If anyone can help me with a accounting problem that would be great. Few questions, I'm starting a business that deals with me recieving payments and cutting checks to my clients, does this require a w9 form? and does this make it so I am only taxed on what I earn for myself second, if me and my partner split the site earnings am I taxed on his portion and is there any way to avoid this because all the income comes through me first. Any other advice you think would help me out is welcomed also thanks!
You don't state which country you are from, so it's difficult to give you exact information. In general if you start your own business as a sole proprietor (you own the business) all the income generated from that business is viewed as your personal income and you need to pay taxes on that income (only on the net income though). As for the partner situation, you would indeed be taxed for his income as well, since the payment would be in your name. However you might be able to classify your partner as an employee, and then you can subtract his "salary" as an expense. He will then have to pay taxes on the salary. (You might have to comply to labor laws etc. if you do this...) The best thing would be to go see an accountant regarding the issue. You might want to start a LLC or company, but an accountant should be able to provide you with better information.
Yea I was going to use him as a expense so I won't pay taxes on what I dont actually earn. I will see my accountant this week thanks