Silk Road forums
Discussion => Legal => Topic started by: masteroffrets on August 20, 2013, 04:57 am
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Im a btc vendor under a different name here. So i recently registered a business and would like to open a business bank account. I plan on registering as a money service business with fin cen but not with my state. Should i check the box asking if i am a msb? What will happen if i check yes? will i be required to get a state lisence? i get the feeling most of these people taking cash deposit for payment of coins just check no. Or should i use an annoymous bank acount somehow?
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not to be rude but you're asking a question that really needs to be asked of a lawyer or someone with a MBA or who works in the industry.
or you could accept joe420's response from SR forums 'yeah dude dont worry about it'
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You're probably ok with no. Even lots of big exchanges don't have licenses.
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Can you repeat the question? This time with a British Accent.
Ryno
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Its nice that you are trying to go legit but its not even worth it. If you want to be a MSB, you need a licence in every state that your customers reside. Becoming in MSB in all states takes around $2million and a couple years to get registered.
So you mine as well just skip the MSB. But beware that if the bank finds out what you are doing, they will most likely freeze your business account.
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what ryno said please.
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Im a btc vendor under a different name here. So i recently registered a business and would like to open a business bank account. I plan on registering as a money service business with fin cen but not with my state. Should i check the box asking if i am a msb? What will happen if i check yes? will i be required to get a state lisence? i get the feeling most of these people taking cash deposit for payment of coins just check no. Or should i use an annoymous bank acount somehow?
Are you serious?
So you're a "btc vendor" My question to you is quite simply this...You havent cashed anything out yet?
ProTip: If you do as you describe that you're going to do...well...then you're fucked 'cuz if you live in Texas you can be taxed....Also...do some Research....Exchnges & People such as yourself attempting to do what you are trying to do....usually fail... I mean no offense, malice or discontent....I'm just sayin...BE CAREFUL ...............................Research....Educate....Be Safe... Be Diligent in the quest that you're on for Anonymity & Safety!
Peace & Hugs 8)
ChemCat
O0
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you dude ur good
I had a long day and this was my first laugh from the forums
+1
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Im a btc vendor under a different name here. So i recently registered a business and would like to open a business bank account. I plan on registering as a money service business with fin cen but not with my state. Should i check the box asking if i am a msb? What will happen if i check yes? will i be required to get a state lisence? i get the feeling most of these people taking cash deposit for payment of coins just check no. Or should i use an annoymous bank acount somehow?
Are you serious?
So you're a "btc vendor" My question to you is quite simply this...You havent cashed anything out yet?
ProTip: If you do as you describe that you're going to do...well...then you're fucked 'cuz if you live in Texas you can be taxed....Also...do some Research....Exchnges & People such as yourself attempting to do what you are trying to do....usually fail... I mean no offense, malice or discontent....I'm just sayin...BE CAREFUL ...............................Research....Educate....Be Safe... Be Diligent in the quest that you're on for Anonymity & Safety!
Peace & Hugs 8)
ChemCat
O0
+1 to this naturally
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Seal, wut the heck are ya doin up so lat/early LMAO :P
Hugs to ya 8)
Chem
O0
+1 comin yur way :p
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Seal, wut the heck are ya doin up so lat/early LMAO :P
Hugs to ya 8)
Chem
O0
+1 comin yur way :p
Slowly coming back down to earth after a busy day!
:)
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me too...been a long week and dont plan on goin back to wrk till sunday.... gonna drink some wine a smoke some DMT and just relax 8)
I hope everything in yur world is going good :)
Peace & Hugs to ya 8)
Chem
O0
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me too...been a long week and dont plan on goin back to wrk till sunday.... gonna drink some wine a smoke some DMT and just relax 8)
I hope everything in yur world is going good :)
Peace & Hugs to ya 8)
Chem
O0
That sounds like an excellent way to wine down.
I'm alive, strong, aware, and healthy. I hope you are well and I thank you for asking. :)
When is your SR vaca gonna be over? I still have not delved into the DMT world, I'm saving that honor for you.
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Not to sure as of yet....i have some things to get straightened out and hopefully soon, i'll be up and runnin again ;)
Security & Safety takes time.....I pray to be around here longer than most :P
I might be Slow...but my Customers & Myself will remain Safe :)
Hugs to ya, Seal 8)
Chem
O0
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Not to sure as of yet....i have some things to get straightened out and hopefully soon, i'll be up and runnin again ;)
Security & Safety takes time.....I pray to be around here longer than most :P
I might be Slow...but my Customers & Myself will remain Safe :)
Hugs to ya, Seal 8)
Chem
O0
Oh no rush at all.
Slow and steady wins the race. I still believe this.
I pray that you remain here safe and for as long as you wish.
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Slow and steady wins the race. I still believe this.
I pray that you remain here safe and for as long as you wish.
You're Absolutely Right :)
Love & Hugs to ya, Friend :)
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Yea im just gonna check no. And i wont have customers do cash deposits just cash in the mail. What are the chances they shut me down if im walking in with thousands of dollars a day in cash and sending it all to an exchange?
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You can say you day trade currencies. Probably should double check that with a cpa/lawyer first though, as I am neither. At the very least do your own research on your local laws.
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So OP how did it work out for you? I have always been curious how do the sellers on localbitcoin not get their bank accounts frozen. I would assume some of them do 10-20k a day in cash deposits.
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I opened an account at a local credit union. I told them I would be selling bitcoins for cash they didnt have a problem with it. I deposit cash(only me) and wire about 5-10k a week, no problems so far. Its only been 3 weeks ive been up and running though.
My thoughts were exactly the same. They probably let em grow their business till they get big then freeze em when theirs as much money as they want in the account haha.
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I am a drug transmitter.
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You need to form a corporate entity and obtain an EIN number from the IRS...Call an accountant.
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You need to form a corporate entity and obtain an EIN number from the IRS...Call an accountant.
Is this a joke? or did you really think this was something people didnt know. And you dont neeed an accountant to make business..
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Very difficult to obtain. Do try at your will.