Wholesaling

[Armen]

Hi guys, I want to start a wholesaling business on-line with a website I know I can get the domain from godaddy.com and they have a website design tool and such the thing I was going to ask is do i need a business bank account to have money sent to me or can I use a personal account, The thing is do I need to make my a website a LLC or corporation because I heard they have advantages to do it , and also when I called commerce bank to open up a business account they said I need to bring my business papers how do i get business papers for a website business and if god forbid i was to go bankrupt or something am I protected by being an llc or corporation? I am very sorry for the newbie questions

[Linda Buquet]

Hi Armen,

Welcome to 5 Star. I don't know much about wholesaling and it may be different in terms of needing a corporate entity or business bank account.

With affiliate marketing there is no need to Inc or form an LLC. Most affiliates simply do business as John Doe. I've heard an S corp is much better than an LLC. Some affiliates Inc for legal and/or tax purposes, but my accountant recommends against it for small one person or family businesses and says it really does not offer much protection.

This thread has some good info.
Taxes, taxes, and more taxes.

However you should really talk to an accountant, then get advice from an attorney if you think you want to go that way.

[Liquid1]

I have a ton of experience in wholesaling and Liquidation. As for your questions though, you may be in the wrong place. As Linda said, talk to your accountant about building a business, registering it and incorporating it. Get yourself an attorney or general counsel, etc...

Then when you are ready to build a site and get your business rolling, namely with online marketing, you have found a good place to ask questions and begin to build your business.