Expert: John Varghese - 3/6/2010

Question
Just started a corporation for a new business. I have received all the paperwork (EIN, corp. books etc.) The business has not opened yet, and won't open for approx. 1 year. Is there anything I must do, with the IRS or State, during this  time? OR do I just wait til I actually start bringing in money?

Thank you
Tom

Answer
Dear Tom,

It is assumed that you have got the certificate of commencement of business,and all other relevant clearances from various authorities connected with your line of business when you said all paper work is received. In that case, you can bring in money immediately.

Regards

JV