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    6 Replies Latest reply on Jun 2, 2009 12:48 AM by Barkri12

    New Online Business needs Tax advice / LLC formation info

    noleafclover6 Wayfarer
      Hello all.

      I have a few questions that I was hoping some experienced business owners could help me with.
      We recently just started business, and are going to order inventory for an online retail store taht will be selling restaurant kitchenware for the home chef and professionals alike. Primarily, we will sell kitchen knives and sharpeners.

      My questions are as follows...Do we have to worry about filing taxes even though we have done no business yet? Can anyone reccomend a good do it yourself, easy way of doing this if necessary? We are a small company that does not have an accountant or lawyer at this point.

      In addition, New York State requires LLC's to "publish notice" of their formation in local papers. How would you go about this? Is it the same as putting an Ad in the paper? Does anyone have any experience with this? I have contacted the secretary or state and the papers by e-mail and calling, but I haven't gotten a decent response from anyone.

      Do I have to charge sales tax online? Recently there have been some changes to this in New York and I want to remain on top of the ball. What do you all reccomend here?

      For a payment processor, right now we are using PayPal Express, but this requires navigating the user to a Paypal Page which may take away slightly from the experience on my own site. I dont think at this time I can afford another monthly fee for a payment processor, so do you think this is adequete?

      Any and all thoughts welcome.

      Thank you!

      Matt
      www dot thechophaus dot com
        • Re: New Online Business needs Tax advice / LLC formation info
          LUCKIEST Guide
          New Online Business needs Tax advice.
          Yes you ask GOOD questions and that is why all businesses should
          have both an Accountant and a Lawyer and maybe an Insurance Agent.
          Yes it costs money, BUT overall you will save money, penalties and sleep at night.
          All businesses must file some taxes. Do you have a Federal ID Number??
          Do you know about SCORE?? SCORE is FREE and can help you
          with a Business and Marketing Plan and MORE.
          Good luck, LUCKIEST
          • Re: New Online Business needs Tax advice / LLC formation info
            noleafclover6 Wayfarer
            Thank you for the reply.

            I'm looking for anyone with experience involving any of the issues I listed. I would love for some more feedback! Thanks in advance,

            Matt
            • Re: New Online Business needs Tax advice / LLC formation info
              Lighthouse24 Ranger

              I remember responding to your "Starting my first business" post -- and then answering six or seven more follow-up questions in the same thread. None of that was rated as "helpful" to you, so I've been hesitant to reply to this one. But here goes . . .

              1. If the business exists, you have to file tax returns when they are due, even if you had no sales.

              2. There is no "easy" way to do taxes yourself (in my opinion), but the IRS website provides all the forms, instructions, publications, and other resources you need for free:
              http://www.irs.gov/businesses/index.html

              3. Within 120 days of formation, a New York LLC must publish a notice in two newspapers, one time a week, for a period of six consecutive weeks. The notice must include the name of the LLC, the date of filing, the county in which the office is located, the physical street address of the LLC, the purpose of the LLC, and a statement regarding service of process (this information must be precise). The notice must be published as though it were a notice of judicial proceedings (the newspapers will understand what that means). The two newspapers must a weekly paper and a daily paper with general circulation in the county where the LLC was formed, and be designated by the county clerk as acceptable for such publication. After publishing is complete, the LLC must obtain affidavits of publication from both newspapers and file them with the state (there's a fee for this, naturally).

              4. If you sell a non-exempt tangible product on line to a customer in New York, you must collect and remit the appropriate sales tax. You are not required to collect sales tax on purchases made by and shipped to customers outside New York state.

              5. Yes, I think PayPal Express is more than adequate for your needs at present.

              I hope this helps (if not, I'll take the hint!). Best wishes.
              1 of 1 people found this helpful
              • Re: New Online Business needs Tax advice / LLC formation info
                Barkri12 Wayfarer
                First of all, you must sign up with an organization offering LLC online formation services. Then select a state in which you want to do business through the LLC. Then provide your personal and contact details like name, e-mail, and cell number. All these are crucial as the organization will contact you for the LLC formation. In addition, you must also provide info about your credit card and billing address.

                For More Info :
                customerservice@clickandinc.com