I'm looking at opening a retail store in a mall, and I'd like to hold off on setting up a corporation, filing legal paperwork, collecting tax etc for the first 3-6 months so I'm able to see if the venture will even be successful or not. Will I be able to get away with it?
- Thread starter shorts
- Start date
Opening a retail shop without forming a corporation
- Status
i would not set up any business and lease/rent in a mall until you do the research and homework. i can tell you have not done it by the way you asked the question. does not sound like a good way to start a business wondering if you will get away with something. THE last people in the world you want offend is the tax collectors. do not mess with them. You better collect tax or you will pay it if they catch you.I never understood why people want to run a business then keep it under the radar and then want to get all the benefits. if you do the homework you will know if it will be successful no need to rush out and rent retail space. Thats how people go out of business.
Actually most of the Dominicans do it exactly the way you describe. When they are getting too big to stay "under the radar" they get organized.
my daughter is an attorney in santiago. i get free advice. we run two businesses in pto pta. you have to have a plan. its like you have to plan to go out of business to stay in business. that way you know when not to keep you doors open. worst thing to do is stay in business and loose everything when you did not recognise the signs to quit. you establisd those signs in the beginning not during the operation. you have to know when to get out. yes many dominicans start off unorganized. but business failure or success has nothing to do with a country. business is hard work
you techinally do not really have a business if you are under the radar. You make money but you are not getting tax right offs and such. If you are you are just not found yet. I ran one business failed to pay my tax. One day a huge woman showed up with her badge and assistants walked in and asked
When are you going to pay your taxes???? I said next week. She said "How about right now? If not we padlock the store and sieze your bank account and everything in store is ours. ooohhh I said i will pay now.I learned a lesson. 4 hours later of doing the inventory and paper work i paid the bill.
When are you going to pay your taxes???? I said next week. She said "How about right now? If not we padlock the store and sieze your bank account and everything in store is ours. ooohhh I said i will pay now.I learned a lesson. 4 hours later of doing the inventory and paper work i paid the bill.
DR1 does NOT allow posts/threads that propose "Illegal Activities"!!!
That's a warning to the OP"!
We leave those kind of posts to "Dominican Web Sites"!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
That's a warning to the OP"!
We leave those kind of posts to "Dominican Web Sites"!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
Just for an EIRL corporation, it is easy, and can be done in under a week, with a total cost of less than 10,000 pesos (250 dollars) including gas and lunch money if you do it on your own.
Here are the ADVANTAGES:
- It will allow you to apply for RNC# (tax ID) so you can start "accumulating" ITBIS in your favor from purchases, and it will also allow you to get Comprobantes Fiscales.
- You WILL be cut more slack in case some DGII raid if you are incorporated and just starting, than if you are not incorporated at all.
- Plus, if anything happens, with EIRL (personal limited liability company) you will not be on a hook but the company (a separate legal entity) would be.
- Also if you are given checks in the name of your business (some customers may not want to give checks made out to you as a person) you will be able to deposit them into your business account, which you could not do in a personal account.
- Your phone and other services will become "cheaper" (once put under your new company's name) because the 18% ITBIS you will be paying you will be able to "get back" (not physically, but reconciled).
Here are the ADVANTAGES:
- It will allow you to apply for RNC# (tax ID) so you can start "accumulating" ITBIS in your favor from purchases, and it will also allow you to get Comprobantes Fiscales.
- You WILL be cut more slack in case some DGII raid if you are incorporated and just starting, than if you are not incorporated at all.
- Plus, if anything happens, with EIRL (personal limited liability company) you will not be on a hook but the company (a separate legal entity) would be.
- Also if you are given checks in the name of your business (some customers may not want to give checks made out to you as a person) you will be able to deposit them into your business account, which you could not do in a personal account.
- Your phone and other services will become "cheaper" (once put under your new company's name) because the 18% ITBIS you will be paying you will be able to "get back" (not physically, but reconciled).
600 for a Florida corp? Too much !!! I incorporated a company in Florida this past October, did it online on SunBiz page and all filing was just less than 80 dollars. Got incorporation documents in less than 10 minutes by email including electronic certified copy, and at that moment the corporation was active. Filed for EIN online at IRS website, received EIN straight away online. Later that day, I opened U.S. bank account over the phone, the bank verified sunbiz page, it was approved by the verifications department the next day, the very same day they sent me the signature card by 2-day priority mail to my Miami mailbox, and that was it. About two weeks later the signature card was received back at the bank, account opening was formalized then, internet banking set up, the corp & account ready to roll. I did that without having to step outside my Higuey office. (well yes, once, to the post office to mail back the signature card).
actually in the usa their is no liability protection when you are incorporated. It is widely spread by companies offering services to incorporate to protect yourself and most smaller companies believe it to be true. Its because its one of these things people keep repeating and repeating so it is believed by the masses. Most of the times companies do it now is the fact it makes them look like they are more legit.
It actually protected companies years ago and it will to some extent still. But in the process it is about 1 week incourt stumbling block and then they go after the owners if the corporation is hollow or does not have the assets to regain any funds..it really is just a waste of time now to file if that is the only consideration. Mainly incorporation reasons are just tax benefitsm My ex father in Law was vice president of the Fluor Daniel construction co. This is the Fluor attorneys advice .
Any attorney that is worth damn will blow right by the incorporation. not sure about illegal aliens getting incorporated jajajaa.
yes it does not take much money. it is just more forms etc like you said. many people do wyoming now.
Allow me to rephrase.
The focus of your responses is on taxes, so I can collect them from day 1.
My primary concern is minimal investment initially. I see an opportunity to resale some overstock I have in the US. I've spoken with a few landlords and found agreeable terms that allow me to go in for a short term, if necessary. So outside of those two things, I have a set budget that's small. I'd rather put that money toward building out the store, which will increase my ability to make sales, than investing it in lawyers, forming a corporation, etc. If after a few months this business looks like it may work out, then I definitely would spend the money on all that stuff. But since I'm equally concerned with having an easy exit, I'd like to hold off on as many expenses as possible until the 3 month mark.
The focus of your responses is on taxes, so I can collect them from day 1.
My primary concern is minimal investment initially. I see an opportunity to resale some overstock I have in the US. I've spoken with a few landlords and found agreeable terms that allow me to go in for a short term, if necessary. So outside of those two things, I have a set budget that's small. I'd rather put that money toward building out the store, which will increase my ability to make sales, than investing it in lawyers, forming a corporation, etc. If after a few months this business looks like it may work out, then I definitely would spend the money on all that stuff. But since I'm equally concerned with having an easy exit, I'd like to hold off on as many expenses as possible until the 3 month mark.
I susgest a Wyoming Corporation, get 'er done online for about $350, there is no corporate tax on assets not physically kept in WY AND getting shareholder information is almost impossible without the consent of the corporation...
So you want to operate an illegal business and have a competitive advantage over folks who did the right thing and invested in a LEGAL business?
Do you understand how pi$$ed off that makes those who DID go the legal...and costly...route?
Don't expect much sympathy.
go 4 it
just go for it.never mind anyone else. its none of their damm buisness.cordaboys or anyone elses,what they think of you.i notice many people on this board/forum hate to see some people succeed.they all wanna be king sh1t.you dont need sympathy
irate:irate:irate: just cashhhhhhhhhhhhhhhhhhhhhhhh
just go for it.never mind anyone else. its none of their damm buisness.cordaboys or anyone elses,what they think of you.i notice many people on this board/forum hate to see some people succeed.they all wanna be king sh1t.you dont need sympathy
irate:irate:irate: just cashhhhhhhhhhhhhhhhhhhhhhhh
Last edited:
- Status