I want to start an online consultancy business and I will be the only employee. Is...

  • Thread starter Thread starter N.C.
  • Start date Start date
N

N.C.

Guest
...being sole proprietor best? My online consultancy will be providing information over the web only and will not be selling any goods, only the service to provide information. I have already checked with the State of Oklahoma and I do not need any business licenses, I only need to register my business name with the Secretary of State.

Is being the sole proprietor the best option for tax purposes so that I can keep things as simple as possible? I plan on tracking all purchases on my site with QuickBooks for taxes.

Also, do I need a federal or state tax ID number?
My online consultancy will be providing information over the web only and will not be selling any goods, only the service to provide information. I have already checked with the State of Oklahoma and I do not need any business licenses, I only need to register my business name with the Secretary of State.

Is being the sole proprietor the best option for tax purposes so that I can keep things as simple as possible? I plan on tracking all purchases on my site with QuickBooks for taxes and will be using PayPal to accept secure payments online.

Also, do I need a federal or state tax ID number?
 
If you are a sole proprietor, your SSN is your tax ID number.
As a sole proprietor, your personal assets (home, bank accounts, etc.) are all at risk if you are sued. If you set up a LLC (limited liability corporation) or an S Corp, your personal assets are protected.
Have you checked with your local SCORE (Service Corps of Retired Executives) or Small Business Development Center for advice and guidance?
 
If you are a sole proprietor, your SSN is your tax ID number.
As a sole proprietor, your personal assets (home, bank accounts, etc.) are all at risk if you are sued. If you set up a LLC (limited liability corporation) or an S Corp, your personal assets are protected.
Have you checked with your local SCORE (Service Corps of Retired Executives) or Small Business Development Center for advice and guidance?
 
If you are a sole proprietor, your SSN is your tax ID number.
As a sole proprietor, your personal assets (home, bank accounts, etc.) are all at risk if you are sued. If you set up a LLC (limited liability corporation) or an S Corp, your personal assets are protected.
Have you checked with your local SCORE (Service Corps of Retired Executives) or Small Business Development Center for advice and guidance?
 
Back
Top