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June 5th, 2006, 01:52 PM #1Alrighty, it's time...
Here's the deal: I'm getting to the point where my social security number is traveling all over the place now. I'm not a paranoid person, but the thought of signing up for various networks (especially the new ones) and dropping my SSN off at every corner really rubs me the wrong way.
Correct me if I'm wrong (as it's been a long time) but when I sign up for a sole-proprietorship, they will provide a Federal Tax Identification number aside from the SSN, correct? Or is the tax identification number the same as the SSN for this type of business structure?
EDIT: Ignore the dumb question. Took a second look and realized I already knew the answer to it. Fed. Tax ID number isn't the same as the SSN. Wouldn't make sense if it was...
June 5th, 2006, 02:24 PM #2
- Join Date
- November 14th, 2005
- Chapel Hill, NC
I am incorporated, so I am doing a little guessing here. My accountant advises to rarely run a business as a sole proprietership and NEVER get involved in a partnership. When I incorporated, I was required to get a Fed Tax ID number. This is the company SS number, therefore I never give my SS number on any sign-up.
A SS number , as you know is used with a sole proprietership. I think that you can get a Fed Tax ID number as a sole proprietership. If you have employees, a fed number is required (I think). Your accountant can tell you this bit of information.
Why not do a simple corporation, ususally $500.00 or so, just for the protection.
Incorporation also means separation of the bookkeeping, more expense in the short run, but less headaches in the long run. To me this also gives you more decipherable information on where the business stands financially.
You must climb this mountain. There is no elevator. ---- Don't stick your finger in the liquid nitrogen.
June 5th, 2006, 02:30 PM #3Originally Posted by Witzer
Well, I haven't filled out any paperwork yet, as I've been testing the waters for a little while (longer than I should be to tell you the truth). Guess it's about time I made a decision though.
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