I do computer work for friends and family. I get paid most of the time. Last year I made about 300.00. I know thats not much, but I would like to start a Corporation because I hear that there are many tax advantages to it.
I would also like to start advertising my services. I am in the state of NY. I have a job (running my bosses business for him - and I do a very good job of it).
I also own part of an S corp (My boss gave me 10 percent of the shares), and at the end of the year I get a 10% what we made for the year.
What kind of corporation do you think would be best for me? I hear an S corp is the best. Is that true?
2007-01-02 14:06:05 · 3 answers · asked by M 2 in Business & Finance ➔ Small Business
Listen to the Ray Lucia Show on AM radio, check your listings. He covers a lot of bases.. There is soo much more you really need to know.. P.S. That $ 300.00 will probably cover your corporate tax payment to simply have a registered company in your state..
2007-01-02 15:02:36 · answer #1 · answered by Fahzizzle 2 · 0⤊ 0⤋
Personally, I wouldnt' worry about starting a corporation until you have some employees working for you. If I were you, which I actually am, I would start out as a sole proprietor for a while. After that, a LLC will work just fine. But, if you're dead set on incorporating, then yes, S corporation will be the best route.
2007-01-02 22:14:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, S corp would be best if you have a small business (less than 100 employees). The taxes will flow through to you meaning you pretty much file your taxes the regular wayl. You will also gain protection against liability and debt. Good Luck!!!
2007-01-02 22:15:26 · answer #3 · answered by Chris P 3 · 0⤊ 0⤋