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Author: Azurik Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 14985  
Subject: E-Commerce Reselling Date: 7/31/2003 1:29 PM
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Hello Fools!

I am sure glad The Motley Fool e-mailed me and listed this board as an advertisement. I come hailing from the investment boards. I have a question for you guys, any and all opinions would be appreciated.

I am a 21 year old college student who does E-Commerce selling through eBay and my website.

Basically, I have some contracts with big vendors where I can get technology products at a very, very cheap price (below Best Buy and CC's cost). Because of this, I am then able to sell them on eBay and my website for less than retail, and still make a profit.

I recently incorporated my company in New Hampshire in May. Now here are my many questions.. :)

#1.) The company is currently a C-Corp, but I want to transfer it to an S-Corp to have the income pass through. Is there a time limit to file Form 2553?

#2.) I keep all my own financial records through Peachtree (similiar to Quickbooks) and plan to only hire an accountant during tax time to file my taxes. I was referred to him by a good friend and the guy charges $350-500 to file it once every year. To me, this is a good deal, but should I be aware of anything else I have to file in the interim?

#3.) Most of my payments come in the form of PayPal which I do deduct their commissions. Every month I list the total charges PayPal charges me and write it off as a "Payment Processing Expense" in my Peachtree Software. Can I do this without printing every expense one by one since it's recorded electronically and I can have access to it anytime?

#4.) Relates to PayPal. It's currently tied to my personal checking account when I transfer the balance from my PayPal account to a real bank account. Although I do have a Business Checking account at another bank, it does not transfer there. I simply take the funds when it arrives to my personal bank and send it over to my business bank. As long as everything balances out, I won't get in trouble for doing this will I?

The State of New Hampshire doesn't have any sales tax in selling products like these, so I believe I covered what is important, but if I am missing anything, please advise this young boy:)

Currently, I am on track to have $250,000 in revenue and about $40,000 in profits. I have no employees and do not plan so in the foreseeable future. Thanks in advance for any help guys!
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