question about starting a business

**editionfws** · 01-22-2013, 02:31 PM

Hey all
This is in no way related to blackberrys, but its in the right section of the forum, and I figured, who better to ask than my fellow crackberry members?
I want to start a small online business. I live in the US. Do I have to get my tax ID and everything? Or can I just sell the items online? Every item I am selling I can get without a tax ID number.
I just want to make a little extra money and I don't want to get screwed and lose all the money I make.

Thanks!

**MobileMadness002** · 01-22-2013, 05:01 PM

You would definitely benefit from discussing this with your local Governmental agencies. I am sure they have all the information you need.

**mrrsquared79** · 01-22-2013, 11:33 PM

You can operate as a sole proprietor(thus no need to get a tax ID and subsequently use your SSN) however doing so opens your personal assets to liability if a product you sell or service you provide goes south for some reason. Essentially without the corporate veil and/or insurance, if you get sued and lose, you will be forced to sell your personal assets to pay off the liabilities. IE. your house, your cars, your first born child, etc...

**mrrsquared79** · 01-22-2013, 11:37 PM

If you are just selling a few things here and there not doing it as a legitimate business which you primarily use to survive on, I wouldn't worry about it too much. In your post you stated you are just looking to basically sell a few things here and there, not really necessary to get a tax ID/incorporate/insure. You may have to report the earnings on your taxes(actually required but I won't tell anyone if you don't...).

However if you start generating a serious cash flow or are selling large value items then some additional consideration would be warranted.

**editionfws** · 01-23-2013, 12:07 AM

Thanks for your input everyone. I don't see myself getting sued with the products I am selling. I will be selling tshirts that I designed and printed. Once I start generating serious cashflow, I will get a tax I.D. So I can sell in local retail stores.
Making shirts is a huge business where I live, there are 2 companies making good money with it, and I think some of my designs will appeal really well to the clientel I am trying to reach.
Thanks again everyone, and keep counting down the days for bb10!