I'm not disputing the general idea of what you're saying, Wreckshop. I think it's important to establish a credit history and report income and all that.ooook..
But my point is that you can't just choose a business, any business and launder your money through it. It's simple. But it's not that simple.
I've had several dba's. When you go down to the tax office and file for one, you don't just say, "I'll have one business, please. Thank you."
You have to give them details. Industry, sector, blah de blah de blah.
If I tell them it's a hair salon, that info gets forwarded over to the relevant state agencies. Eventually they'll want to visit with me. They do that.
If I say I'm selling lipstick out of the trunk of my car, the tax office is gonna issue me a sales tax permit along with my dba. I'm required by the state to file a sales tax return quarterly or yearly as long as I have that dba, even if my sales are zero.
If I start claiming income from my sales and I'm not paying sales taxes, Texas will garnish your shit.
Ask me how I know.
Yeah. I know. Your examples weren't "concrete". But my point is just that it's not as simple as you're trying to make it.
Lying to creditors and car dealers is one thing. The IRS and the Texas State Comptroller is another. Originally Posted by Lauren Mayfair
perhaps we have different experiences because I know of 4 instances where someone simply went to a tax office, created a name, paid money, and got a certificate, and was about their way. Was asked for nothing else. The most that happened to them from a correspondence standpoint was receiving junk mail in the name of the business they've started.
Now if I try registering it with a state agency, getting building leased in its name, etc.. then that's when it gets deeper.
And the garnishing part. Lol.. this is a public forum so I'm not going to continue. But I'm a put it like this.. being scared that your little sole propriety that's connected to a bank account will suffer garnishing's somewhere down the line is like spanking your kids bottom till it turns red and being afraid that in the middle of the night CPS is going to kick down your door and take your lil one from you.