2006-07-08 09:07:40 · 4 answers · asked by Zach 1 in Business & Finance ➔ Small Business
Depends on your business, do you want to limit your liabilities ?
Your taxation ?
Where incorporated ?
Advise with another more specific question if you have not done this yet, I can help with where, what type, who to get to incorp. for you !
2006-07-08 09:11:44 · answer #1 · answered by The Advocate 4 · 0⤊ 0⤋
The IRS presumes a single member LLC is a sole proprietorship and a multi-member LLC is a partnership. Both cause their owners to pay self-employment tax in addition to income tax. Also, if the management agreement isn't written properly then it will possible be taxed as a corporation anyway.
My suggestion, for most new businesses, incorporate and request "S" corporation status.
2006-07-08 17:44:46 · answer #2 · answered by besttaxexpert 2 · 0⤊ 0⤋
Depends on business, business catagory, size of business, etc. Plus each covers the business and its liabilities in a different way. Don't forget to look into umbrella insurance as well as this is a great safety net for a business. Specially if you directly interact with customers.
If it is just you, no employees, look into staying as a DBA as that is the best tax write off braket.
2006-07-08 09:23:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
There are not any transformations. employer credit is contingent on diverse issues. length of time in employer, profitability, resources and own credit of the most or vendors. Banks do not provide all of us extreme strains of credit anymore.
2016-10-14 06:20:13 · answer #4 · answered by ? 4 · 0⤊ 0⤋