What steps are you to take to make your business tax exempt?
KNOW THAT THERE IS NO LEGAL ADVICE BEING PROVIDED OF ANY KIND IN THIS BLOG.
To Start off, you need to know that a PRIVATE MEMBERS ASSOCIATION is now called and recognized by the IRS of the UNITED STATES as an UNINCORPORATED BUSINESS ASSOCIATION. You must know that a PRIVATE MEMBERS ASSOCIATION, which is now and will for the remaining of this BLOG be called P.M.A., is a BUSINESS that qualifies to be TAX EXEMPT!
THAT IS RIGHT TAX EXEMPT!!!
EXCEPT...You do have to pay sales tax for whatever state you do business in. That is the ONLY TAX you have to pay...
SO, with that said, you ARE TAX EXEMPT from regular government taxes except for SALES TAX in the states you do business in...and if you look, it is very little!
NOW LETS BEGIN shall we,
One will ask "how is that possible", and "how can I get it too"?! Well there are steps you must take, and things you must know, because they are very important.
HOW TO START YOUR BUSINESS LEGALLY AND LAWFULLY
By the way you can legally and lawfully do all of this without any lawyers involved or approval. It does take a lot of work and reading.
You can make all these documents yourself, but you better make sure they are legally and lawfully sound, or the contract becomes null-and-void.
THINGS YOU NEED:
An EIN from irs.gov (You must know what type of business you are starting)
P.M.A. usually requires to be registered under a BUSINESS TRUST.
BUSINESS TRUST requires 2 living soles (no it it not "souls" as one would think, I know it's weird) to start. They accept revocable and irrevocable TRUST for BUSINESS PARTNERSHIP TRUST when registering for an EIN with the IRS.
Fill out the details, download document, and print for tax filing purposes.
Must have ARTICLES OF ASSOCIATION.
Must have a personal GRANTOR LIVING TRUST (Revocable or Irrevocable, you choose) made between yourself and the individual you plan on doing business with.
CERTIFICATE OF TRUST
THINGS YOU SHOULD KNOW:
You do NOT file with the state.
You can only get a business bank account with BUSINESS FOR PROFIT BANKS. No UNION BANKS allowed
You may have to go BANK shopping
This may take awhile considering BANKS are NOT use to this. They usually have to have their corporate lawyers go over the documents to make sure they are sound.
AND THERE YOU HAVE IT!
A legally and lawfully sound business that is tax exempt from regular taxes, and the only taxes that are owed are the sales taxes of the states you do business in.
ONCE AGAIN THIS IS NOT LEGAL ADVICE. THEY ARE DISCOVERIES MADE AND OUR OPINION, BASED ON PERSONAL EXPERIENCE AND RESEARCH.
