Summaries Startup Finance Navigating Sales Tax and Business Registration When Moving States

This is a summary of a YouTube video "New York wants me to pay them taxes in Texas - WHAT THE F*%#" by Louis Rossmann!

4.1 (71 votes)

The video discusses the importance of registering for sales tax, filing returns on time, and creating a new company when moving to a new state to avoid interference from old business entities, as well as the current surge in the stock market due to positive news about COVID-19 vaccines.

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  00:00

  Mel received a sales tax registration form for New York State despite not doing business there.
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  00:35

  Business owners in New York must register for sales tax, collect and pay taxes, keep accurate records, and file returns.
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  01:45

  File sales tax returns on time, even if no sales made, and collect/report sales tax for your state to avoid penalties.
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  02:39

  The stock market is experiencing a surge in prices due to positive news about COVID-19 vaccines.
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  02:50

  Businesses can be discontinued or sold for various reasons, including insolvency, death, dissolution, or change in business form.
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  03:34

  Refusing to collect sales tax for a state he no longer operates in, the speaker has prepared for this situation.
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  04:13

  Create a new company when moving to a new state to avoid interference from old business entities.
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  04:47

  Starting a business in a new state requires caution and monitoring to avoid unwanted fees.