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wallstreetesq., Attorney
Category: Business Law
Satisfied Customers: 17248
Experience:  10 years, Corp litigation, Of Counsel to several global and nationwide corporation
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hi, my question is i am very interested in opening a business

Resolved Question:

hi, my question is i am very interested in opening a business online, i had gathered ideas on how to start, they say for me to be able to get suppliers i would need a tax id,(is it the same as m ss# XXXXX its diferent for a business) and a business bank account, business name... if would like apply for a tax id for my starting business, and it turn out well will i be liable to file tax for t? can i cancel it anytime? cause im just starting nd i dont know yet if i wll sucessfuk... thank you..
Submitted: 7 years ago.
Category: Business Law
Expert:  wallstreetesq. replied 7 years ago.

you need create a corporation, a c corp or s corp or llc, in an s corp or llc you can choose to deduct losses or profits from your personal income tax return, a c corp the corp itself would pay taxes outside from you.


The Corp would then apply for a tax id# XXXXX you can open accounts in the new Corp. name, it will also protect you from any debts or liabilities the Corp may face.

Customer: replied 7 years ago.
i already know that i would need to create a corp or llc, what ineed to know is what if my internet business would not turn out good, would i still be liable to pay taxes for it or can i cancel it, im hesitant to create a corp with the fear of the business not being sucessful, my question is what would happen to the corp that i created if my internet business would not go well, can i just cancell it or close? another question is im here as a working visa, a legal alien, am i legally allowed by law to do business?
Expert:  wallstreetesq. replied 7 years ago.

if the corp does not do well, you could close it or leave it alone, the problem you may have is if you sign leases or credit in your own name, you will be liable personally for the debts.


Your immigration status does not in any way effect you opening a business.

Edited by kumar paturi esq on 2/2/2010 at 3:01 AM EST
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