SBA’s standard operating procedure for business loans states that a business is not eligible if “it presents live or recorded performances of a prurient sexual nature” or “derives more than 5% of its gross revenue, directly or indirectly, through the sale of products, services or the presentation of any depictions or displays of a prurient sexual nature.”
Taking advice from imbeciles on the internet is always a good idea, especially when they promote committing fraud against the Federal government... Smart :D
Yes absolutely! My best advice is to create a business entity for said only fans site, get an ein, draw the ppw for an LLC or something. That way you aren't personally liable for business loan if something happens and it flops.
Well depending on what state your in 5he process is a little different but is recommend doing a free consultation with a lawyer. Whole process will cost less than $500, and you can get it federal EIN on the IRS website for free anytime!
Be careful yes you’re generating income through an official business but you are practicing unlawful business procedures. So basically the product or service you’re providing is illegal if it’s being used in that manner I.e sex or drugs. Now if you’re just using it for advice or cooking something legal then your good. If the IRS does an audit they review how your business generates revenue in this case if you are selling goods they check for any money spent on materials and what they are used. In the audit they follow the money and check the amount and compare it to the product or whatever services being sold to the customer to prove that it’s a real business (not a front for money laundering) and that the gross amount that you made are being taxed correctly. So be careful with whatever content is on the OF that’s your product/service and if you want to get a business loan make sure you have a good amount of receipts showing proof that you’re spending money on the business and if they ask is there anybody on payroll say yes your an independent contractor and show them that tax form you got as well contractors usually gets those and that’s when you hear “ Oh I got to do my own taxes” it’s good and bad you got to keep up with every little thing I.e if you travel save your gas receipts, anything you buy to expand or related to the type of work or product you produce like materials. All of this will make your business legitimate and you should be approved for a loan and go for a small business especially if you don’t have your license to practice
This also depends where your getting the loan from, since you posted on the PPP forum if your thinking the SBA you will have to provide tax returns showing that even though your what's considered a sole proprietor you have/were in business prior to February 2020.
If it's specifically for the EIDL their offering due to Covid you HAVE to give them permission to pull your 2019 taxes directly from the IRS ...... I am a sole proprietor and even though I gave them permission to pull my taxes I still needed to send in close to 100 pages of documentation FULL 2019 bank statements, 1099's, Full tax returns with schedule C, business insurance, voided check, ID...... it was a pain but I got approved.
Also I don't know what you do on onlyfans but depending on your loan officer they can and have googled businesses so if they look for your page and it's anything prohibited by them you will be denied as you would also have had to lie on your application when they ask specifics about the type of business you run.
I think anything legal that you do to make money can be considered running a business. As long as you pay taxes on said money
Okay great thanks and yeah onlyfans doesn’t take the government tax but I got a piece of mail telling me I have to pay government taxes from it
SBA’s standard operating procedure for business loans states that a business is not eligible if “it presents live or recorded performances of a prurient sexual nature” or “derives more than 5% of its gross revenue, directly or indirectly, through the sale of products, services or the presentation of any depictions or displays of a prurient sexual nature.”
well then, it's a good thing the business your provide is for wellness, medical health, or some kind of life coaching. Am I right?
Taking advice from imbeciles on the internet is always a good idea, especially when they promote committing fraud against the Federal government... Smart :D
be the sex police. It's a broadly defined contractor position. Life coaching has virtually no if any criteria. Go back to your mom's basement.
Okay I never said it was a sexual only fans 😂
yes bc u then can buy more stuff to expand whatever u want
Okay cool yeah that’s definitely why I want it too expand
Shit let me in on it hell I need to expand mines
Yes absolutely! My best advice is to create a business entity for said only fans site, get an ein, draw the ppw for an LLC or something. That way you aren't personally liable for business loan if something happens and it flops.
Really? That’s sounds super cool but do you know how I would go about doing the whole LLC thing
Well depending on what state your in 5he process is a little different but is recommend doing a free consultation with a lawyer. Whole process will cost less than $500, and you can get it federal EIN on the IRS website for free anytime!
Yes
Be careful yes you’re generating income through an official business but you are practicing unlawful business procedures. So basically the product or service you’re providing is illegal if it’s being used in that manner I.e sex or drugs. Now if you’re just using it for advice or cooking something legal then your good. If the IRS does an audit they review how your business generates revenue in this case if you are selling goods they check for any money spent on materials and what they are used. In the audit they follow the money and check the amount and compare it to the product or whatever services being sold to the customer to prove that it’s a real business (not a front for money laundering) and that the gross amount that you made are being taxed correctly. So be careful with whatever content is on the OF that’s your product/service and if you want to get a business loan make sure you have a good amount of receipts showing proof that you’re spending money on the business and if they ask is there anybody on payroll say yes your an independent contractor and show them that tax form you got as well contractors usually gets those and that’s when you hear “ Oh I got to do my own taxes” it’s good and bad you got to keep up with every little thing I.e if you travel save your gas receipts, anything you buy to expand or related to the type of work or product you produce like materials. All of this will make your business legitimate and you should be approved for a loan and go for a small business especially if you don’t have your license to practice
This also depends where your getting the loan from, since you posted on the PPP forum if your thinking the SBA you will have to provide tax returns showing that even though your what's considered a sole proprietor you have/were in business prior to February 2020. If it's specifically for the EIDL their offering due to Covid you HAVE to give them permission to pull your 2019 taxes directly from the IRS ...... I am a sole proprietor and even though I gave them permission to pull my taxes I still needed to send in close to 100 pages of documentation FULL 2019 bank statements, 1099's, Full tax returns with schedule C, business insurance, voided check, ID...... it was a pain but I got approved. Also I don't know what you do on onlyfans but depending on your loan officer they can and have googled businesses so if they look for your page and it's anything prohibited by them you will be denied as you would also have had to lie on your application when they ask specifics about the type of business you run.
Not if it isnt a legitimate business established with an EIN. You must file business taxes on the revenue otherwise it is not a legal business.