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I have an online store that I'm getting ready to launch. I…

I have an online store...
I have an online store that I'm getting ready to launch. I was wondering if I need to apply for some sort of business license like an LLC or something like that? But I was also wondering if I don't have to worry about it for a certain amount of time or something because I'm not sure if the business will even take off so I don't know if it is even going to last.
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Answered in 5 minutes by:
9/20/2017
KLAW
KLAW, Attorney
Category: Business Law
Satisfied Customers: 2,375
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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Good evening. What state are you operating out of?
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Customer reply replied 10 months ago
KY
A sole proprietorship is the simplest business structure, since you need not register your online business name with the state, and you can use your Social Security number instead of obtaining an employer identification number.If you establish an LLC, however, you must first create an operating agreement. Then you will need to register online with your secretary of state, pay a fee and file an introductory form called the articles of organization.You will also need to apply for a federal employer identification number.The net effect of taxation will be identical whether you are a single-member LLC or a sole proprietor: Your federal income will be reported on IRS tax form 1040, Schedule C. You will be taxed only once, as opposed to incorporated business owners, who are taxed once at the corporate level and again on their individual tax return. Most banks treat sole proprietorships and limited liability companies the same in terms of business accounts, but check with your financial institution first.If your online retail business will owe sales tax for sales to in-state customers for Kentucky you must obtain a sales and use tax registration number. Here is a link. https://revenue.ky.gov/Business/Sales-Use-Tax/Pages/default.aspIf you are not sure about your growth or if the business will succeed then you may want to start of with a sole proprietorship.I hope this clarifies. Please don't forget to rate the question with stars so that I will receive credit and payment for assisting you with your question. Please
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Customer reply replied 10 months ago
I don't need to do anything to just run my business as a sole proprietorship? Is there any reason why I would not want to just be a sole proprietorship?

No. The only thing you may have to do is file the sales and use tax form with the state to collect sales tax.

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the only reason to form an LLC is to protect against liability. However, if you are not sure if you will succeed the costs of setting up and LLC and then dissolving if the business does not succeed makes forming the LLC cost prohibitive.

KLAW
KLAW, Attorney
Category: Business Law
Satisfied Customers: 2,375
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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