Questions tagged [small-business]
Questions specific to small businesses, generally under 100 employees and revenues less than $1,000,000.
444
questions
1
vote
1answer
38 views
Why on PPP application lenders distinguish between sole proprietor, partnership, independent contractor or self-employed?
Lenders on PPP applications call these "Entity types" without further defining this term. However, best to my knowledge:
Sole proprietor is someone who owns 100% of business and files ...
1
vote
1answer
40 views
+100
PPP 2.0: Can businesses that were not operational in 2019 use 01/01/2020-02/29/2020 period for average payroll cost calculations?
Official SBA PPP 1.0 FAQ had this answer:
Question: What time period should borrowers use to determine their number of employees and payroll costs to calculate their maximum loan
amounts?
Answer: In ...
2
votes
1answer
69 views
Self-funded & fully-funded health insurance plans for small businesses
Imagine that a hypothetical small business in the U.S., MoneySavers, is setting up a health insurance plan that it will offer to its employees. I'm looking for clarification on any misunderstanding ...
3
votes
1answer
90 views
Using capital gains to start a business?
Lets say I make 100k profit in selling some stocks. Can I use that 100k to start a Business without paying Capitol gains? The Business would be used to buy and sell properties. Maybe a bar.
1
vote
2answers
109 views
No more income. What are my options to keep my S-Corp from dissolving?
I classified my single member LLC as an S-Corporation to take advantage of the tax advantages for qualifying small businesses as an independent software contractor. This worked well while generating ...
4
votes
2answers
102 views
Can I exchange the shares of an index ETF for the assets of a small business?
I am interested in buying a small business for $150K. In order to finance the acquisition, I plan to use funds from my personal brokerage account (TD Ameritrade). I will sell $150K in stocks from the ...
10
votes
7answers
4k views
UK - Can I buy things for myself through my company?
this is a UK-based question.
I understand that there are certain purchases that you can make using the revenue of your limited liability company, and this is beneficial as you are using money that has ...
-1
votes
1answer
39 views
Journals for credit with suppliers
How would I keep a record of payments with an insurance supplier (Zego if that helps) if they bill on the basis that the account gets topped up with credit, then they deduct from the credit on a pay ...
2
votes
1answer
74 views
I'm traveling and need the info on my future business card
I'm about to open a business account, but all providers seem to provide physical credit cards for their business account. At the moment I won't be able to physically present myself at the place of ...
1
vote
0answers
23 views
Financial Plan: Monthly changing MRR
Not sure if this is the correct subforum of StackOverflow, but let's give it a try.
I'm currently creating a financial model for a startup, and the monthly recuring revenue per customer changes ...
14
votes
2answers
2k views
Can I claim/deduct my expenses for a part time recipe tester on my taxes?
I manage an app that generates income. It is a food recipe app and I would like to hire someone a few hours, once a week, for the next two months. I want them to test the recipes. In that two months ...
0
votes
1answer
43 views
LLC in Florida needed if already have a New Mexico LLC?
I'm a resident of Florida and need to a create a LLC for liability protection. My business will solely be an online business. I would like to form the LLC in New Mexico as they have no annual report ...
2
votes
0answers
25 views
Are Employer Taxes (medicare and social security taxes) eligible expense for PPP forgiveness purposes?
Let's assume sole proprietor with 1 employee received $10K in PPP loan. As per SBA at least 60% of PPP loan must be used for payroll expenses in the 24 week period. This means at least $6K.
My ...
0
votes
0answers
29 views
How are certain Indian small businesses dealing with taxes?
When I am attempting to register a domain from a domain reseller, I don't see any tax component getting added by the reseller. However, Godaddy or HostGator adds 18% GST on top of the actual price of ...
2
votes
1answer
103 views
Can I have a small wage if I establish a non-profit organization/company in Greece?
In the future I plan to make a non-profit organization, so I can hire software engineers in order to contribute and develop libre software projects. The organization will either be in Greece or Cyprus....
10
votes
5answers
3k views
Is there any way to form an anonymous General Partnership?
Update: When I say anonymous, I don't necessarily mean from the IRS (although that would be ideal). I mean anonymous from the general public. I don't want anyone to be able to look up my real name and ...
3
votes
2answers
340 views
How do I form an LLC anonymously?
