I just got an invite key from YPN today! When I signed up, I used my friend in the US as the contact... can I use my own information now that I got in, or should I keep using the American address? Im in Canada myself. Also, I can enter an American address.... but what if I enter a canadian bank's information for direct deposit? Would that be allowed?
Congrats.. I would definately try to keep everything that you can american (seeing how they only accept US people atm). So make sure to use an american address (even though you're already in). On the other hand just message them and ask "I live in the US (small white lie our canadian brothers are close enough", and i was just wondering if I could DD to my canadian bank because that is where I keep my money... I don't think there would be a problem with this... On a side note, when did you apply?
I applied like 10 times over the course of last 3 months. I got 9 rejection letters.... and 1 was accepted!
i wouldnt put a canadian bank account. especially considering you werent "supposed" to get accepted. play it safe and congratz. jmo
What was the reason for previous rejections? I was rejected becos my web traffic is not good enough for them!! I applied with a new site though.. Do u have that issue with YPN??
Congrats... Im actually thinking of signing up as well using my close relative contact info from California.
Back in March I was having the same problem you are. What I did was register a trade name, and open a business account through Wells Fargo. As long as one of the partners is American you can put your name under a joint bank account (of corse your friend will need to register the company under his/her name). Also, with some banks you may need to show them a shareholders agreement if you do decide to open a business account with a friend. I'm pretty sure that there are also laws stopping a non-American from owning the majority of an American Company, so you might also want to look into that. If you're dealing with a small amount of money you should be alright, however if you are dealing with a lot of money here you might want to consider talking to a lawyer.
Yes an US LLC should work. LLC's also get a TAX ID, aka EIN (Employer Identification Number). Different states have different laws when it comes to registering a corporation, or an LLC. I would use the same state whose address you used on YPN. For example.. Search for "Register an LLC in New York" That should give you some more information. Once you have registered the LLC, you should apply for an EIN. To do so, you have to visit the IRS's website. Here is the link.. http://www.irs.gov/businesses/small/article/0,,id=102766,00.html Hope that helps..
Its not really a huge amount.... I think I should be okay with simply having my partner cash the checks, but what I am worried about is taxes. lets say he cashes a check for $5000 every month.... which essentially doubles his taxable income, but he only gets to keep $500, and sends me the rest. Would he be able to write off the $4500 he sent me?
No, I applied from all my websites.... twice. First time they all got rejected... and 2nd time 1 got through.