New answers tagged

1

I believe registering a business is much better. On the other hand, you could purchase an already established business in an area of interest. You may be thinking about four ideas now but really, the possibilities are limitless. Perhaps you could visit any of the tens of portals where businesses are already up for sale. I believe they offer better guidelines ...


0

In my experience, most service based commerce in the crypto asset economy is taking place with Tether on the Ethereum blockchain, so people would be paying invoices with Tether or the equivalent amount of Ether at current value. It is easy to get any two parties to agree on which digital asset to take, but in my experience people are more adamant about ...


0

A non-profit is created and run by a board of directors. Although you would be on the board initially, you would have no absolute right to be on the board, and the board could choose to replace you with someone else. There is nothing special about being a founder of a non-profit. A board member of a non-profit may be paid for their time, though often they ...


0

If you really don't want to deal with forming an LLC or doing other business-y things, then you can do math with your partner to include the taxes in your 50-50 split. Math, let: X = Amount you get paid, without taxes Y = Amount your partner gets paid, without taxes X = Y Therefore: total_earned = X + Y + (taxX * total_earned) + (taxY * Y) total_earned - ...


1

To answer your specific question, that hasn't been answered: Is there any way to do this anonymously? Yes, you can give it away for free instead of selling it. Otherwise, you'd better have your ducks in a row. Maybe that advice about Wyoming LLCs will work, but from what I've seen people tend to figure out more than you'd expect.


28

The answer is simple in my opinion: Don't form a General Partnership with someone you barely know on the internet. The General Partnership is something that makes it easier to start a small business with multiple people who completely trust each other, like maybe a farm run by the whole family unit, or a store run by two close friends. A counter example ...


17

Both of us want to remain anonymous and don't want to even tell each other each other's names. Is there any way to do this anonymously? Yeah. Fire up those Wyoming LLCs. An LLC can be a general partner. It's perfectly legitimate to have a general partnership between "New Start Flying Wings LLC" and "Not Slightly From Wyoming LLC". Note ...


2

I think the core point is that the Government needs a person and address, so they can contact you (to go after you for taxes, etc.). Therefore, anonymity to the government is not possible. However, you can go to a lawyer, and contract him to act in your both names founding a trust*, and give his address and name as a contact on the company (the company would ...


3

I would suggest that you might want to pay a CPA to assist you in filling this document out (for the first time, anyway) as they generally have a very detailed understanding of the law and your obligations. But if you really prefer to do this yourself, you should read the IRS's instructions for form 1065 (which are quite long but very detailed and may be ...


21

What you have there is a General Partnership. You already have a General Partnership. You didn't need to do anything to create it, it just arose when you agreed to share revenue. In this situation you split income and expenses as far as the IRS is concerned. You don't get much flexibility in how this is done, because you have a General Partnership and ...


4

Yes,Wyoming LLCs work great for that purpose. Wyoming will not disclose your officers or owners to anyone but police etc. you can call the LLC anything you like that is not misleading or taken. You will need a “Registered Agent” in Wyoming. Cost is about $200/year. They have one job: receiving legal notices. Further, in any state you do business in, you ...


4

Since you are receiving 100% of the income all you need to do is spend / pay your partner for consulting expenses. 50% as an expense to your partner as professional services for their work. You'll need to file 1099-NEC (Non Employee Compensation) form with the IRS. Once to account for the expense you do not pay taxes on your expenses they are ALL tax-...


27

I'd form an LLC, with the partner (or not). (I used Legal Zoom to do this, a few years ago. Today it costs $79. (There may be some minor state fees, no capital requirements in my state.)) Get a bank account in the name of the LLC. Connect bank account to Patreon/Paypal. Have funds go into bank account. Transfer funds from bank account to your account and ...


-2

To tell you the truth, I don't even know if I need Nevada's anonymity benefits in the first place Of COURSE you do NOT need a Nevada/etc LLC. It's a ridiculous idea - huge overkill. With the millions of apps on app stores, this is a completely commonplace problem... Instead of having your name "John Smith" under the app, you just want a company ...


45

Let me first say that I am not an accountant. I recommend that you do meet with an accountant; he or she will be able to tell you the best way to handle this. That having been said, I'm going to offer you one idea for handling this. Probably the least complicated way to structure this is as a separate sole proprietorship for each of you. You would claim ...


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