Help us name the biz...

[Dave]

Oh yeah, make sure you start a LLC to cover your ass. Major business on the web can get messy.

Any more to that? I'm a noob when it comes to business talk.

Sent you a PM.

[Bimmerfanatik]

Bimmerfanatik would be just a fine business name. Or Bimmerfanatik Parts... some sort of variation.

Check your PM Scott.

Done and done.

I'm thinking Bimmer Fanatiks for the company name - then www.bimmerfanatiks.com - how do I check and see if it's available?

[DanGillan]

www.godaddy.com sells domains real cheap

[Digitalwave]

Go to www.netsol.com and check the availability.

[Bimmerfanatik]

Go to www.netsol.com and check the availability.

It's available! :)

[terrybpp]

LLC = Limited Liabilty Corporation. Basically it a company that takes responsiblity for all actions of its employees (you are an employee). If there is ever a lawsuit or tax audit only the LLC can be held liable. Which means "they" cannot seize your personal assets (ie. cash, home, car).

It will cost you a few hundred $ to set it up. Well worth it.

Other than getting an accountant to do your taxes you should be covered. Pay your taxes! Once your a legit business on the web, someone will be watching you (IRS).

[AdironRider]

Limited liability Corporation

Basically if someone sues your company they cant take your house and the shoes off your feet. Theres a whole lot more than that, but thats the gist.

I think thats the first time Ive actually used this econ thing Im majoring in.

[AdironRider]

Looks like someone beat me to this.

[el_4ever]

umm, bimmerfanatiks.com?

[RobertK]

I prefer S Corp. status.

Incorporate in the state of Nevada.

[terrybpp]

I prefer S Corp. status.

Incorporate in the state of Nevada.

There isn't much difference between the two. S corp is just a based out version of the LLC. Most have to do with stocks and multiple ownership.

I don't think you want to create a tax shelter. The IRS will watch you like hawk. I bet you heard this on the radio.

[Dave]

I prefer S Corp. status.

Incorporate in the state of Nevada.

Ummm, for his purposes - no and no. Especially on the Nevada bit.

[Bimmerfanatik]

Once your a legit business on the web, someone will be watching you (IRS).

Yeah, I've been talking about this lately - as of right now all of my profits (For the most part) have been rolled into more cars, etc. So I haven't "seen" a profit as of yet. With the website, etc - I want to make sure no one is ticked off. Hence the tax paying must commence.

I was told that to incorporate was better from a friend today - but I don't know the differences...

[Jarvis]

Once your a legit business on the web, someone will be watching you (IRS).

Yeah, I've been talking about this lately - as of right now all of my profits (For the most part) have been rolled into more cars, etc. So I haven't "seen" a profit as of yet. With the website, etc - I want to make sure no one is ticked off. Hence the tax paying must commence.

I was told that to incorporate was better from a friend today - but I don't know the differences...

Or we could forget about the website idea, just keep selling parts on forums and ebay, and NOT pay taxes.

[gstuning]

I´ll tell you this,

all your hard work will most likely be payed for when you open a website and start answering hundreds of request
.

100q´s = one sale.

Think about it....
I have been doing this since ´97