I just read this article and want a second opinion: https://www.legalzoom.com/articles/starting-up-which-state-to-file-your-llc-in
I'm considering starting an LLC because I earn about $400 a month ...
39
votes
5answers
11k views
Every month I make money from Patreon. I want to split my income with a partner. How do I avoid paying taxes on 100% of the income?
Let me start off by saying I have no idea what I'm doing here. The context is, I am making a game, and every month I make $400 or so from Patreon (people are my patrons, and they are paying me because ...
0
votes
2answers
188 views
How to finance and structure an easy knockoffable business idea of a dummy poor 19 yo?
I am a poor 19yo, found one probably original business idea of products that will help (not entertain) people. However I am absolutely not savvy in technical business knowledge, so please answer my ...
22
votes
12answers
7k views
Pay off Loan With Savings or Keep Emergency Fund
A year and a half ago I took out a Career Development Loan(Ā£7000, 9.9% interest). Which is currently around Ā£4900 now. I have been saving for no particular reason, and I now have over Ā£5000 in savings ...
3
votes
2answers
131 views
Do I have to declare an income below my Personal Allowance?
I'm in the UK and planning to start a side business. The income from my current job doesn't exceed my tax-free Personal Allowance of Ā£12,500 a year, nor do I currently expect the income from this ...
1
vote
2answers
135 views
Would companies pay me for some service by sending a bank transfer to me as a person?
Let's say I set up a website and contact some companies, and one of them hires my service to perform some kind of work for them.
Now that they are happy with my work, they are to pay me. Do they ...
-2
votes
1answer
142 views
Is it possible to make my home and household a business?
I know it's possible to run a business from home. What I mean is rather to create a business whose sole purpose is to maintain a family & associated household, that would have expenses such as ...
3
votes
5answers
2k views
How to separate interest paid on a credit card between personal and business expenses?
My wife has a home business selling clothes. She purchases all her inventory with a credit card but she also uses the card for personal expenses.
I understand that on the IRS Shedule C, we can write ...
1
vote
1answer
32 views
How to contact SBA regarding COVID19 loans?
I called SBA today on 415 744 6820 regarding a delicate PPP loan situation I am having.
Over phone they delegated me to NorcalSBDC.org website (note the lack of .gov). And then they further delegated ...
0
votes
1answer
70 views
Ideal country for limited liability company (Ltd.) [closed]
Looking for and ideal country for an Ltd. with the following conditions:
English is an official language
It's creation and maintenance is at low cost
You don't have to be resident of the country
You ...
-1
votes
1answer
45 views
Personal income tax and new company
For someone living in the US who owes personal federal income tax. Is it possible to open a new company in such a way to protect the company/financials from personal taxes owed?
0
votes
1answer
48 views
Should I file two Schedule C when I hire employees?
According to the IRS, sole proprietor must apply for EIN the moment he hires first employee and must use this EIN for tax purposes.
How Schedule C(s) should be filed if first employee is hired on June ...
0
votes
1answer
73 views
What is the simplest possible way for a person with a small store to sell custom products online with a paypal button and a text field? [closed]
I need a text field and a linked paypal button to put beside of each product.
Suggestions to pay a service like ebay 10% to use their paypal button are not helpful.
Something for a guy selling 5 ...
0
votes
4answers
331 views
Is this method of getting free money viable and consistent with law?
A lot of credit cards these days give you an interest free period, say 24 months. They also allow you to transfer debt for a small fee, let's say 4%. This means if you keep the moving the debt around, ...
0
votes
1answer
102 views
Are employers who got their PPP loan on a later date better off than those who got it early?
My understanding is that
payroll expenses that would be eligible for PPP loan forgiveness must be incurred immediately within the next 8 weeks when PPP funds appeared in the employer's bank account. ...
1
vote
0answers
538 views
Accounting for VAT on App Store sales as a UK VAT-registered company
UK VAT-registered company considering selling apps/games online (things like Apple App Store, Google Play Store, Microsoft Windows Store, Steam) and also earning via affiliate programs like Amazon ...
1
vote
0answers
114 views
How do I know when my applications for disaster relief loans have been approved?
I applied to all 3 programs as I have a business in NYC:
SBA EIDL - Economic Injury Disaster Loan Emergency Advance
PPP - Paycheck Protection Program
NYC Small Business Continuity Program
I think I ...
