I would recommend that GIK and Boss do some follow up with some of their accounting and law professors from their respective universities. Most are doing dual roles of teaching and are active in business at the same time. As students or former students GIK and Boss can get a lot of free input/guidance from trusted sources, CPA’s, Doctorates, and MBA’s, a perk of being a student.
Simply walk up to one or two of them and ask them for an appointment during their office hours for students, sit down with them and run the idea by them and ask them what you need to consider, such as forming a partnership and partnership agreement, individual tax effects from the income or loss of the business, registering to do business in which state, Ohio or Washington (whatever state you are from) since they are doing business under the fictitious name of Redszone.com, is it required or not, or check with the secretary of states office. The company name is that name already being used by another entity.
Normally a simple partnership has business income and expenses, then the net income or net loss after filing a schedule C is reported on the individual taxpayers filings. Turbo tax or version of that (most accounting professionals use those) can handle most of their tax issues when it comes time to file.
Do you or will you need to set up a business bank account for income and paying expenses, that could be used as your bookkeeping and a part of your source documentations.
PayPal requires you to have a credit card and or bank account if you are going to use that to transfer funds. Their incomes will come primarily from advertising and donations. The whole thing should be fairly simple; the tough/time consuming part will be in dealing with advertisers, the maintenance to the site and bookkeeping.
I would recommend placing the PayPal logos at the bottom of the site, as none of their logos are anything special to look at for the appearance and image purposes to the site.
So how much are you going to charge for advertising GIK? Can i get a hometown discount?
I know where they can get various products to be used for a raffel at the wholesalers cost, or perhaps donated. Might be nice if the raffel at least paid cost.Is anyone willing to donate items for a raffle or auction?