Forums: Discussions for entrepreneurs and small business.

Hi All,

I've got a few business ideas and am feeling an urge to create several NY single member LLCs. 

 

The business(es) may each involve the following:

(each item in the list might be added 6 months to a year down the line):

1. Using the websites I've created and selling ads on the sites. Possibly receiving commissions for sales generated from those ads.

2. Building, selling, hosting websites for clients.

3. Selling a product (such as T-shirts on my sites)

 

This would be a home based business. No customer visits to my home. Just run from an office in my apartment.

 

My questions are mainly about formation and tax:

1. Please can you advise if any NYS/NYC sales tax would be required for the operations listed above.

2. Does the answer to #1 depend on where my customers/clients/advertisers are physically located when the sale happens (or where they physically reside). 

3. If my business develops to #3 in the list above and starts selling T-shirts online, can I be exempt from paying the tax for my supplies (ie. the plain t-shirts and the ink etc.)?

4. Am I correct to assume that there are no permits required for the business activities I mentioned?

5. If I am a single member LLC am I correct in thinking that my obligations are:

(a) Federal: File business profit/loss on 1040 and file a schedule C

(b) NY state: File IT-201

6. I have found different answers for the ongoing costs of a single member LLC. Some sources say $50, others $100, others $50 per member with a $350 minimum (so SMLLC=$350!?)

7. If I set up several (say 3) LLCs, apart from the initial cost (formation and publication), am I ok to have information for 3 companies being listed on the state/fed filings? Is there anything else I need to be careful of in starting up/operating 3 LLCs?

8. Do I need to file/register for a DBA in my website names if my LLC name is different?

9. I've heard about fictitious names but don't completely understand if this relates to my #8

 

I know that I'm asking a lot and appreciate any small bite at any of the questions above.

I have done a lot of research myself but have read some contradictory information and so joined SuN as it was recommended to me for great advice. maybe others can benefit from the answers to these questions too.

 

Many thanks

Matt

-------------------------

Regardless of answers that you receive in this forum, you should spend a few hundred dollars and seek the advice of a NY based tax advisor and an attorney. What are you going to do if you rely on the advice received here and it turns our to be wrong?

What the expression about "penny wise and pound foolish?"

"Look after the pennies and the pounds (£) look after themselves" is another good saying.

I'm bootstrapping the whole thing and am piecing all the information I'm receiving together.

There are free business startup workshops I'm going to also...

-------------------------