Internet Business???

Question

My partners and I have a website, and were wondering if there is a resource out there that can help us with: 1.How to accept money. 2.Do I need a FEIN for the "company" 3.Tax Returns 4.How to record money that comes in

Answer 1

Form an LLC and claim a 1065, its pass-thru income!!!

Answer 2

There are many places that will help you to accept money from your clients.

If you are into information based product selling then clickbank.com is the best place.

You can also use paypal.com to accept payments.

Here's another professional third party payment processing system which I am personally using, it is known as 2checkout.com It will wire transfer your funds right into your bank account.

Hope this helps.

Your Friend,

Murtuza.

Answer 3

1. You can set up a PayPal account and accept payments for both debit and credit cards through that. You can also set up merchant services to accept credit cards online and offline. And of course you don't want to deal with mail payments such as a check or money order. As far as running and operating this on a website, you either need to code the system in yourself or hire someone to do it for you. There is usually a shopping cart option available for most webhosts. Check with yours to see if it has this option. Otherwise it needs to be custom coded.

2. Since it is a partnered business (meaning more than one party), an EIN is preferred and recommended. Apply for one through the IRS.

3. It is better to consult a tax accountant regarding tax questions and filing taxes to ensure it gets done correctly. It may cost you a bit up front but it is better to be safe and ensure things get done correctly than to be sorry about it later.

4. Quicken or Quick Books is a good program to buy and you can find a copy at any office supply store. It costs a couple hundred dollars but is great for book keeping purposes and keeping track records of all your stuff. It can even do employee payments, etc. However to keep track of incoming payments without manually typing them in, again you need to code yourself or hire a coder that can get the system to record such information and stored somewhere in a DB (database).

I assume that since you guys are planning on running a website as a business, you should already know half of the required equation here.