Business Corp question

Maybe . . . but all of your accounts and applications must either be tied to: 1) your EIN; and/or, 2) your SSN.

In other words, you can establish credit in the business name but, you cannot typically obtain normal lines without a PG. You will need to secure the accounts with your personal credit reports.

That said, you can get business lines for whatever reason . . . they just need reflect expenditures for a business purpose.

 

Those companies that are asking for your SSN or EIN are wnating it for the purposes of issuing a 1099.

I personally would not give out my SSN. If you are properly incorporated, then apply for EIN. It can be done via the internet at
http://www.irs.gov/businesses/small/article/0,,id=102767,00.html

 

You can have other "venture" under a corporation, but be careful. What did you list as the business purpose of the corp.? Most filings list the purpose in very vague terms for this reason.

If you want to run this through your corp (the income), then I recommend using the EIN, to keep it "clean". Usually an EIN is obtained when filing for a corp. Are you sure you do not have one?

 

If you have employees or have filed taxes, you should have an EIN. It's the taxpayer ID number and, as bizwiz said, it's usually issued when you incorporate.

 

As long as your corporate papers say the purpose is retail sales of merchandise, or stated in broadly enough terms to include your intended new products, you will be covered by the corporate statement of purpose. You may, however, be governed by state restrictions based on specific, regulated products; you will need to check that out.

I would not think there would be that much scrutiny from a tax standpoint into what exactly you are selling, as long as it is at retail.

 

I'm betting your corporate purpose is much broader than this. If an attorney drafted the articles, then they are usually pretty broad, like "engage in commerce".

You can give them the EIN, but you must list "yourself" as the corporation name, or your name "DBA Corporation XYZ".

This gets a bit tricky now, it will depend upon how you set yourself up with the new company. If your corp, "sells the service of providing sales efforts or salespeople, then your corp would invoice your "customer" for the services. So, you may not get anything from the company, or you may get a 1099 form for the "income" to your corp. This gets complicated if this new "income" is based upon commission.

You should probably check out the IRS website first. Then you should review your states Small Business Association website. Also take a look at the SCORE website for resources in your area. There are some states that have depts/areas just for women in business also.

If you are the "sole owner" as a woman, you may want to look into sales to governments (Fed, State, local) if the product is applicable. All government purchases include "set asides" for minority owned businesses.

 

A corporation can have multiple lines of business, and if the corporation uses its own name there's nothing else it needs to do, as long as the new activity wouldn't be "ultra vires" with respect to the corporation's charter (in that case, amend the charter).

If the corporation uses a different name to do the different business ... it typically needs to file a fictitious trade name.

YMMV