Mehul_Sangani
Registered Users (C)
Couple of questions, need help from pros:
1 - My friend (US citizen) already owns a wholesaling business, and has tons of warehouse space which could be used for new wholesale item. Problem being he doesn't have any more money to invest in.
Can I invest money in his existing business to import new items which could later be sold on his already created website and eBay. I wont do any work for him, instead whatever money he makes as part of this new item, he plans to give me certain cut. He also told me at end of the year he wont give me a W2, but I can always show the checks he paid me with for tax purpose to my CPA, correct?
2 - This question is off-topic, well not exactly a little related to Q 1. If #1 is legal, I was planning to get some money from my other friend here in US, and I was gonna ask my parents in India to pay his parents in India. The money that I recd here in US from my friend, do I have pay taxes on those?
Would appreciate your response, dont wanna do anything stupid
1 - My friend (US citizen) already owns a wholesaling business, and has tons of warehouse space which could be used for new wholesale item. Problem being he doesn't have any more money to invest in.
Can I invest money in his existing business to import new items which could later be sold on his already created website and eBay. I wont do any work for him, instead whatever money he makes as part of this new item, he plans to give me certain cut. He also told me at end of the year he wont give me a W2, but I can always show the checks he paid me with for tax purpose to my CPA, correct?
2 - This question is off-topic, well not exactly a little related to Q 1. If #1 is legal, I was planning to get some money from my other friend here in US, and I was gonna ask my parents in India to pay his parents in India. The money that I recd here in US from my friend, do I have pay taxes on those?
Would appreciate your response, dont wanna do anything stupid
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