whatever

if you make it a hobby it can be reg as a non profit bussiness

gino's comment isnt true & reffers back to what madis said, if gino would plan import eagle & french-id & contiune this you cant just say your not making so much & get away with not paying tax, considering your using PAYPAL usa gov will know if your avoiding tax

 

[c4scooters]

Oh ok. Well I don't know then haha. My father's friend does that and get's away with it haha.

 

[mat]

brb, i have to go register my lemonade stand

 

[Matt]

lol^

But I'll give you my situation

I'm 13 and I want to start a bar company. I'll be making like 5 dollars each one I sell. I need to know if I need to pay taxes or something on them or if it's fine

And what do you mean by a tax id? Like where do I get one

Andrew don't you know this?

 

[SOA]

brb, i have to go register my lemonade stand

here in Australia you need a licence to sell fresh made lemonade out front your house lol

 

[c4scooters]

I'm 14 and I own C4Scooters man, so just do what you think will work. Also, never give up on your business.

http://c4scooters.com <-- Before

http://www.c4scooters.com <-- After

Dude, once you start making bank, go to your city hall and apply as a business and you will get a tax ID and some other stuff man. That's only if your starting to make money and are actually committed to your business.

 

[Matt]

Youre expected to pay taxes if your 13 that's just dumb

Thanks for the help gino I think I'll do that

But how much do you have to pay gino? Like you sell a pair of bars for 50 how much do you have to pay

 

[c4scooters]

I have no idea. My father does all of that stuff.

 

[Taylor Feist]

i wish i was in gino's situation with c4

 

[Spicy McHaggis]

the best part about having a business is if you advertise your company on your car then everything you put into it like gas and maintenance costs you can write it off your taxes

 

[Madis]

So madis do you pay these for wee?

pretty sure WEE was part of a larger non-profit group.

Fixed. And yes i pay my taxes.