Triton Posted January 7, 2015 Report Share Posted January 7, 2015 Hey guys,Looking to go official here with Triton Freshwater Aquatics and was wondering if I could get some advice from anyone that can help. I'm finding conflicting info on what all I need to apply for... so far...Believe I will be getting the followingFederal EIN (employer ID #)NYS Resale CertNYS SaleI believe this is all that is required Quote Link to comment Share on other sites More sharing options...
EricM Posted January 7, 2015 Report Share Posted January 7, 2015 Every state is slightly different but if i recall back when i started discobee that seems to be about the same things i applied for in CA. Quote Link to comment Share on other sites More sharing options...
Jadenlea Posted January 7, 2015 Report Share Posted January 7, 2015 So I dont know about where you are, but here in NH if you get a business accountant, you can usually find one where the first consultation is free. They will meet with you, explain how to set up your business , tell you what you need and give you advice about what (if anything) to put aside for taxes, and what you can and cant claim.. ect. When I set up my business, it was the best hour I ever spent and it was free. In exchange I bring my taxes to him every year and though I pay $250 for him to do them, he saves me way more than I was ever getting back in refunds each year. For example, did you know you can claim GIFTS if you use them for your business????? I got an ipad as a gift . Somehow the subject came up and I told him I had just gotten an ipad. He asked why I hadn't claimed it. I told him it was a gift and he said "You can claim gifts you know"? What?? No I didn't know! He is worth it. See if you can find one in your area. EricM 1 Quote Link to comment Share on other sites More sharing options...
Jadenlea Posted January 7, 2015 Report Share Posted January 7, 2015 PS. he also had all the forms needed right there in his office to set up the business. All I had to do after my first free visit was to drop the forms in a mailbox on the way home. Quote Link to comment Share on other sites More sharing options...
Triton Posted January 7, 2015 Author Report Share Posted January 7, 2015 Yea, I have an appointment set up with an accountant (based in the lovely horribly taxing miserable state of NY). Won't be having any sort of store front, so I know that changes a lot RyeGuy411 1 Quote Link to comment Share on other sites More sharing options...
OblongShrimp Posted January 7, 2015 Report Share Posted January 7, 2015 It depends on how you are setting yourself up too. Are you an LLC or just a sole practitioner? If you are an LLC you need a EIN number to open a bank. If you are not set up as any sort of legal entity you are a sole practitioner and can just use your social for bank accounts I believe. Bostoneric is correct regarding the state stuff all being different though but that sounds like the common things. You could have some sort of business license or some other crap like that you need too. Quote Link to comment Share on other sites More sharing options...
Triton Posted January 7, 2015 Author Report Share Posted January 7, 2015 yea its all a pain lol. But plan is to just be a sole proprietor Quote Link to comment Share on other sites More sharing options...
Ch3fb0yrdee Posted January 7, 2015 Report Share Posted January 7, 2015 It depends on how you are setting yourself up too. Are you an LLC or just a sole practitioner? If you are an LLC you need a EIN number to open a bank. If you are not set up as any sort of legal entity you are a sole practitioner and can just use your social for bank accounts I believe. Bostoneric is correct regarding the state stuff all being different though but that sounds like the common things. You could have some sort of business license or some other crap like that you need too. This is a very interesting topic as I was just talking to my buddy about setting up a sole proprietorship. I was wondering what the tax implications would be. What do you have setup, Will? I saw your earlier post mentioning that you have the ability to write-off all aquaria related expenses as a taxable expensive. Is this applicable for sole props? I used to be in banking but not business banking. My buddy who is a business banker told me sole prop would be easiest for what I was seeking to do, which was import and resale, but getting advice from someone whose doing he aquaria deal is much more helpful. Applying for a sole prop is a simple matter if I recall correctly. Register online is the only thing require as our SSN is used as the TaxID. Any other insight would be greatly appreciated. Sorry for butting in. [emoji51] Quote Link to comment Share on other sites More sharing options...
Triton Posted January 7, 2015 Author Report Share Posted January 7, 2015 Yea, that's what I'm seeing, the sole is the easiest route (most risk) but in our line of work there is very little if any risk Quote Link to comment Share on other sites More sharing options...
