What is a "BUSINESS"?

[cxz]

.

 

[GiantDomains]

YES, you are a business!

YES, you have to pay tax? :weird:

You can file all your business taxes on your personal income tax. DBA your full name, no entity required.

People always out there trying to cheat the IRS!

 

[DotComster]

Where you live has someting to do with it - if your country requires you to pay taxes, you'll find that talking to an accountant very usefull.

 

[alldig]

Originally posted by cxz
Can someone define business?

Yes, I can define business.

busi·ness
n.

1. a) The occupation, work, or trade in which a person is engaged: the wholesale food business.
b) A specific occupation or pursuit: the best designer in the business.
2. Commercial, industrial, or professional dealings: new systems now being used in business.
3. A commercial enterprise or establishment: bought his uncle's business.
4. Volume or amount of commercial trade: Business had fallen off.
5. Commercial dealings; patronage: took her business to a trustworthy salesperson.
6. a) One's rightful or proper concern or interest: “The business of America is business” (Calvin Coolidge).
b)Something involving one personally: It's none of my business.
7. Serious work or endeavor: got right down to business.
8. An affair or matter: “We will proceed no further in this business” (Shakespeare).
9. An incidental action performed by an actor on the stage to fill a pause between lines or to provide interesting detail.
10. Informal. Verbal abuse; scolding: gave me the business for being late.
11. Obsolete. The condition of being busy.

 

[cxz]

.

 

[GiantDomains]

Originally posted by cxz
Thanks. Some of these are irrelevant, so I modify the question a little bit.

What is "bona fide business"?
.. and other questions.

The short of it is, if you make money, you gotta pay taxes. See an accountant.

Wire transfers, deposits, are all reported to IRS.

 

[DryHeat]

1 : made in good faith without fraud or deceit <a bona fide offer to buy a farm>
2 : made with earnest intent : SINCERE
3 : neither specious nor counterfeit : GENUINE
synonym see AUTHENTIC

So, it has to be genuine and authentic whether it makes money or not. Taxes are due only if there's net income after expenses. A bona fide business can include setting up a website and providing information, goods and/or services, either on the web or otherwise. Consult an accountant for professional opinion if the situation calls for it.

Wondering if its related to an actual or potential dispute re. biz domain-name(s)?

 

[cxz]

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[President Gringo]

if you make an income, you have to pay taxes. Plain and simple.

 

[President Gringo]

it would also help if you mention what country and state you are from.

 

[cxz]

US

 

[Bob]

You are a business if you regularly offer any product or service and make with the intent to profit from these product(s) or service(s). Actually turning a profit is NOT a requirement of a business, as you are permitted to show a LOSS for your business.

If you are a business, you have the legal responsibility to pay taxes on your gains.

Your business can be structured as a sole proprietorship, partnership, corporation (C-Corp or S-Corp) or a Limited Liability Company (LLC). Each one has plusses and minuses.

In general, there are several kinds of taxes that you must pay. One is Income Tax to the US Gov't. Others, depending on your state, include state sales tax, country sales tax, and city sales tax. You typically have to collect all sales tax that you have in common. Note that sales tax is different than income tax.

Advertising on a website is perfectly legal (unless you are selling something of an illegal nature).

Keep records of all sales transactions. Keeping records of the involved parties is not necessary.

-Bob