<p>Hi. As you can tell from my username, I have a passion for business. But I have a major concern regarding my business and my college apps. You see, I am a co-founder of a web-design firm and I started this last year. I am no internet wizz, btw, but I am responsible in the area of marketing. My friend makes all the sales and services.</p>
<p>My friend (the other co-founder) moved to India last month, but we still make regular contact and and we still work together. I still work on marketing, and this takes up alot of work. I get 25% of the gross income, because we made this deal when we first started the business. Is there any way I can PROVE that I am associated with this business? The only evidence I have so far is his contact information and he agreed to verify my involvement if he is contacted. This business makes over 10k per month, so I really want this in my brag sheet. Is his contact information enough for verification? Thanks.</p>
<p>(btw, this isnt my only EC, I have a couple of other businesses, but I want this business included because of the time and effort spent over it. Internet marketing aint easy!) PLEASE GIVE ME SOME ADVICE!</p>
<p>Send the tax forms in with it. You should be mentioned on the initial papers of formation, or atleast noted as a dependent, or something like that. I have a business but am wondering about your arrangement. You receive 25% of the gross, and then he pays for the business and himself with the other 75%? I do not really see how that arrangment would work. It is a lot easier to pay yourself a salary or have a general partnership agreement.
But to prove that the business is real, send them the name of your website, a copy of the formation papers, (type of business, people associated), your federal tax id number, and maybe a copy of your tax return. This may work against you if you want financial aid. Just argue that when you go to college, you will not be able to continue this business or it will suffer a financial burden because of your absence.</p>
<ul>
<li>Documents of incorporation proving formation of business.</li>
<li>PayPal invoices </li>
<li>Website and Admin/CP login information</li>
</ul>
<p>Is the tax documents really necessary? I am 17 so, my partner takes care of the tax stuff. Isnt the above three sufficient that I am co-founder of the business and also the gross income? Thanks.</p>
<p>Also, are you applying for FAFSA? If so, then you will have to file taxes unless you are exempt from that and you will have to provide proper documentation.</p>
<p>number 1 should be all that you need, and maybe any document that is recent that confirms that you still have the business. I would definately send in a copy of the formation papers with your app, and then they shouldn't check it any further.</p>
<p>How high is the income, because one of the people I subcontract for told me that a business is not considered the min income until it reaches 1 million. He said that most companies under a mill/year dont survive. So you make 10k a month, or do you gross that. I would say send in a tax return, that would be the easiest way to show how much you made. Paypal invoices I dont think would count for that much because they are a private company, unlike the govt.</p>
<p>You see, when a customer makes a payment, the payment is transferred to my friend's bank account. You need to be 18 for this. My friend thus does the income taxes because of this. He splits up the income per month 75%-25%. If adcoms what tax return forms, that is fine, but they will be in my friend's name.
The form of incorporation confirms my association with the business. Is there anything else I need to verify with? </p>
<p>I'm talking about personal income tax. I'm a tax dummy, but I think that you might have to file it. Perhaps your parents will know. Or your partner.</p>
<p>I dont how my personal income tax prooves that this business makes 10k in 8 months.</p>
<p>Isnt my friend's tax return form enough proof along with the PayPal invoices? The official form of incorporation specifically states that I am co-CEO, and thats a govt. document. As far as a personal income tax goes, my friend gets all the money after payments and then he splits with me, so I never filed one. Dont you think I'm covered? Isnt the Article of Incorporation enough proof of my association?</p>
<p>yea thats enough, send that as an added page to your application. If they need more proof then you can ask them what you need to show them. But, alone, I would say that it is enough. If people say that they are members of clubs without proof, then that paper definately is enough proof.</p>