eBusiness Status/Registration

Discussion in 'General Business' started by voidgeek, Jul 10, 2009.

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  1. #1
    I posted this in the legal section but didn't seem to get any replies, I probably should have posted here, sorry about that. Not used to the forums yet.

    I have a website and it makes money via paypal... Its all online based, and nothing local. No phone calls, no nothing.

    I have a partner in another country who maintains the site with me...

    Is there something specific I'd have to do? From one person I heard... it could potentially be rather expensive (and we're not quite making that much right now, but we're asked to provide business details from one payment gateway).

    I noticed that some places have 'business registrations' as seen on GoDaddy, does that have anything to do with it? Is there a way to do it online? would I have to go somewhere locally? (kind of hard for me to get around at the moment after surgery)

    We just started it and Its an online based game and we've started to make a bit of money with it (300-500/mo+) and I kinda need to know the best way to proceed before it gets any bigger.


    Thanks ahead of time
     
    voidgeek, Jul 10, 2009 IP
  2. Ikaruga

    Ikaruga Active Member

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    #2
    http://www.incfile.com/llc-form.htm

    Register your business as an LLC. Basically, if you or your partner screw up and you're legally liable to pay for any damages, your personal finances can't be touched. At worst, your business files for bankruptcy -- without your assets being put into risk.
     
    Ikaruga, Jul 10, 2009 IP
  3. voidgeek

    voidgeek Peon

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    #3
    thank you for the link. How expensive is that annually? its one of the horrors that were mentioned to me which may have thrown me off from it before. and ahhh... just noticed that its for the US only... I am from Canada. hmm..
     
    voidgeek, Jul 10, 2009 IP
  4. Ikaruga

    Ikaruga Active Member

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    #4
    The cost is nominal, and is absolutely necessary if you're taking your business seriously.

    I'm not familiar with Canadian laws but you still should be able to register your business as an LLC. Check out this link and follow along:

    http://www.businessmart.com/businesses-for-sale/canada/form-an-llc-online.php
     
    Ikaruga, Jul 10, 2009 IP
  5. Curt7788

    Curt7788 Member

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    #5
    When they ask you for business details, just put in your name and whatever you guys use for taxpayer identification. In the US it's our SS#. If your site makes good money later on, you can set up a business entity.
     
    Curt7788, Jul 10, 2009 IP