Question by Joe D: What do I need to do to start my own online business?
I’m thinking of starting an online business renting out gameservers from server boxes I will be renting. I live in Texas and I might take on a parter in Florida. What kind of documents do I need to fill out, and I’m confused as to tax laws, as we live in two different states, and my clients might be as far away as Canada.
I just want to know what I need to do to keep myself out of trouble and make sure everything is by the books. Thanks!
Answer by Brent Y
I’m in the same business as you are trying to start. So I’m quite knowledgable about this field of business. Basically you can set up the business as a partnership, and both of you split everything down the middle (expenses, revenue). Keep all your receipts and when it comes down to tax time, show your tax preparer all of the expenses and revenue of the business. They’ll usually divide everything in two. Or if you want it simplier and if there is ALOT of trust between you and the individual you are thinking of being partners with, you can have one of you guys be the primary person in the business and split everything 50/50. Open a bank account, get a business credit card.
Good luck. If you need further assistance, I’ll gladly help ya.
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