Question about getting a tax id # - Chicagoland Sportbikes
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post #1 of 13 (permalink) Old 06-22-2006, 12:02 PM Thread Starter
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Question about getting a tax id #

I want to open a store on ebay and need to know what to do to get a tax id # so I can buy from wholesale suppliers. And give me any other information you might want for my budding entreprenuer tendencies I have right now.
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post #2 of 13 (permalink) Old 06-22-2006, 12:03 PM
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move to the pac. rim where you can get knock off designer clothing for cheap, the resell on ebay and make a fortune.

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post #3 of 13 (permalink) Old 06-22-2006, 12:10 PM
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Illinois IDUC form I believe.

Or incorporate through The Company Corporation, that is what I always do.

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post #4 of 13 (permalink) Old 06-22-2006, 01:10 PM
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Call our accountant, he will file the papers for you.

I like Vcooks idea, find someone in the pacific rim and import thier crap and resell it. People do it with those chinese dirt bikes all the time.




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post #5 of 13 (permalink) Old 06-22-2006, 01:22 PM
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Quote:
Originally Posted by HDTony
Call our accountant, he will file the papers for you.

I like Vcooks idea, find someone in the pacific rim and import thier crap and resell it. People do it with those chinese dirt bikes all the time.
its huge business, I just read an article on wired.com about the ebay sale of fake designer clothing. huge money.

Chris
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post #6 of 13 (permalink) Old 06-22-2006, 04:48 PM
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If you mean an IRS EIN, it's really easy to fill out the form online:

http://www.irs.gov/businesses/small/...=98350,00.html
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post #7 of 13 (permalink) Old 06-22-2006, 05:40 PM
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Quote:
Originally Posted by hoezx6r
If you mean an IRS EIN,
You only need an EIN if you are going to have employees. I think that she is looking for a state sales tax number.
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post #8 of 13 (permalink) Old 06-22-2006, 05:52 PM
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I think we got our tax id when filed for inc. But the best way is to file for LLC.

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post #9 of 13 (permalink) Old 06-22-2006, 05:55 PM
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File for an LLC and they will give you a tax id. It's kinda a pain the the ass from what I hear but I'm also in Iowa and it could be different.

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post #10 of 13 (permalink) Old 06-22-2006, 06:07 PM
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Form a Delaware corp.

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post #11 of 13 (permalink) Old 06-22-2006, 06:09 PM
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LLC costs a little more to file, but after all it is a Limited Liability, so less BS to deal with/be responsible for.

Russ
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post #12 of 13 (permalink) Old 06-22-2006, 06:12 PM
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Quote:
Originally Posted by Bratva5
LLC costs a little more to file, but after all it is a Limited Liability, so less BS to deal with/be responsible for.
There's almost NO liability with a real Corp, and the tax laws are far more favorable.

If you really want to be slick, You pay yourself in worthless company penny stock too... (Woo Hoo, no 'income' for you)

Then if you get big and someone wants to 'buy you out' you make out like a bandit as they buy out your 'equity'. KaChing.

If problems arise.. Oh darn, the 'corporation' did it's best with what it 'knew' at the time.. Gosh.. time to let it hit the dirt and fall to the floor.

...and your personal finances are not tied up with it.

...this topic's better suited for a multi-hour beer discussion though, so I won't hijack

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post #13 of 13 (permalink) Old 06-22-2006, 06:13 PM
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If you register your business out of state but do most of your business will be out of IL you might have difficulties filing state taxes.

Russ
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