To be fair, you should check your accountant. However, since expenses are pass-through losses and float to your K1 if you have no income you could put it off. Keep in mind that means you will not be able to claim the loses which could offset other taxes due (until you do your taxes then you could claim them). It is best to file. Should you choose not to file, the IRS does require 1099’s be sent for any USA entity above 500$ in any given fiscal year and possibly foreign entities as well, and may deny any expense that you did not do this for. weather you file or not make sure you pay the annual fees on your S corp.
manufacturing in china
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@Rivka-Pollak
I have an idea for a product and am trying to figure out how do I get it manufactured, I already have the design, how do I go about creating the first prototype? -
@Chocolate hi
if you have a very clear picture, you can look up factories in alibaba that do similar items and check with a few of them if they can do it.
I work through an office in china they find me the factory, but you can do through alibaba.
It might be easier and faster, if you produce one and send it to china to copy, the chinese are very good at copying.
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@Rivka-Pollak said in manufacturing in china:
@Chocolate hi
if you have a very clear picture, you can look up factories in alibaba that do similar items and check with a few of them if they can do it.
I work through an office in china they find me the factory, but you can do through alibaba.
It might be easier and faster, if you produce one and send it to china to copy, the chinese are very good at copying.
It’s a custom item that doesn’t exist anywhere so to make it we need to manufacture quite a few parts. my question is how to make that first working prototype.
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but do you which kind of factory you need to produce it?
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meaning?
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is it textile or electronics or household or toys
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Hard to define it’s a large plastic container with some electronic components inside, meant to keep the air flow in a specific substance.
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sorry, i dont have experience in that kind of product,
but it sounds to me like a a pump, may be check that type of factory -
Thanks for your help anyways.
funny as it sounds the manufacturing I have all figured out (or so I think) I have a list of the parts that I need to find factories that do those stuff after finding them all I am left with is someone for the assembling.
But creating a prototype I am just not getting it, how can I make just one or two pieces while keeping the costs down, no one is going to make me molds just for 2 Pcs. 3D Printing is also not an option as I need some real large parts.