Q: What forms do I need for an online business??
My boyfriend and I are trying to start an online business. Would this be considered a partnership? If so, do we need a partnership agreement? Does that agreement need to be also signed by a lawyer? (We don't have money to consult lawyers about these things). As far as when we are filing our taxes, are there any additional forms we need to fill out, or can we just fill out our regular tax returns yearly and incorporate the profits we made? (we will be splitting them 50/50). Since this business will be online, would we need a business license and an EIN? We live in Ohio so any answers will be helpful!
A: Those questions cannot be answered on-line. If you want to start your business properly, and avoid future problems, then you need both legal advice and tax advice. So you should save up enough money to obtain that professional assistance so you can start the business correctly. You and he would be considered partners, and you and he need a written agreement that you both have signed, stating how you will operate the business, who will pay for what, who will do what, how money will be handled, how any profits will be divided, what you will do if the business needs more money, how you will settle disputes about running the business, and what happens if one of you wants to get out of the business. You should talk to local organizations that help start-up businesses. Some offer free advice. Also check the Ohio Secretary of State web site.
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