Anyone on here mining under a business what exchanges do you use ? For converting to USD to pay for power and other expenses ? Do you use a personal account or a business one. I appreciate any feed back.
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I started an LLC to cover my miners. Iâm able to write off a bunch of expenses by doing this. i use Coinbase, Kucoin. i would use crypto.com but its not available in my area. I also have a business and personal account linked but you really are better off with just the business account in my opinion.
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Same as cool hand.
I setup an LLC and then got a business account (credit card so I could utilize the points system for additional value) I pay everything from the card.
I generally use KuCoin and Crypto.com
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How difficult was it to set up the LLC and business account? looking for some guidance as well.
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go to legalzoom.com and start your business filing if you donât have time to go to your state corporate filing office. you will save some $ by doing it yourself, but using legalzoom is a breeze.
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If your in the US you donât need to setup a business unless you have employees. Just keep track of your expenses equipment and electric and file a schedule C. This is not tax advice. I am not an accountant but I have received advice from an accountant and this is how I do my business.
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You can use a dba âdoing business asâ for like $15 if you want an account in the company name. No llc needed
I went online to âsecretary of stateâ in my state for an llc. Took about 10 minutes and cost $101. $1 was fee for using a bank card to pay. Then wait about 10 days to make sure it goes thru. Some banks will not open a buisness acct without a federal ein.
So when you say you use Coinbase and Kucoin are you using business specific accounts or just using your personal account with your business bank account attached ?
So I was using coinbase long before I started my business. So I left the personal account attached to coinbase and added my business. Honestly it doesnt really matter if you are a sole owner of the company. But it is always best to keep your personal and business finances seperate.
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Did you apply for a business Coinbase account? I tried to add my business account to a personal and it complained about my legal name not matching my business account name.
I did not apply for a coinbase business account
What are the advantages of having a Llc for Mining as opposed to just mining as a individual or under a dba also is there a minimum value of your set up to qualify as a mining business or could you have a couple ASICS and set up as a Llc
An LLC is just protection around your personal assets and your business assets. You really do not need it for mining. LLC is good for companies that might hold risk to property or individuals.
If you want to just write off machines as well as other items then a Sole Prop is good enough and free too
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I registered my LLC in California. The annual business tax for the license costs $800. Is it worth having a LLC? Hard to say at the moment. I do travel a lot between the California and Southeast Asia and source from there so thatâs a write off. But as a previous poster said, you can do the same thing with a sole proprietorship. Eventually I plan on hiring and thatâs where a LLC would be needed.
Make sure you donât pay Legal zoom for your EIN. They make it seem like itâs just the next step in the process. They charge $88, but itâs free in a matter of minutes on the IRS website.
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Opening a company allows you to write off your equipment, utilities, etc. As an individual you can only take deductions of your equipment etc.
I need detail? Can anyone?
What details @Iqra_nawaz ? If youâre thinking of starting an LLC, I would suggest contacting an accountant. I can tell you how i did things but that doesnât mean I am right. lol