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How Does Marketplace Help To A User?


What is the Marketplace?

 

A marketplace is a bazaar where a buyer and seller buys and sell goods in retail and wholesale. We will share few main features of a marketplace.

 

  1. A marketplace gives an opportunity to a buyer to find the affordable price, whereas it stops a seller from overpricing.
  2. A marketplace protects the buyer from a fraud by holding money in the escrow account until the product is delivered to a user.
  3. A marketplace shares the history of each seller to analyze the reputation of the product and seller prior to placing an order.
  4. A marketplace provides and opportunity for a buyer to estimate the average price of an item, whereas it provides an opportunity to a seller as well, to set a reasonable selling price rather than over pricing.
  5. A marketplace eliminates  non trusted sellers who do not fulfill the commitment what they made to a buyer.

 

Why does a marketplace, attract to a buyer?

 

  1. 100% refund guarantee, if there is a dispute in delivering goods between a buyer and seller.
  2. Generally, a buyer does not pay more than an average price to a seller.
  3. 100% transparency about the reputation of a seller.
  4. It gives an opportunity to a buyer to read the negative reviews of the buyers.
  5. It is a 24/7 bazaar with attractive offers.


How does a marketplace, attract to a seller?

 

  1. A seller gets instant interested buyers.
  2. A seller can participate as a retailer or wholesaler.
  3. A market place gives the seller a choice to hold the inventory prior to order or buy after getting the order to fulfill.
  4. A seller does not create and maintain own website.
  5. A person can start a business with a zero investment as a seller.

 

How to start a business without an investment at a marketplace?

 

A marketplace provides a revolutionary opportunity for a person to start a business without the investment; rather, a person should have the knowledge and experience in the specific field to select the right product at a right price to sell it to the end user.

 

A person can contact to the reliable suppliers within the marketplace or by the other sources and put products on the marketplace wall to sell. After receiving an order, contact to the specific supplier to deliver it to the buyer.

 

A marketplace eliminates the risk of losing money in the business and increases chances to earn extra and permanent money. It is an active income rather than a passive income.

 

What is the success percentage doing business under Marketplace?

 

Based on the personal experience and the internet research, the successful ratio is very high and in some cases seller makes a decent amount of income from the marketplaces.



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How to change business entity information with the IRS


Change of business entity information such as business name with the Internal Revenue Service:

 

The following action is taken to update the correct information with the IRS.

 

Change information for a sole proprietorship business with the IRS: Write a letter to the Internal Revenue Service to notify the changes such as new name and address of the business.

 

Change information for a profit corporations with the Internal Revenue Service:

 

  • The current business information can be corrected on form 1120 Page 1, Line E, Box 3 while filing business return end of the year.
  • The current business information on form 1120-S Page 1, Line H, Box 2 is corrected the end of the year when filing business returns.
  • OR Refer IRS publication 1635 for the change of entity information to the Internal Revenue Service.

 

Change information for the partnership with the Internal Revenue Service: If you are filing a current year Form 1065, mark the appropriate name change box on the form: Page 1, Line G, Box 3.

 



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How to convert an LLC into a Corporation or the other way around in IL


What is statement of conversion Illinois?

 

 

The state of conversion is filed with the state of Illinois to change an existing company structure such as a limited liability company to a corporation or vice versa.
 
 
Generally, the stockholders' of the corporation, members of the limited liability company and the investors to acquire the tax benefits or by-pass the restrictions under the existing business entity.
 
 

What is the process and the estimated time to convert a company structure to another?

 

 

  • The statement of conversion is filed with the Illinois secretary of states, according to the entity structure such as to convert into a limited liability company.

  • State of Illinois provides a privilege to convert profit corporations, limited liability companies, general partnership and limited partnership, limited liability partnership into a different entity type.

  • There is no dissolution is applicable after the conversion from one business entity type to another.

  • A new new employer identification number is obtained after the conversion because the existing EIN can not be used.

  • An estimated time to convert from one business type to another in the state of Illinois is two weeks.

  • The Illinois state filing fee is $275.00 for an LLC and $250.00 for a corporation.

  • A final return is filed of the existing entity with the state of Illinois and the Internal Revenue Service.



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Does state of Illinois allow conversion from LLC to Corportion


If one has a single member LLC in Illinois and needs to become a C corporation to take an investment, is it advised to convert to a C corporation or to create a C corporation and dissolve the LLC?

 

Does Illinois allow an entity conversion from corporation to convert an LLC or vice versa?

 

Yes, the IL Secretary of state allows the conversion from one structure to another, such as corporation to an LLC or LLC to a corporation.

 

One has the following options to treat an LLC a corporation:

 

Option-1:

 

Convert, LLC to a C Corporation for the tax purpose:

In this option, a request is sent to the Internal Revenue Service to file taxes as a C Corporation and the LLC structure does not change in this option.

 

This option is generally used to pay salaries to the LLC members, because a member of an LLC is not allowed to withdraw payroll.

 

Option-2:

 

Convert, LLC structure to a C Corporation:

 

Not every state of the USA allows a conversion from an LLC to a corporation or vice versa. Secretary of state determines if the statue allows the conversion.

 

In this option a new employer identification is obtained from the Internal Revenue Service and an LLC absorbs in a C Corporation.

This method is generally used for the tax benefits and making investments under a corporation instead of an LLC though the investment can also be done under an LLC.

 

Option-3:

 

Open a new Illinois C Corporation and dissolve Illinois LLC.



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How does an LLC tax based on the income or money deposited in the bank


Is it both members of an LLC that will pay the individual tax or will it be based on the amount of money paid into an LLC bank account?

 

The LLC members are taxed on the income which is either pass to the owner through K1 if it is not a disregarded entity otherwise it is reported directly to the schedule C, E or according to the business activity.

 

Paying taxes based on depositing money in the bank amount is irrelevant because it can a mixture of investment, loans, salary or others.

Additional tips for an LLC member:

 

Salary is not allowed to an LLC, member unless file an election to the IRS to treat the LLC as a corporation or an S corporation for the tax purpose only.

 

Disregarded LLC files income on the Form 1040 whereas as multi-member LLC files Form 1065.

Most of the banks ask the operating agreement of the registered LLC to open a bank account.



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