4 posts shown.
I’m getting a bit tripped up over the registration process—specifically regarding the proof of occupancy required for a business license. Apparently, if you fall under a category where a dedicated commercial office isn't mandatory because you can just run things from your own apartment, that paperwork shouldn't be necessary. Since there's no lease involved, nothing is being rented... I think I'll have to swing by the local Chamber of Commerce to get some actual clarity on how these regulations work.
If anyone here has navigated a similar setup, I’d be incredibly grateful if you could walk me through how you handled the procedure.
Hi everyone,
I’m looking into starting a small consultancy and engineering firm. According to the local business codes, I should be able to run this out of my own apartment—meaning I wouldn't need to rent a separate commercial office. My main concern, however, involves a tax loophole regarding my property. Under current US tax regulations, I was actually exempt from certain real estate transfer taxes on this unit. But there’s a catch: per those rules, I can't lease the space out for at least three years. I’m a bit worried the IRS might come knocking later and try to charge me backdated transfer taxes if I misstep. Has anyone dealt with this kind of situation? Is it legally sound for me to register the business at my home address and operate out of a designated section of my apartment?
Does a sole proprietorship need to display a business sign at its registered location, similar to how an LLC or corporation would be required to?
Hi everyone,
I’m looking into setting up a sole proprietorship—still getting my head around the details—and I’m a bit fuzzy on how business travel per diems work. My estimate is that I’d be traveling out of the country for about 14 days every month. So, when calculating net income, does paying out those per diems based on a travel voucher count as an expense? Naturally, I'd keep the per diems within the standard IRS limits so they remain tax-free.