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yes but what about startups which are typically c corps with zero income or loss ? I was essentially forced to incorporate by advice on Indiegogo page for unsup

yes but what about startups which are typically c corps with zero income or loss ? I was essentially forced to incorporate by advice on Indiegogo page for unsupported countries (slovakia) just to get access to crowdfunding. where GoFundMe or Indiegogo will support us business entity I create. Mine head is still spinning from the possible fines I am now threatened with if I miss some IRS tax filling deadline. 25000$ for not filling 5472 in time and up to 45000$ for not filling be13 in time. while i now have c corp . But Mine US bank account was denied by SVB with "slovakia unsuported" argument again. And all I wanted is to find funding for mine reusable covid test that I will always publish for free since goal is to save as many people as possible and not make money.It did passed to semifinals of XPrize but not finals https://www.protocols.io/view/covid-19-indirect-detection-thru-rise-of-100nm-fil-bkznkx5e https://www.protocols.io/view/covid-19-indirect-detection-th... but without funding I simply cant continue . I cant afford bulk PC or nylon filter and 120nm testing nanoparticles prices on my own anymore. All mine savings gone to all prototypes during XPrize months and I am now broke.https://ladislavnevery.medium.com/how-i-tried-to-save-a-world-and-failed-7869a1a5cee4 https://ladislavnevery.medium.com/how-i-tried-to-save-a-worl... That's why I am so sensitive now to fees. And why I see being forced to pay 109$ just to e-file zero income loss report to IRS as immoral when IRS clearly states taxpayers with income less than 72k should not be charged. And filing internationally by snail mail there is no return receipt and risk of fine if mail is lost.

troydavis 6y ago
I’m sorry that you’re in this situation. A corporation, and particularly a C corporation, is the most formal type of US business entity. For example, most of the publicly-traded US companies are C corporations. I believe the rough Slovakia equivalent would be a private A.S., or at least more formal than a J.S.A. That’s why the regulations assume that you have some amount of capital and that $109 is not a barrier. LLCs, sole proprietorships, and S corporations exist for smaller companies and don’t have as many filing requirements. Many or most startups begin as LLCs or S corporations, especially those which don’t raise outside capital from the very beginning.
- neuralll 6y ago
  thx troy. but the 109$ fine is not imposed by regulations. its imposed by 3rd party e-filing agent that on IRS page claims that he is free e-filling agent for taxpayers and benefits from free advertising by being redirected to from IRS page itself. And infinite supply of scared IRS taxpayers due to hefty IRS fines. But in reality they are not free and ask 109$ for federal tax return from taxpayer having income less than 72k. Which according to IRS page they shouldn't.

troydavis 6y ago

I’m sorry that you’re in this situation. A corporation, and particularly a C corporation, is the most formal type of US business entity. For example, most of the publicly-traded US companies are C corporations. I believe the rough Slovakia equivalent would be a private A.S., or at least more formal than a J.S.A. That’s why the regulations assume that you have some amount of capital and that $109 is not a barrier. LLCs, sole proprietorships, and S corporations exist for smaller companies and don’t have as many filing requirements. Many or most startups begin as LLCs or S corporations, especially those which don’t raise outside capital from the very beginning.

neuralll 6y ago
thx troy. but the 109$ fine is not imposed by regulations. its imposed by 3rd party e-filing agent that on IRS page claims that he is free e-filling agent for taxpayers and benefits from free advertising by being redirected to from IRS page itself. And infinite supply of scared IRS taxpayers due to hefty IRS fines. But in reality they are not free and ask 109$ for federal tax return from taxpayer having income less than 72k. Which according to IRS page they shouldn't.