Comments on: Tax ID aka Business Social Security #

By: A.B.

A.B. — Sat, 21 Aug 2010 13:23:31 +0000

i know im like a over a year late commenting on this post but good game is good game.

i had to look into this tax id number after talking to 1 of my connects at the energy company. she was telling me that when i get started buying these foreclosures the energy company is going to look at what the average bill was for that home and the past due amount and make me put twice that amount down in a deposit.

she told me that this could be in the thousands but to get around that go get a tax id number and use that to cut the lights and gas on. the energy company doesnt charge businesses a deposit, only individuals.

i wonder what other hookups and advantages a tax id number brings?

By: FreeMan

FreeMan — Thu, 04 Feb 2010 06:37:36 +0000

My man Marc – glad to be of service bruh! Sometimes things have to be explained in a manner that they will be received instead of how we wish to say them. This month I’m just trying to break the complex down so people will stop being afraid of taking that first step in business.

Making money is important but making sure you have access because your papers are in order is even better!

By: Marc

Marc — Thu, 04 Feb 2010 06:17:47 +0000

Ayo Freeman, that’s some invaluable info you got there my brutha. We, your readership, appreciate that!! You’re like becoming the “Swami of Mad Hustle Strategy/Tactics”(lol)or something to that effect…no, seriously!!
…i commend you, brutha, that’s a good look.

By: FreeMan

FreeMan — Thu, 04 Feb 2010 02:30:07 +0000

Thanks for the compliment. This whole month I’m just trying to break down all these things to show you it’s as simple to get as filling out a application. Don’t get it twisted people imagine this stuff to imply the Feds are coming after you and all kinds of audits but it’s really just telling the Feds I am here! If you don’t make any money there isn’t anything to really report so why sweat the small stuff.

Yep you’re right I’m not telling that at all. Whenever you start down a road to deceive you reap what you sow. It’s better to just work on paying everyone back and never borrowing from the legal loan sharks again.

By: Carl

Carl — Thu, 04 Feb 2010 00:53:23 +0000

Let me say THANKS! That’s for all the people sitting around thinking stuff like this is hard. You’re doing a great job man! This is exactly the kind of get it done today real world sh*t that I look at this site for! Damn good job man.

On a different angle: for all of you that have wrecked your credit, you should understand that you can use a Tax ID (EIN) instead of your social security number to get what you want. So you should have had one of these on hand like yesterday. Yeah, FreeMan is a little to much of an honest and upstanding citizen to tell you about that…but I ain’t.

By: FreeMan

FreeMan — Wed, 03 Feb 2010 15:27:00 +0000

The tax ID will not hurt you to get set up as it’s easy to do and if you don’t sell anything you don’t owe anything so I’ll get it done early.

Nope the name is not protected but if you can get the domain name for the product and start small you can later trademark it for about 300 bucks. So don’t worry about trademarking it first make money in your area and then break out and take care of the rest.

Like I said a Sole Prop is a mom and pop once you turn a corner on money you might want to change to a LLC or a S-Corp, which I’ll explain later.

By: Keish

Keish — Wed, 03 Feb 2010 14:32:33 +0000

excellent, excellent, excellent! talk about explaining it in simple terms. thanks!

Do you still think someone should try out their business or product prior to setting up a Tax ID or registering with the government?

If I set up a company to sell a specific product, is the name protected by any laws if someone tries to copyright it?