Online Business Questions

Discussion in 'Accounting and Taxes' started by BusinessTheo, Aug 26, 2016.

  1. BusinessTheo

    BusinessTheo
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    Hi everyone. My name is Theodor. Hope that I can help people on the forum here on whatever way I can, but for now I have some questions about an online project I intend to try and would like some suggestion/opinions

    I had on my mind an idea/project that I would like to make it into an online business.

    It is some kind of "scavenger hunt" but with images. I intend to make a website hosting online photo contests. The members will pay an entrance fee for the contests and money accumulated by the participants will be given to the winner of each contest. That is pretty much the very basic idea in a nutshell.

    Now my question is: When participants take place in a scavenger hunt/contest and pay the "Buy in" must I have some kind of Receipt/Invoice for them to give them? How exactly is this working? I don't think any kind of sites like sports betting sites or casino sites or even any site upgrading from basic (free)to some premium (not free) membership option give any kind of receipt to the user. So how am I going to move with this part? I don't need any receipt since I should pay tax for the business's profits anyway in the end of the year?

    I have other questions too in my mind but this one seemed like one of the imminent and important ones that I wanted some more advanced knowledge/experience to help me out with this. What is your opinion about how should I proceed taking into account the way all the sites I described work?

    Thanks for any reply on the post. Have fun everyone and hope the site can help me and I can help others here too. [​IMG]
     
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