Just starting out and trying to figure out what to do. i.e. sole pro.- LLC - Incorp. I live in Mich. and just wondering what would be the best. I am starting out small because I have a day time job, but with the intentions to make it a full time career. Thanks for any advice Scott
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Ed@PreClean
Guest
A DBA will NOT protect you in the event you are sued for some reason and the tax bracket is MUCH higher. They can take personnal belongings House, cars, etc... An LLC or Inc. they cannot but then you have all kinds of financial records to keep, taxes, licences. I personnally had an S-Type Incorporation (S is for Sole Prop.) If you get things rolling and the $$$ starts coming in you WILL need an Accountant especially if you employ others, it's simply too hard to keep up with all the tax stuff yourself. Been there done that!
Ed
Ed
onecallpowerw
New Member
S Corp
Go with the S Corp. We did and it has really helped when coming to taxes etc..... Everything gets wrote off.
Go with the S Corp. We did and it has really helped when coming to taxes etc..... Everything gets wrote off.
onecallpowerw
New Member
Can not answer....
I do not think it would cover a part time basis. Our accounting firm recommended us to do this. You might want to check with your accounting firm. 1st thing you need to do is register your trade name and then file for an S Corp filing with the State that you belong to. Again, ask your accounting firm and they will be able to direct you.
I do not think it would cover a part time basis. Our accounting firm recommended us to do this. You might want to check with your accounting firm. 1st thing you need to do is register your trade name and then file for an S Corp filing with the State that you belong to. Again, ask your accounting firm and they will be able to direct you.
Dave Olson
New Member
I started as a regular corporation. Went to Sub S the next year. I was working a fulltime job for the first 2-1/2 years.
I use an accountant only to file my end of the year taxes. QuickBooks has payroll software and makes it a lot easier to handle payroll taxes and reports. When I first started I was doing it all by hand!
Dave Olson
I use an accountant only to file my end of the year taxes. QuickBooks has payroll software and makes it a lot easier to handle payroll taxes and reports. When I first started I was doing it all by hand!
Dave Olson
Mathew Johnson
New Member
I started as a sole prop. in 2003, I filed for S-Corp last week and finishing up the corporate book soon
CaroliProWash
New Member
Our choice was LLC.
Mathew Johnson
New Member
Why LLC Celeste?
CaroliProWash
New Member
Didn't like the double taxing of the Corporation - an LLC gives us the ability to keep company and personal separate. The LLC doesn't pay taxes except on what it shows as profit at the end of the year. If we want to take a salary at the end of the year, we only pay personal income tax on that money.
Scott Stone
New Member
The sub S corp offers no double taxation, and liability protection. My sub S corp saved me $5000 in taxes the first year. You have to get a good accountant, as well. They are als well worth the money, IMO
Scott Stone
Scott Stone
Muck Buster
New Member
I also went with llc,my attorney said for tax reasons especially in Arkansas the natural state more like the Tax State.Separates personal property and business,Inc i would have to pay taxes on incoming and out goping money,profit payroll,,,etc.Has been retty good for me,Main thing is a good acountant [rainbow]