Forum

paypal/ebay stealth with a partner and paying taxes
 

Hey guys. I am doing my first ebay stealth account, but I am doing it in partnership with a buddy of mine.

We opened a Corporation name for ourselves so we can open bank accounts and credit cards under our company name. We need accounts in our company name for tax purposes. Obviously if we did it under personal accounts it would be hard to figure out who owes what in taxes to keep the amount 50/50 between us in what we pay.

Setting up a corporation was kind of pricey though, and when making stealth accounts I wouldn't want to have to do this more than once.

Is there a cheaper way that I overlooked that would allow us to have bank accounts open under both of our names (or a company name that we both own)?

Again, it's really paying taxes and making sure one of us doesn't get screwed paying more than the other to the IRS that concerns me. Obviously, this would be damn hard if we both opened personal accounts -- at least I imagine it would.

Anybody have experience doing this with a business partner?

You really need a business tax account ot corporation legal advice here. This is something to be taken very seriously as opposed to just forum advice.

That being said, advice may come in (other people will chime in) but you still need to be professional about this.

Who recommended you form a corporation?