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Thread: Help! Registering my businesses

  1. #1
    Veteran Member KALIN's Avatar
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    Dizzy Help! Registering my businesses

    Hi ladies,

    I have a question about registering my businesses. I have numerous businesses in the sex industry (escorting, stripping, camming, etc to name a few). Is it possible to register my businesses under a single business name (ie as an entertainment company) or do I have to register every type of work I do under an individual name? How does that impact my taxes - particularly income tax write offs? I have been glued to my copy of Tax Domme but she doesn't mention what to do when you have multiple businesses in the industry.

    Any insight is much appreciated!

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    God/dess Zofia's Avatar
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    Default Re: Help! Registering my businesses

    What do you mean by "registering my business?" If you mean obtaining a taxpayer identification number, one will probably suffice for all your businesses. If you mean what occupation code do you put on your Schedule C, then it's 711510. If you mean incorporating or setting up a LLC, then there may be tax considerations as well as record keeping considerations. I generally favor one corporation or LLC for ease of record keeping and lower administrative expense. However, if you have specific needs, then more may be appropriate. If you do not have employees and you elect to be treated as a partnership (Sub-S corporations and C Corporations have their own tax returns) you report your income and ordinary and necessary business expenses on Schedule C using your taxpayer identification number. If you have employees, you must obtain a separate TPIN and use it for your LLC. If you are a part of a multi-member LLC, then the LLC must obtain its own TPIN and file a 1065 with the IRS (and it's corresponding return with every state in which the LLC does business). Each member then reports her share of the net income or loss on her 1040.

    As far as entity name, you must consult the state law of the place where you register. For example, in North Carolina, you may not use any "inappropriate" business name. That said, "Bunny hole entertainment, LLC" was accepted by the NC Secretary of State. My own LLC from my dancing days was ZB, LLC. I ran my dancing business and my pantie sales through the company.
    HTH
    Z
    Last edited by Zofia; 01-08-2017 at 07:59 AM.

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  5. #3
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    Default Re: Help! Registering my businesses

    Quote Originally Posted by Zofia View Post
    What do you mean by "registering my business?"
    Exactly.

  6. #4
    Veteran Member KALIN's Avatar
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    Default Re: Help! Registering my businesses

    Sorry I wasn't clear, I was referring to incorporating or setting up an LLC

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    Default Re: Help! Registering my businesses

    If you are sure you really need the paperwork, aggravation and fees of creating an entity, you could probably do it all with one entity. Many people will tell you to set up a corporation, LLC, LLP etc, but, THEY ARE PROBABLY TRYING TO SELL YOU SOMETHING. In many cases the state in which you want to form your entity will provide the paperwork free. The real challenge in setting up a business entity is providing protection for the minority shareholders/partners, not in the basic organization.


    This will vary from state to state but here is an example.
    http://www.sos.state.tx.us/corp/index.shtml
    http://www.sos.state.tx.us/corp/forms_boc.shtml

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  9. #6
    God/dess Gia2608's Avatar
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    Default Re: Help! Registering my businesses

    I agree you should set up one LLC. I do not cam but from what I understand many cam companies will pay you as an LLC. Other than that the majority of your money will be cash. I agree with slowpoke- do not pay anyone. However, while I know he had the best intentions TX is one of the harder states to file an LLC in. (I had a business there so speaking first hand). CO may be easier- you can usually do it online. Getting your EIN from the IRS is as simple as making a phone call, Then once you have both of those items you will be able to open a bank account. If the club, clubs or agencies you dance for pay you any type of basic wage or for parties- you may be able to get those checks made out to the LLC as well.
    XoXo Gia
    Danielle Fishell (the Dish): "If the Super-Star thing doesn't work out, Gia makes a great stripper name"

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    Default Re: Help! Registering my businesses

    I used Texas as an example, because it is the state with which i am familiar. After you create your entity, you will have to register it with each state in which you do business.

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    Default Re: Help! Registering my businesses

    I used Texas as an example, because it is the state with which i am familiar. After you create your entity, you will have to register it with each state in which you do business.

    I looked at Colorado and noticed the corporate forms it provides are PDF's, which you have to figure out how to fill out. Texas provides the form as PDF or in Word. You can file online with SOS direct.https://www.sos.state.tx.us/corp/sosda/index.shtml

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    Default Re: Help! Registering my businesses

    LLC and if you're struggling to do the paperwork yourself use harvard business law or legal zoom or similar.

    LLC will offer some level of protection if someone ever tries to sue you.

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    Default Re: Help! Registering my businesses

    Personal Liability for Your Own Actions

    There is one extremely significant exception to the limited liability provided by LLCs. This exception exists in all states. If you form an LLC, you will remain personally liable for any wrongdoing you commit during the course of your LLC business. For example, LLC owners can be held personally liable if they:

    personally and directly injure someone during the course of business due to their negligence
    fail to deposit taxes withheld from employees' wages
    intentionally do something fraudulent, illegal, or reckless during the course of business that causes harm to the company or to someone else, or
    treat the LLC as an extension of their personal affairs, rather than as a separate legal entity.

    Thus, forming an LLC will not protect you against personal liability for your own negligence, malpractice, or other personal wrongdoing that you commit related to your business. If both you and your LLC are found liable for an act you commit, then the LLC’s assets and your personal assets could be taken by creditors to satisfy the judgment. This is why LLCs and their owners should always have liability insurance.

    Example: Assume that two of the three owners of Acme Bakery LLC (from the example above), knew that their driver was drunk, but let him make deliveries anyway. They can be sued and held personally liable for negligence by the brain surgeon’s heirs.

    http://www.nolo.com/legal-encycloped...ate-guide.html

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    Default Re: Help! Registering my businesses

    Quote Originally Posted by KALIN View Post
    Sorry I wasn't clear, I was referring to incorporating or setting up an LLC
    Be very careful about escorting. If you are ever convicted for prostitution and you put all your monies together, all of that money will be viewed as illgoten funds from criminal activity. Plus money that is gotten illegally does not benefit from any tax deductions (you cannot even deduct condoms or advertising for the procurement of prostitution. If you try it will be tax evasion). You cannot even deduct the commission you give to the escort agency.

    Unless you don't have sex with clients and don't advertise yourself as willing to have sex, you basically need a criminal lawyer.

    So now, if everything you do is above board, I'd say the simplest thing to do is to have one company and register trade marks to sell various products I.e. can shows, strip shows, dinner dates. It will save you time, resources and fees. Remember that every business needs to have separate financial statements and separates yearly fees. But one business can sell many products.

  19. #12
    Member Sitri's Avatar
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    Default Re: Help! Registering my businesses

    The name of the corporation is one thing. As a corporation or LLC it can do many other things and you do not need a separate company to do each different thing. You may want to check out a fictitious name registrations for the various businesses operating under your legal entity.

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