Business License Questions.

[Game Developer]

I'll be aquiring a business license soon but I dont quite understand what is all included in it. I know your business becomes incorperated... But I am really lost here. Its gonna run me about 300 (from what ive been reading). Can anyone give me tips on how i should go about aquiring this. If I should contact a lawyer so I'm not confused about this? (My uncles a lawyer so money doesnt matter). Or if you can just give the general info about a Business License, im kinda lost about it. Oh and its for my new website.

[Gabriel013]

Are you old enough GD?

Over her you have to be old enough to be prosecuted by law which is 18 years old.

[Game Developer]

yes, im 18! DONT QUESTION MY AUTHORATIE! *in best cartman voice*

[Gabriel013]

Sorry GD


**runs away laughing**



I'll do some research and see what I can find out but hopefully one of the US guys here will already know for you.

[Dmitry M. (Lazer)]

Originally posted by Game Developer
yes, im 18! DONT QUESTION MY AUTHORATIE! *in best cartman voice*

*Pops in Season 4 DVD of South Park*

You made me want to watch it.

Ok, i'm a little confused, it seems you want to open up a Business. A Business License is for you to allow to do something. In example, to deal with electricity, construction, medicine, etc... you need a business license to practice or open up a practice/business for it. But i do not think this is what you are refering to. I could be wrong but here's what i think.

I think you are trying to open up a company and what to give is a title. In example, Co., Inc., Ltd., LLC, Corp. Each one of these are similar but have there differences. Since you're only 18 and you are just opening up a business i would tell you to attain an LLC, which stands for a Limited Liability Company. The reason i tell you this because you will pay far less business tax's for an LLC compared to any other.

Well i hope this helps GD, tell me if you need anything else or you were speaking of something other then what i said, i can help you out. My hole family revolves around business, so i know a good deal and can help out.

[Game Developer]

It very much did, cause youi can apply for these online and they had limited liability and it didn't explain what it was, that is what I am looking for though. I just want to be an official co., inc., etc. I only pay taxes if I make money no? SO I don't think I'll be paying any taxes anytime soon :P But now I know which one to get. Thanks man.

[Game Developer]

Two new questions....

Whats FEIN?

and

S-Corp Election?

[Dmitry M. (Lazer)]

FEIN = Federal Employer Identification Number - To my knowledge that is just a number used to report your taxes.

S-Corp Election, i'm not 100% sure if this is correct. But this is something you do not need. First you would need to become a regular corporation called C-Corp. And if you want to become S-Corp, you need to meet up certain requirement. Plus you have 0 shareholder, and you need some. Here's a website to explain it more.
http://www.morebusiness.com/running_...talk/scorp.brc

Listen you don't need all of these, LLC (Limited Liability Corp.) is the best for you. I'm not sure, i do think you still pay taxes if you don't make any money. Because you are opening up a company, and taxes for that name have to be paid i think.