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Tuesday, December 3, 2002 |
Volume 13, Issue 10 |
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In This Issue |
Welcome |
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New Ad Specials ( Great Deals for you) My
IBiz Part Three Market-Ese Hot
Off the Press: Spotlight
Ads Looking
for Quality Ezines
Something to think about. Time to go on an Emotional Diet, and Get rid of all that weight off your shoulders?..--Donesia Muhammad--
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Dotting the I' s and Crossing the T's
Note:
This tutorial is not meant to replace any legal advice
regarding business start ups, accounting, taxes, or any
zoning laws in your state. Please refer to those
guidelines as well when setting up your business. This
tutorial is meant to give you an idea of what you are facing
when starting your business.
Last week we looked at corporations and the different structures involved. We also looked at the process of getting your business license along with some helpful hints from other fellow marketers on what business structure works for them. You can view Part Two here You can view the Introduction (Part One) here Today we will learn more on the different types of Corporations, how to obtain a federal tax id number, working with international customers.
Corporations.. Not as Easy as you think As I mentioned in part two, corporations are very different from the other two business structures. It is a "legal person" all it's own. It is separate from the actual business owner (s). So it is legally entitled to enter into contracts, lend or borrow money, etc. But don't assume that corporations will separate you indefinitely from repaying any debts the corporation incurs. There are always loopholes and ways that will make sure you pay so try not to start getting yourself in debt right away or you may be in a for a rude surprise. Some of the types of the corporations that can be formed are: S Corporations These are really a special tax designation granted by the IRS for existing corporations. This combines the advantages of sole proprietorships, partnerships, and corporations. Profits and losses go to the shareholders and also taxed at that level too.
LLC ( Limited Liability Company) An LLC, gives the advantage of giving business owners protection from their personal assets and keeping them separate from their business assets. There is a lot of flexibility in their the business organization, similar to partnerships. LLC' s are a combo of partnerships and corporations. This is also ideal for foreign investors, due to less owner restrictions. LLC' s are not technically corporations therefore, do not have the same stock ownership benefits.
How Do I Get My Federal Tax ID#? A Federal Tax Id number also called a Employer Identification Number or Tax Identification Number is normally for all businesses for legal and tax purposes. If you are a sole proprietor, you may choose to use your social security number instead. Note: If you change your business name or your business structure, you may need to obtain a new tax id. Consult with your attorney for this matter. Now I have seen a lot of site that offer to get your tax id number quicker for a fee. Please don't fall for that. I applied by calling the IRS's tax id number and received my tax id within 10 minutes to use immediately. I received the paper copy within a couple of weeks, all free. The number to call is based on the state that you live in. You can go to this page to find out what number to call. http://www.irs.gov/businesses/small/article/0,,id=97851,00.html More Information is available here for federal tax id numbers. http://www.irs.gov/businesses/small/article/0,,id=97860,00.html
What About My International Clients? Since you are doing business online, you are open to a broad range of clientele. You will deal with people from all over the world, which means different cultures, social, and economic background. You don't want to end up offending someone because you were not aware of any cultural differences. Do not assume that any common phrases you may use won't be viewed as offensive to others. Stay neutral with "slang" terms and jokes. Don't think that because you find that joke funny, someone else will. The next thing you know, your business deal went sour, and you are sitting there wondering why. I did include an article below from Nucha Aquino from Global eBiz Tips about cultural differences. This article first appeared in my ezine over a year ago but it still applies to us all. It is a great primer to understand that the world does not revolve around your country, so you have to if you want to really be successful online understand people of all types of race, religion, ethnic, and cultural differences.
More Resources Paying Taxes in the U.S. internationally,
here is some help Tax and Accounting Sites Directory Not sure of International Cultures? Learn
how to expand your business international and professional. Start Up Journal, the Wall Street Journal
for Entrepreneurs
Next Week we will look at: So what exactly can I sell online? What will make the most money? What if I just want to telecommute instead, how do I find out about that. Where is everyone finding their at home jobs? How can I find them as well? Stay tuned, and have a great week
Copyright (c) 2002 Donesia Muhammad
Do You Know How To Address Your Asian Customers? By Nucha Aquino
JUVIO is a 24hr/7day Customer TECH Support Center for
PCs, Macs, Hardware, Software, Peripherals, and More. LIVE Tech Support by email, IM, or 800# when YOU need it!
Marlene has put together a wonderful 'Holiday
Menu Package,' for the coming holidays. Although
you might have seen the titles of the recipes, these recipes
are 'Marlene's. Tired of cooking the same old way every
year? Marlene has got something new for you. Check it out http://www.friedsweetpotatoes.com
MARKET-ESE Copyright © 2002 Priya Shah
"Discover The Embarrassingly Simple Mistake That Landed My Affiliate Link Page At The Top Of The World's #1 Search Engine ... Absolutely
Free!" I was just talking with Kevin Bidwell over at
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We're Gonna Rip! Publisher:
Lise Galipeau Ezine Description: An ezine for women with an attitude. Interactive, sometimes funny, sometimes serious, sometimes whatever. We try to look at the human side of doing business online. We want to know who is behind the ezines and the ads.
Submit your Ezine here for our Ezine of The Week Column
Investment Rush.com Owner: Pam C Website Url: http://www.investmentrush.com/?100590 Site Description:
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you think 12% annual return on your money is good, we can
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plan is a unique system that has never been used before. It
is not a simple referral program that gives you money for
bringing new clients to the program.
Submit Your Site Here for our Website of the Week Column
The
first 3 people to email me will receive a Free Top Sponsor ad
in a future edition of MIBW. Send your email here. Remember only the first 3 people
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