Unfortunate laws

**recyclersteve** · 06-10-2018, 12:06 AM

Originally Posted by auminer

Totally not true. I do it all the time. Some yards want you to fill out some forms and get an ID to get cash for non-ferrous. Some will only accept non-ferrous from registered businesses, some will only do business with registered businesses and pay them by check written to the business... so do like I did and register as a business. 20 bucks at the county clerk's office for an "assumed name" certificate with which you can open a business bank account, too.

This could become pretty expensive as you might then need to file corporate taxes (Federal and State) in the name of the business as well. And then a known business which doesn't file tax returns might open themselves up to being audited. Ditto for a business that has little real operations, but continues to file returns and pay for business licenses year after year. I'd think this through carefully before going down that road.

**harsas** · 06-11-2018, 09:41 PM

Originally Posted by recyclersteve

This could become pretty expensive as you might then need to file corporate taxes (Federal and State) in the name of the business as well. And then a known business which doesn't file tax returns might open themselves up to being audited. Ditto for a business that has little real operations, but continues to file returns and pay for business licenses year after year. I'd think this through carefully before going down that road.

You are assuming that to open a business, it has to be incorporated or an LLC. You can easily open a business as a sole proprietor and the only cost, after you pay the county, are the monthly fees for your checking account. Taxes get filed on a schedule C attached to your 1040, which, BTW, allows you to deduct all of your legitimate business expenses.

Now, if the law requires you to be incorporated, then yes, you are correct about the possible expenses.