here is the long story...
One of my friends who lives in India wants to start VOIP business like he wants to sell phone cards to people in the US so that they can talk to India. He needs a place where he can collect money in the US. I suggested paypal and he wants me to take charge of that, like open an account in paypal with my name. Collect the money and send him the money when required or pay to other companies in the US which he has to pay, from that money.
I did not register any company here nor do I have the license to do any business. Can I still open an account in paypal and do business on this behalf. Also should I show this money in my taxes. I have no benifit from any of these transactions. I am doing this for the sake of friendship. Legally and in terms of tax what are the implications. Can anyone please explain.
Thanks in advance