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Setting up a business entity

 
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dhopp011

Setting up a business entity

Does anyone have any suggestions on the best places online to set up a LLC? From my understanding I need to set one up to receive payments from Apiary.

Thanks,

Sat, 01/09/2016 - 10:28pm
 
ForexEndeavors

that depends on your state laws you can do that but is should not be required. Go to your State's government website and should give you all the reasons that you may need to have an LLC, INC, CO, Joint Venture. If your State requires you establish a business license that is usually only required if you are buying and selling hard goods and services where your are collecting sales tax and seeking wholesales tax exemptions for goods you are reselling. In any case setting up an LLC can be pricey and would be needed if you plan on hiring employees to help you with your trading. If your state actually requires you have an established business look into a Sole Proprietorship.

Apiary sends us 1099 forms for income tax purposes. I used to do electrical contracting work and got paid that way. I did not need to establish a business and could still write of the purchase of tools, equipment and safety equipment through regular taxes codes. If you don't already, Buy Turbo Tax. It is worth the money. I buy the small business version every year. Helps with "home office" write offs, and computer hardware, internet, even the Apiary fees.

 
FXGold54

dhopp,

you don't have to set up an LLC to receive payments from Apiary but it is more beneficial to you, for the reasons GM laid out and the way the income is viewed by the IRS.

 
Jason Mertz

Dhopp...google SOS (secretary of state) and the state you live in and division of corporations. That should get you to the corp setup page. It will probably cost you $100 or so. They will then direct you to www.irs.gov to apply for EIN#.

 
dhopp011

Thanks everyone! I swear Tom told me when I sighed up with Apiary that they won't cut checks to an individual it needs to be a business. Maybe they just wanted an extra couple hundred bucks from me to add on the business modules.

I'll set one up anyway to be safe.

Thanks!

 
ron_1

We do require a W-9 for each trader because they are trading as an independent contractor and 1099's are sent out if required. We do require traders to trade under a business entity. We have been lenient with this requirement and have been allowing a little time ​for ​traders to get them set up. We may not allow this leniency to happen in the future as too many traders are taking advantage of this and extending this grace period way too long. The following is from our Funding Agreement that we send to each funded trader: .03 Contractor must create and maintain in good standing, a trading business entity to which compensation shall be issued by Company. Contractor is required to submit an IRS W­9 in the name of their business entity unless said entity is domiciled outside the United States.

 
ron_1

Hope this helps.

 
dhopp011

Thanks Ron