FREQUENTLY ASKED QUESTIONS
You must have an LLC, Business bank account, Local address, Local contact number, Registered Agent, EIN. And that’s it!
As an LLC owner, you can enjoy all the profits without paying taxes on them once, as the law allows you to deduct any expense from your taxable income. In short, you can enjoy unlimited earnings without paying taxes on them as the owner of an LLC
Pass-through taxation: When you file your taxes with an LLC after a stipulated year, all the profit is passed through the business, and instead of being taxed as individual property, it is taxed at the business level itself. Thus, you don’t need to pay taxes twice for your income because taxation is done once, along with LLC filing.
Corporate tax advantages: If you own an LLC, it has the same legal status as any other corporation. The main benefits include limited liability, double taxation (which means only one type of taxation), and asset protection. Thus, the corporate tax advantages allow you to save a lot of money on taxation and offer asset protection against liability.
You need this document if you want to start selling tangible goods online.
If your business sells products at retail or wholesale prices, then you will have to pay taxes on these sales. You can get yourself into trouble with the tax authorities if you don’t collect the right amount of sales tax from your customers.
You need LLC, EIN, and phone number, to be precise.
Consultisor advises you not to open your account till mid of January, but prepare all the necessary documents updated and upfront beforehand to avoid any hitches, snags, or delays.
LLC is a business structure that protects your personal assets from business liabilities. LLC stands for Limited Liability Company. It is also known as the flexible company structure, enabling you to include more than 50 people as members and offers huge investment opportunities for any startup business venture.
Formation, Reporting, and Management flexibility. This all can be unburdened if you take help from Consultisor.
Basic things you need before setting up an LLC are Passport, Email, Local address, Local Contact Number, Valid Debit / Credit card for payment, U.S. address, U.S. contact number, Business Name, Registered Agent, Articles of Organization.
Take free consultation from Consultisors and get it done at revolutionary prices.
The bare-minimum costs: To set up in Michigan, the fee is $100; in Wyoming, it’s $150; in Delaware, it’s $165; in Florida, expect $170; in New Jersey, keep $180; and for New York, a minimum expenditure of $250 is necessary. In Texas, you’ll need at least $350.
Yes, but if you are thinking of doing this all by yourself, it may create uninvited difficulties for you in the near future that will cost you thousands later. We suggest you take consultation from experts.
Amazon Individual/ Professional/Business Accounts are business entities. These three types of accounts have different features and different tax expenses.
Individual account: If you want to sell your own stuff and one personal item at a time, then you can open an individual account. Here, LLC is not required.
Business Account: This is best for selling other people’s products that you get from Manufacturers or Wholesalers and then selling them on Amazon, eBay, etc. In a business account, LLC is required.
If you’re a Pakistani citizen, you can only create two kinds of accounts: privately-owned businesses and individuals. On the other hand, Amazon has two Selling Plans for both sales plans. You may use any selling plan on either type of business account.
