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| mohawksteve |
 Posted: Mon May 23, 2005 11:34 am |
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Joined: 12 Jan 2005
Posts: 320
Location: Orlando, FL
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| well iam about to fill out the dealer application form and i dont know what a few things mean on the form one is DBA and the other is resale # iam not sure what to put in there hopefully someone with more experience can help me out. Thanks!! |
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| ThrashCan |
| Posted: Mon May 23, 2005 11:50 am |
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Joined: 16 Mar 2004
Posts: 1331
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| had the same problems...leave it blank. They dont matter. |
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| TRUpah |
| Posted: Mon May 23, 2005 11:53 am |
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Joined: 31 May 2004
Posts: 345
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DBA stands for Doing Business As like doing busines as Mohawk skateboards or whatever your brand name is it should be registered and i would incorporate if i were you....
you also have to register your fictious name
reasle # you have to apply for depends on your state i think your in florida like me so go to myflorida.com and you can apply for one there they will send it to you in the mail and you have to file taxes for your business....
all your shit should not run you more than a couple hundred bucks and you are legal and distros and manus will sell to you........
i recently went through all this so hit me back if you have any more questions i got it all set up now
i dont run no bullshit illegal operation and suggest you dont either unless your just looking for cheap boards for you and your boys then its all good
peace |
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| TenetSW |
| Posted: Mon May 23, 2005 12:23 pm |
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Joined: 04 Dec 2004
Posts: 639
Location: on the outside looking in
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| i would disagree with incorporating. our shop is a LLC. same rights as a corp, same taxes as a sole pro. do some homework on this |
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Live like you love it. Ride like you live it. |
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| notaint |
| Posted: Mon May 23, 2005 12:46 pm |
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Joined: 29 Apr 2004
Posts: 295
Location: jackson ms
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| But with an LLC isnt the owner still responsible financially for the company? Where as inc the company is responsible? I LLC'd awhile back and my acct says I should've incorportated. The inc. would cost $500 where LLC only cost me $50. |
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| DomitianX |
| Posted: Mon May 23, 2005 1:33 pm |
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ORDER OF THE SKULL
Joined: 28 Sep 2003
Posts: 2473
Location: Faribault, MN
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LLC means you are not personally liable for anything that goes down with the company. YOu are only liable for what you put into it. In other owrds, if you own an electrical contractors company and you work on a house and it burns to the ground because you crossed the wires, they cant sue you for your personal property, just the assets of the business.
Here is a legalese version:
"Corporations are formed pursuant to state law and have shareholders, are managed by a board of directors, and the daily affairs are administered by officers. Similarly, a limited liability company (LLC) has members and may be managed by one or more managers. Most often, both entities must pay franchise taxes, but may have different federal tax liabilities.
Generally, most people form corporations or limited liability companies in order to shield the shareholders or members and officers or managers from personal liability for the debts and obligations of the entity. There may also be various tax advantages to forming these entities which may not be available for sole proprietorships and general partnerships."
LLC is the way to go for small businesses. No reason to INC unless you really get big. |
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| DomitianX |
| Posted: Mon May 23, 2005 1:35 pm |
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ORDER OF THE SKULL
Joined: 28 Sep 2003
Posts: 2473
Location: Faribault, MN
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Oh yeah and for the DBA thing.
I have a freelance design business called Mike Carlson Designs. But the online skateshop I am putting together is called Old School Skaters Online, so when I fill out the dealer apps the company name is Mike Carlson Designs and DBA is Old School Skaters Online.
With the state of MN, you dont need to create a seperate company. My sales tax ID is for the Mike Carlson Designs and when I collect taxes under the online store, I just file them under the main company name. I talked to the state and they said I can have a million DBAs but everything needs to be filed under the main company. |
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| TRUpah |
| Posted: Mon May 23, 2005 2:01 pm |
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Joined: 31 May 2004
Posts: 345
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sorry i meant to incorp as an llc not an s type or c type corp..
should have been more clear
and yes an llc is its own entity and the llc is responsible for the business debts
thanks tenet i have done my homework for the past 4 years before i even considered a skateboard company i know all about tax benefits, laws and all that shit...... that is kindergarden level shit to me right now
i am a ruthless marketing machine and business man who got back into skateboarding after a long hiatus and decided to integrate my hobby and skills.......
next time i will explain myself better sorry if i caused any confusion |
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| mohawksteve |
| Posted: Mon May 23, 2005 11:09 pm |
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Joined: 12 Jan 2005
Posts: 320
Location: Orlando, FL
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| wow iam deffitnly clueless on this shit i think i will just worry about all that tax shit after the first run most of the boards in the first run will go to my bros anyways |
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| TenetSW |
| Posted: Tue May 24, 2005 12:28 pm |
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Joined: 04 Dec 2004
Posts: 639
Location: on the outside looking in
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| cool trupah, i was just telling mohawk to do his homework, so that he can decide for himself. |
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