OblongShrimp Posted January 7, 2015 Report Share Posted January 7, 2015 I am set up as an LLC. I chose to tax my LLC as a sole proprietor though (you could also do S corp or C corp or Partnership). Having an LLC gives you some liability protections but you need to keep your personal and business stuff separate (different bank accounts and cc and don't mingle money) or it won't provide any protections. For tax purposes I am treated as a sole proprietor and the revenues/expenses show up on my income taxes (I don't need to file a separate tax return for my business). Setting up an LLC (at least in Arizona) was maybe $150 in fees and maybe a 2 page form. It was really easy Quote Link to comment Share on other sites More sharing options...
Triton Posted January 7, 2015 Author Report Share Posted January 7, 2015 whats the risk you felt you needed an LLC for? Quote Link to comment Share on other sites More sharing options...
Merth Posted January 7, 2015 Report Share Posted January 7, 2015 If I remember correctly as a sole proprietor you can be sued and lose everything you own...as an LLC they can only get what the business assets are. Soothing Shrimp 1 Quote Link to comment Share on other sites More sharing options...
OblongShrimp Posted January 7, 2015 Report Share Posted January 7, 2015 Merth that is my understanding as well I didn't have any specific risks I was worried about but I like having it set up as a separate entity and didn't really take much more work to do. Plus I think it makes the business look more professional Quote Link to comment Share on other sites More sharing options...
Jadenlea Posted January 7, 2015 Report Share Posted January 7, 2015 I did sole proprietor also for my business. I have no storefront. My business is a house call grooming business. Merth is right about the sue thing but since i have nothing to take, and the value of a dog (financially in the eyes of the law) is low, there was no reason to go LLC for me. When I buy a home I will need to reexamine. I cant imagine what you guys selling shrimp and fish products could possibly be sued for. Quote Link to comment Share on other sites More sharing options...
Ch3fb0yrdee Posted January 7, 2015 Report Share Posted January 7, 2015 LLC cost more to startup and I believe if you have a sole prop, you can transition it into an LLC at any point if your business grows. Being that shrimp sales isn't anything big enough to be used over, sole prop is pretty set. I'm still trying to figure out tax deductions for sole prop vs LLC. Quote Link to comment Share on other sites More sharing options...
chibikaie Posted January 8, 2015 Report Share Posted January 8, 2015 Yea, I have an appointment set up with an accountant (based in the lovely horribly taxing miserable state of NY). Won't be having any sort of store front, so I know that changes a lotSee, I only work in NY, not live there, and I have messed up filing my state taxes for three years in a row. I get sent a check for something like $8 (can't beat the year CT mailed me a check for an amount smaller than the postage they used to send it to me, though). Or there was the lovely year where CT gave back all my state taxes, only for NY to demand them all instead.So, my sincere condolences if you are planning to do anything in New York that involves taxation. Quote Link to comment Share on other sites More sharing options...
metageologist Posted January 8, 2015 Report Share Posted January 8, 2015 NY taxes are fun the company I work for holds state contracts to do work for them. The messed up thing is the state comptroller says we can't charge tax to the state but we still need to pay tax to the state on the work. Basically they get us to pay them a percentage to do work for them. Quote Link to comment Share on other sites More sharing options...
chibikaie Posted January 8, 2015 Report Share Posted January 8, 2015 What ... I don't even ... how does that make sense?! Quote Link to comment Share on other sites More sharing options...
metageologist Posted January 8, 2015 Report Share Posted January 8, 2015 It's NY taxes. Certian items also get taxed multiple times including the tax. NY is so bad that it taxes tax. Quote Link to comment Share on other sites More sharing options...
chibikaie Posted January 8, 2015 Report Share Posted January 8, 2015 That's it, I don't care what incentives they offer me, I am not moving across the state line! Quote Link to comment Share on other sites More sharing options...
RyeGuy411 Posted January 8, 2015 Report Share Posted January 8, 2015 It NY great? The best part of living here is the taxes. Quote Link to comment Share on other sites More sharing options...
Merth Posted January 8, 2015 Report Share Posted January 8, 2015 Gotta love the system! Its kinda like I get an incentive bonus each month that hits the P+L so the more I get the less I get the following month. Kinda silly to bust my butt to get a good one which only hurts the next one. LOL Soothing Shrimp 1 Quote Link to comment Share on other sites More sharing options...
Triton Posted January 9, 2015 Author Report Share Posted January 9, 2015 Yea talked to my accountant, just have to rebuild my record keeping sheet to include state of sale and county (if ny), I will need to pay sales tax on any purchase from ny 4 total things I need to do Starting with going down town to register the name chibikaie and metageologist 2 Quote Link to comment Share on other sites More sharing options...
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