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10 Replies Last post: Jun 12, 2008 11:28 PM by WITrading

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Questions about starting a new business

Jan 23, 2009 12:30 AM

Start-up

sonyam1975 2 posts since
Jan 22, 2009

I am currently researching starting an answering service. Currently I only have $4000 to contribute. I wanted to know if I got an EIN number and registered the company prior to everything being in order would it affect me tax wise with the IRS. For instance, I want to obtain an EIN number, register the business so that I can open a business account with the bank. Banks require that you have a business certificate before they will allow you to open an account. So my concern is that if I start the paper work and register the name, would it affect me at the end of the year if I am not able to start the business until later in the year or the end of the year. I guess I am not sure where to start. I am thinking if I can get a line of credit for the business I can then start applying for loans. This is all so new to me, can anyone help!!!

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Mogul

Creditbuilder 134 posts since
Jan 17, 2009

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1. Re: Questions about starting a new business Jan 23, 2009 1:14 AM

in response to: sonyam1975

You need to speak to tax accountant for that, but from the little i know of the irs, you have to pay taxes regardless, however stating your own business you can file certain exempts like office space in your home.

On another note, the formation of your corporation is VERY IMPORTANT. You want to consider the long term effects. You start it wrong, it will not serve you well. If you want to start a simple corporation, go to legal zoom and do it for 149.00 or you can come to us and for about 2,000 we build your corporation that is customized to your SIC code (google sic codes so you understand what it is) and then we build your dun and bradstreet credit profile so that you become lender compliant. Once that process is complete, if you have a fico of over 700 you can apply with bofa or other banks for up to $100,000

for more info visit us at www.businessformationgroup.com/newsletter

good luck

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LUCKIEST 7,926 posts since
Aug 6, 2007

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2. Re: Questions about starting a new business Jan 23, 2009 7:59 AM

in response to: sonyam1975

Questions about starting a new business, Welcome Sonya

Yes you can obtain a Federal I DE Number by going to IRS.gov and applying. You will then get the EIN number and be able to open a checking account.

With the Federal Tax return, there is NO taxes due until you show a PROFIT.
I do not know about the State of Georgia. They might have a minimum tax due in 2010.

Good luck, LUCKIEST

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