Legal Question in Business Law in Colorado

Ebay Start up question

I am wondering how to go about starting an EBay business. I want to start a limited liability company because of how easy and simple it is to start in Colorado. I also need a sales tax licenses and a federal tax ID number. I am wondering if I can obtain all of this on my own or do I need some legal help? Also if I can do it on my own. Where can I get the forms for the federal tax ID number.

Thanks,

--name removed--


Asked on 7/26/05, 5:41 pm

2 Answers from Attorneys
Timothy Priebe

Re: Ebay Start up question

Yes, you can do it on your own but just because it is easy does not mean an LLC is right for you. If you have questions you can call me at 719.388.8899 or email to [email protected]

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Answered on 7/26/05, 6:06 pm
Steven Hart King & Hart, LLC

Re: Ebay Start up question

The LLC may or may not be the best for your business. Will you be the only member? If so, the IRS will consider the LLC a disregarded entity, i.e., there is no tax benefit to he LLC if you are a single member LLC and your company would be taxed as a sole proprietor. There may be adavantages to using a different business form if you are the only owner. All entities are "easy" to form - anyone can fill out a one page form and file it with the secretary of state but you need to understand the effect.

LLC's limit liability like a corporation and supposedly are more simple to administer.

You can get the form SS-4 - to get your EIN from www.irs.gov at forms and publications. You'll also want to get the Colorado Business registration form from the CO Dept. of Revenue.

Our firm can help you with this or we can handle the whole thing for you if you decide you need counsel.

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Answered on 7/27/05, 8:41 am


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