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I have the idea....

icollecticollect subscriber Posts: 12
edited January 2008 in Business Planning
 I have the idea and looking to move forward....
 
I have decided to go after what I have been wanting to for years. I will be starting with diecast toy collectibles and branch out to other collectibles. I have a few wholesale distributors ligned up and will begin this ride in a couple months. I am getting the website online and is going well.


I do have a few questions,
 
Does a corporation register your business as a name or would I need a trade mark or?
I am getting stuck on some corporations, I like the way LLC is set up however I have heard you must be in a partnership, this will be run by myself. I do not plan on having employees atleast not from the start.
 
I was also looking at a S Corporation, this business will be run as described below....
 
I will sell at monthly diecast meetings, toy shows and online. This will be more of an internet business than anything else. This will be more part time from the start than anything.
If you have any questions reguarding my question please contact me. Thanks for your time.
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Comments

  • robertjrobertj subscriber Posts: 0 Member
    icollect:
    1. Regardless of the type of entity you create - the name is not "protected". If you want that you need to file for a trademark with the USPTO.
    2. The "best" type of entity would depend upon your specific situation. The "S" corp and LLC both allow for "pass through" for income tax purposes. Each has advantages /disadvantages.
     
     
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  • icollecticollect subscriber Posts: 12
    Hi, I was at school when the message was being typed.
    1)I meant registered, not protected. That way other no one else can register it.
    2) When you talk about tax pass thrus, what do you mean by this?
    to give you more of an idea, its sort of like an ebay business however my own website and no selling on ebay. It will be a certain niche focusing in on collectible diecast.
    If you know of any good easy to understand site for the corporations that would be great. Thanks for your time.
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  • robertjrobertj subscriber Posts: 0 Member
    Hi, I was at school when the message was being typed.
    1)I meant registered, not protected. That way other no one else can register it.
    2) When you talk about tax pass thrus, what do you mean by this?
    to give you more of an idea, its sort of like an ebay business however my own website and no selling on ebay. It will be a certain niche focusing in on collectible diecast.
    If you know of any good easy to understand site for the corporations that would be great. Thanks for your time.

    1) Business entities are a State function. So the State where you form your entity will not allow that name to be used by anyone else. However, that doesn`t prevent someone from using your name in one of the other 49 states. You would have to register the name as a trademark - providing it is available.
     
    2) Entities formed as a "C" Corporation - pay taxes on their net income. If any of that income is distributed to stockholders it is done as a dividend which may also be taxable. In an LLC or S corp - the entity income (or loss) is passed through to the owners.
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  • icollecticollect subscriber Posts: 12
    Last question if you dont mind.
    -LLC I heard that it is meant for partnerships and you are not allowed to be a single owner, LLC is best for me however this part is confusing me I see on the internet people say this other half says it can be run by a single owner. Just would like advice from a community not focused on web design but from actual business owners. Thanks
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  • robertjrobertj subscriber Posts: 0 Member
    Entities are regulated by the State - so whether an LLC can be "single owner" will depend upon the State in which it is formed. 
     Ie - Nevada allows for one person to form an LLC
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  • icollecticollect subscriber Posts: 12
    ah, ok. Thanks for the help. It is greatly appreciated.
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  • patentandtrademarkpatentandtrademark subscriber Posts: 103
    if the mark/name is valuable to you, hire a tm lawyer to apply for registration.
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  • JoeChadwickJoeChadwick subscriber Posts: 0

    Hello robertj,
    I noticed your post and wanted to touch base with you. I am an inventor and do not want to start a business. However i have done so in the past out of necessity. I`m looking for partners or someone that wishes to operate their own business of manufacturing and or marketing new products.
     
    I`m currently working on a new power source that eliminates any need for fossil fuels, global warming, and green house gases. I`m seeking a sugar daddy or momma to fund the patent process. Do you work along these lines? Joe

    JoeChadwick1/16/2008 5:36 PM
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  • robertjrobertj subscriber Posts: 0 Member
    Joe,
     
    My company is not an investor and I`m not the "sugar daddy" type
    I`m not sure what you mean by your last question - do you work along these lines. Send me a PM and I may be able to point you in the right direction.
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