Registered Business

**Gravitar** · 02-14-2013, 11:52 PM

Around me it takes you 45 bucks just to get the name registered at the county courthouse. That doesn't mean I can actually operate under it, that would require a few hundred dollars. Plus I would have to do that twice so I could operate under the name I want in the county that has the big city near me. It may sound like hell, but I can't do anything about it.

**zito** · 02-14-2013, 11:52 PM

Yeah, some days I completely agree with that thought. (of savage85's)

**Russell** · 02-15-2013, 07:25 AM

I just formed an LLC. Costs were over $1,000. in Illinois ( the most expensive state in the union to register costs $500 alone ) You have to properly register a fictional name; regardless of what or how you call it. Ask a lawyer... Good luck getting a bank account or credit if you're not properly filed.

**Russell** · 02-17-2013, 11:59 AM

Originally Posted by Zayne

I have a business and it is running successfully and i have no tax id. Because as Phantoms001 said in some localities you don't need a business license/tax ID number if you are running a business under your name and have no employees. So in that case i don't have any tax id number. And there are lot of people who also don't have.

Correct.... You are a sole proprietership. As a sole prop your legal company name can only be your given name. You may not work under a fictional name was my original point. You have to register a fictional name as such. You can't just advertise and call yourself whatever you like.

Your ssn acts as your tax ID. Therefore, your ssn is tied to your legal name. So, your business name can only be your given name. Running under a fictional name without registering it is like using a name other than your legal name and tying your social security number to it. Where I come from that's called identity theft. Hopefully you see what I mean.

You may register as a "DBA" if you would like to use a name other than your own given name. This maintains your sole prop status.

Gangel · 02-17-2013, 01:49 PM

Not all states require posting or registering a fake name. I can't see every state requiring you to be Incorporated either. Doesn't make sense.

Gangel · 02-17-2013, 01:50 PM

Remember, free advice is worth nothing.

Gangel · 02-17-2013, 01:57 PM

I'm in a posting mood today, so I'm going to post another thought based on this earlier post

"Taxable income? My God, I just scrapped a $1500 TV & sold if for scrap & got $7.

Thats a $1493 loss........."

That TV WAS NOT worth 1500... it was worth 7 dollars... in realistic terms, value can not be predetermined. That's what caused the economy to collapse. You can estimate what it's worth, but you can not write anything off against it. When a business writes off a "loss", they have to prove they spent the money in the first place. You can not, technically, write off more loss against something than what you have invested into it.

**Russell** · 02-17-2013, 04:02 PM

Originally Posted by Gangel

Remember, free advice is worth nothing.

Doing things illegally can cost you a fortune and your name.

If you don't have to file, then you could have 15 companies with the same name in the same county. I personally wouldnt want to operate in an area, where someone could also be using my name. Sounds like a lot of unscrupulous activity could happen. Can I just open up a McDonald's right next to a McDonald then?

I personally would rather have to file and go through the hassle knowing that no one else could legally operate under my name.

**pcscrapper** · 02-17-2013, 04:15 PM

In the business for over 20 years and Yes have a Tax Id. Best to have one. incase you need to buy something for resell.. like pop and candy when customers are waiting , You're making a profit. gotta pay the sale tax..

**CollinsHaulin** · 02-18-2013, 12:43 AM

Out here in California I am self employed as a sole proprietorship with no official business license. I do have a Wells Fargo business checking and savings account with my given name and "business name": (Insert last name here) Haulin'. I keep track of my income and file taxes every year and I've never had any legal or business problems from doing it this way (knock on wood), maybe it's because I'm under the radar since I only make about 20 grand a year in documented income from scrapping vehicles.

**metalrecyclingmachine** · 02-18-2013, 01:08 AM

Different opinion comes from different position.

**anthracite31** · 02-20-2013, 02:38 AM

Just LLC'd last month. Plus EIN and bank acct. Got a letter today from NJ reminding me to register with the state tax office. That was the easy stuff (tounge in cheek) now for the NJDEP waste haulers license, DOT#, and insurances for the business and the trucks. Pffff...who needs a life savings anyway! :eek:

**Russell** · 02-20-2013, 07:23 AM

Originally Posted by anthracite31

Just LLC'd last month. Plus EIN and bank acct. Got a letter today from NJ reminding me to register with the state tax office. That was the easy stuff (tounge in cheek) now for the NJDEP waste haulers license, DOT#, and insurances for the business and the trucks. Pffff...who needs a life savings anyway! :eek:

let's not get started on dot regulations and commercial insurances, as this post would go on forever. I'm sure everyone will have an opinion on something that us fact. I'm waiting for the first person to say they don't need commercial insurance as a sole proprietarship.