TKK Posted October 3, 2011 Share Posted October 3, 2011 Hi guys.... My buddy keeps saying we must report to irs. We already registered the business. To get a business acct we need.an irs number. Which he got but the aheet doesnt have.my name on there just his. He said im on there but it doesnt show. I dont know what I should do? It would be 25c candy tripples maybe toys later....eventually coke machines. Link to comment Share on other sites More sharing options...
hutchdavidson Posted October 3, 2011 Share Posted October 3, 2011 Get a DBA from your county and give that to the bank for the business acct Link to comment Share on other sites More sharing options...
timberframe50 Posted October 3, 2011 Share Posted October 3, 2011 First it sounds like this business is in his name only. Coulsd be a probblem done the road. Like he'll screw you. You can get an IRS number on line.how is your business set up? DBA, LLC, SCorp etc? Link to comment Share on other sites More sharing options...
TKK Posted October 3, 2011 Author Share Posted October 3, 2011 Yes I checked....we got an irs number and dba they r asking for a partnership form and resolution form... Link to comment Share on other sites More sharing options...
mission vending Posted October 3, 2011 Share Posted October 3, 2011 First it sounds like this business is in his name only. Coulsd be a probblem done the road. Like he'll screw you. You can get an IRS number on line.how is your business set up? DBA, LLC, SCorp etc? Agreed. First, IMO partnerships are a BAD IDEA, very seldom last and someone winds up getting screwed over. Second, if you do move forward with a partnership make sure your name is on EVERYTHING, don't believe that crap that your name is on there and it doesn't show. Third, put everything in writing who owns how much %age of the business, who put in how much money etc. Make 2 copies and both sign both copies and each has an original. Link to comment Share on other sites More sharing options...
TKK Posted October 4, 2011 Author Share Posted October 4, 2011 Were just doing it for extra cash...hes the one that wants to report it and all. He put in half the money t Link to comment Share on other sites More sharing options...
mission vending Posted October 4, 2011 Share Posted October 4, 2011 Were just doing it for extra cash...hes the one that wants to report it and all. He put in half the money t He has got it right then. Report the income as required. I know many people don't, but an old saying comes to mind: Character is not what one does when people are looking, its what one does when you know people are not looking. Link to comment Share on other sites More sharing options...
dperry Posted October 17, 2011 Share Posted October 17, 2011 I report all my vending income on my personal household taxes. No DBA, no IRS number needed. Link to comment Share on other sites More sharing options...
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