2
votes
0answers
485 views
PPP loan for business owner who “converted” 1099 contractors to w-2 employees starting from 2020?
Due to AB-5 bill passage many small business owners in California reclassified Independent workers (1099) as Employees (w-2) starting from January 1st 2020.
Now when filing the PPP loan application ...
0
votes
1answer
59 views
Small business owner [closed]
Considering the current crude oil negative price situation, I do have available storage for roughly 50,000 barrels. Can be twice that much within a week. Am I in the ballpark of being someone (a small ...
0
votes
1answer
135 views
Where should I keep the money for the shares I purchased from my UK startup business?
I am at the beginning of setting up a UK business and started it with one share valued at Ā£1.00. I am the owner of this single share. I am now wanting to pay the amount I owe for the share to the ...
0
votes
1answer
44 views
Transferring capital from C-Corp to an S-Corp to reduce tax liability?
I have a C-Corp in my name that was building a software project I was working on with a partner. The project is winding down now and there are still some funds in the account.
Me and the partner want ...
0
votes
0answers
33 views
Opening a small business for Buy-Sell transactions
I am looking to open a business for just several transactions which consist on:
1) Buying merchandise overseas (not importing into USA or making use of such merchandise)
2) Selling the same ...
1
vote
1answer
130 views
I bought a website. How does it affect my taxes?
I have a small British Columbia business (sole prop) writing software.
I bought a website last year which is earning a bit of money through my business name.
Does the purchase of the website count as ...
2
votes
2answers
190 views
Loaning money to your small business by billing yourself and paying with personal credit card?
Can you loan money to your own small business by billing yourself and making a payment to it with your personal credit card? How would the accounting work on that? The business isn't actually billing ...
5
votes
1answer
71 views
In USA can I offset capital gains from the sale of a business with capital losses from stocks?
I recently sold a business and will receive a pay-out spread over a couple of years. Each year I will receive a predefined sum, which will be reported as capital gains.
Now, with the stock market ...
1
vote
2answers
129 views
Can I consider check from LLC company as a personal check?
I have a friend wanting to send me $10K like as a gift. But he owns an LLC business so he said his LLC bank account and personal bank account is one. It's the same. My question is can I get it like a ...
9
votes
1answer
2k views
Are real estate taxes deductible if I use home for business?
I use home for business - work as a contractor from home, on my home computer, but there is no area for exclusive use - desk and computers are also used for personal purposes. So I do not qualify for ...
2
votes
0answers
37 views
Revenue Recognition, Foriegn Currency, and Exchange Rates
I live in Canada, and run a small hobby website (under a sole proprietorship) which earns advertising revenue from various sources. Some of that is paid in CAD, some in USD, and some in EUR, etc.
My ...
1
vote
0answers
121 views
How can I handle an unofficial partnership/hobby business
Some Background:
A friend and I have been working on a clothing company together. We have both had similar ventures before, but have only worked solo when doing it.
Now we are splitting it to where ...
1
vote
1answer
56 views
Commercial Debt and Late Payment Fees in the UK
I want to clarify a few things with regards to late payments. Historically, I have suffered at the hands of unscrupulous payers but this year I am being more pro-active and using the legal rights ...
1
vote
1answer
95 views
Income-Tax and Side-Hustle Providing Internet Related Services
I'm looking at starting a side hustle that provides solely software related services. Like web-hosting, app development, etc.
In the near future, I'm not looking for any sizable profit (or any for ...
0
votes
2answers
77 views
Is employee's 401(k) contribution still a tax deduction for employer through “wages paid”?
Small business owners can claim wages paid to employees as tax deduction. If one of his employees would elect to contribute $15K of his salary into 401(k) account then would the employer still be able ...
0
votes
1answer
100 views
Profit and loss statement without any sales [closed]
What would I put for the "cost of sales" in a profit and loss statement if I don't have any sales? I have purchased a lot of inventory, but as of now, I don't have any sales. Do I put 0 or a ...
1
vote
1answer
48 views
Trying to understand S corp
Say an S Corp has one owner and earns 300k in a year. It pays wages of 100k. Can the 200k be invested by the S Corp so that the the 200k does not have to be distributed?
