can you operate a small business under your social instead of getting a business license?
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10-12-2012, 10:02 PM
Post: #1
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can you operate a small business under your social instead of getting a business license?
If you are just starting out and have an idea to do some small business can you do it with your social instead of getting all the licenses? Then if you know the business will work out get the licenses? How much can you take in in that manner? such as flea market for a few weekends, ebay, etc.
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10-12-2012, 10:10 PM
Post: #2
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Yes as a sole proprietorship you can use your social security number as the business tax id number. A partnership or corporation would have to apply for its own tax id number.
When you file your tax return at the end of the year, you would list income and expenses on Schedule C. Any profit you earn over $400 would be subject to income tax and self employment tax. Ads |
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10-12-2012, 10:10 PM
Post: #3
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You are confusing two different issues.
If you just wake up one morning and start doing business, without incorporating, this is called a "sole proprietorship". In this case, you are conducting business using your real name. HOWEVER, you have the option of requesting a tax id number so you don't have to use your social security number for business purposes. A business license, is completely unrelated, and may or may not be required depending on the business you're in, and your local laws. |
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10-12-2012, 10:10 PM
Post: #4
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a biz license is a legal tool; designed to pay for muni services like police and fire.
thus, unless a landlord demands to see a license, there is no advantage to getting a license before the entrepreneur has netting 100k per year! skip the sss and just run your biz!!!! |
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