coach
Member
How many of you have a tax number? If this thing keeps taking off I think I will have to. 2 questions: Is it hard to get? Can you get supplies at wholesale costs?
Originally posted by DCBluesman
<br />Coach--you already have a tax ID. It's your social security number. If what you are looking for is a business tax ID, you should get the information you need by starting here - http://www.txed.state.tx.us/SmallBusiness/ .
As for wholesale discounts, that varies by supplier. It usually involves contracts and volume purchasing. One other thing to count on is sales tax issues. Most states will require that you collect and remit sales taxes on your home-based business. Some suppliers will exempt you from paying sales tax if the products you purchase are for re-sale. Each state has different regulations on this.
Again, there are a number of complexities as your business grows. Your local SBA office and the online services can point you in the right direction.
Also, in answer to your first question, I have tax ID's for all of my businesses. I'm also incorporated as I do not want any potential business liability turning into personal liability.
Originally posted by DCBluesman
<br />Gary--I think Jim gave plenty of disclaimers in his thorough response. Three of my four businesses are incorporated in Delaware and for this reason, taken directly from the State of Delaware's website.I'm sure that incorporating in other states is not as protective, but Delaware has done well for me for 10 years.Business entities that incorporate as Delaware corporations and LLCs are entitled to the advantages of asset protection. This means company's assets or company debts are separated from your personal assets.
Ok...that's fine. Whatever floats your boat, Lou.