Can a convicted felon own a business?

Answer 1

Of course you can! And if you're serious about starting a business, here's a little advice. Let's start with the basic business license. Most cities and/or counties may require that if you are starting a business you will need to first acquire a business license. What is a business license? By definition a business license is a legal authorization in document form issued by municipal and/or state governments and required for business operations. Don't get this confused with DBA. So then what is a DBA?

DBA is an abbreviation for "doing business as." Certain jurisdictions may also use the terms fictitious business name, trade name or assumed name. DBA registration is necessary if your business operates under a name other than its legal name.

For a corporation, LLC, or other state registered entity, the legal name is the name on the filed articles. For all other business entities, the legal name is the personal name of the business owner or owners. Conducting business and opening a bank account under any name other than your legal business name is only possible after fulfilling your state's DBA filing requirement. And what if you are selling items? Do most states require a state seller's permit?

If you sell, lease personal property or sell taxable services at a retail or wholesale level, you are required to obtain a Seller's Permit. If you have more than one location where sales are made, a separate license is required for each location. You must obtain a State Employer Identification Number Also Called a State Tax Id EIN if you:

Pay wages to one or more employees

If your business is a corporation and you are an employee of the corporation (recommended so you can obtain all the tax free and deductible corporate fringe benefits)

if you are a sole owner and the sole employee of your business getting an EIN is not required as long as you report the financial results of your business on Form 1040, Schedule C. The IRS and the Social Security use your social security number to track self-employment tax. A federal tax identification number (also know as an employer identification number or EIN), is a number assigned solely to your business by the IRS. Your tax ID number is used to identify your business to several federal agencies responsible for the regulation of business.

Any business offering products or services that are taxed in any way must get a federal tax ID number. Here are some important resources to remember when filing for any of the above documents mentioned in this article. Just refer to the link below to get not only just in-depth information, but also excellent professional assistance. You won't be disappointed.

Answer 2

Yes, a convicted felon MAY own a business, it just depends on what it is. If the business or occupation requires a state license to operate it may pose a problem however. Check with your state licensing authority.

Answer 3

Only if the business is a type that requires you do not have a felony conviction to be the majority/only stockholder, director or officer. You probably can't own a school bus operator or an armored car facility but for most occupations there is probably no restriction.

Now, certain classes of crime have restrictions, if you're convicted of a sexual crime involving registration like child molesting, you can't work in a place within a certain distance of a school and are usually prohibited from certain occupations that would attract children such as an ice cream truck.

Answer 4

Yes, a convicted felon can own a business. However, certain restrictions may apply depending on the type of business and the nature of the felony. It's always best to consult with a legal professional to understand the specific implications for your situation.