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    2 Replies Latest reply on Jan 28, 2009 9:19 PM by amspcs

    Possible new business in S. FLA

    MIKE82 Newbie

      Hello everyone. Im Mike, and thinking about opening up my own business. Its safe to say I can understand the concept of buying and selling for a profit.....simple math. Now my main issue is, im not 100% about the whole tax id, EIN, dba, inc, etc.... Im new to this site, and Im sure I can find some great help as Im sure I will find myself on this site many times in the near future!
        • Re: Possible new business in S. FLA
          LUCKIEST Guide
          Possible new business in S. FLA, Welcome Mike

          Go to Members page and share some info and then I will help you with taxes,

          Or contact SCORE. SCORE is FREE
          • Re: Possible new business in S. FLA
            amspcs Ranger
            Hello Mike, Good luck to you in your venture. We're your neighbors here in South Florida, Palm Beach County to be exact.

            Your simple math concept of buying and selling for a profit is woefully simplified and will get you in lots of trouble---it's not really that easy. You need to research, study, and understand the concept of 'overhead factor'--otherwise, you'll find yourself selling lots of product but wondering why there's no $$ leftover afterwards for you. This is important--don't make another move until you understand this concept.

            You can form a corporation and get a Federal Tax ID easily online. But first, you need to get some advise to find out what form of business entitiy fits your needs best---LLC, S corp, C Corp, whatever. For this reason, you need an accountant. I've found one here in Lake Worth, highly recommended by another accountant neighbor of mine, who I have found to be very thorough and very reasonably priced, just what the small businessperson needs. If you're interested in a name and phone #, drop me an email and I'll be glad to share.

            I don't know what sort of business you're thinking of, but if credit card acceptance is in your plans, I hope
            you'll talk to us in the process. Please have a look at our free informational website that should help you learn the ropes of the processing business....URL found below.

            Again, good luck.