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Business credit

Asked Jul 4, 2012, 11:08 PM — 4 Answers
Hello I have recently started online business on eBay selling products in NJ, I am not registered with State as Sole Proprietorship Business Owner. My concern is i accidently applied for Capital one Business credit card as Sole Proprietorship business owner and i was approved for it. so in this case do i really need to register as business owner with the NJ state? Does credit card company forward credit card accounts info to IRS or State Government? Thanks for your help.

TK.

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paraclete's Avatar
paraclete Posts: 1,879, Reputation: 585
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#2

Jul 5, 2012, 04:37 AM
Quote:
Originally Posted by TARUNK View Post
Hello I have recently started online business on eBay selling products in NJ, I am not registered with State as Sole Proprietorship Business Owner. My concern is i accidently applied for Capital one Business credit card as Sole Proprietorship business owner and i was approved for it. so in this case do i really need to register as business owner with the NJ state? Does credit card company forward credit card accounts info to IRS or State Government? Thanks for your help.

TK.
where are you located, where do you intend to do business?
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TARUNK's Avatar
TARUNK Posts: 2, Reputation: 1
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#3

Jul 6, 2012, 08:15 PM
Hello I'm curently in New Jersey and im not really planning to start a business. should i cancel the business credit card since i dont intend to start a business. thanks
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paraclete's Avatar
paraclete Posts: 1,879, Reputation: 585
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#4

Jul 8, 2012, 03:45 PM
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Originally Posted by TARUNK View Post
Hello I'm curently in New Jersey and im not really planning to start a business. should i cancel the business credit card since i dont intend to start a business. thanks
your credit card is a matter of your relationship with your banker, they would be unimpressed that you lied to optain credit and if you were to default that would be considered fraud. As to business registration if your state requires you to be registered to conduct a business then comply. It is highly unlikely that a bank would actively report applicants to the state but they may and should check your registration
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ScottGem's Avatar
ScottGem Posts: 58,161, Reputation: 28160
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#5

Jul 8, 2012, 03:55 PM


The main reason to register your company name is to register a DBA (Doing Business As) so you can open a business checking account.

I don't believe there is a requirement to register as a Sole Proprietor in any state. However, depending on the nature of the business you may need other types of licensing.

Your credit card carrier won't report anything to the IRS. However, if you are not going to be conducting a business then you should cancel the card.
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