This may seem like a stupid question but really I have no clue when it comes to this stuff. All I know is I'm about to start a business in the entertainment industry and I have to get incorporated and get a tax ID number. I am the only person running the business. I have no partners, no one is financing me, this is all on me. However I still want benefits when I get incorporated, whether it be tax benefits, not being liable of I suffer some fallback/debt, etc. - or whatever. I just don't have a clue about this stuff. Can someone please help me? I appreciate it alot. Thanks.
2007-03-26 07:25:08 · 7 answers · asked by Michelle 1 in Business & Finance ➔ Small Business
Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:
* Ultimate Book of Forming Corps, LLCs, Partnerships & Sole Proprietorships by Michael Spadaccini
* LLC or Corporation?: How To Choose The Right Form For Your Business by Anthony Mancuso
* Legal Guide For Starting & Running A Small Business (8th Edition) by Fred S. Steingold
There are plenty of free informational resources out there. Check the source box for links to articles & sites.
Hope that helps! I wish you much success & happiness in all your ventures!
2007-03-27 06:07:24 · answer #1 · answered by TM Express™ 7 · 0⤊ 0⤋
I am also trying to start my own business. You have to make the decision yourself about being an LLC or Incorporated. However, you do not want to be sole proprietor because if you get a law suit against you, you could lose everything you own and the chances of starting over would be slim to none or extremely hard! My fiance & I are going to be an LLC.
2007-03-26 07:38:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you're wanting to limit your personal liabilties then you should go with either an Incorporation (with a lot of guidelines and regulations) or with a LLC (with fewer guidelines and regulations yet similar benefits). There is greater flexibility built into an LLC in terms of filing and paperwork needed to complete.
Here's a site to read up some more information on ownership structures:
http://www.nolo.com/resource.cfm/catID/5DE04E60-45BB-4108-8D757E247F35B8AB/111/182/
2007-03-26 07:35:27 · answer #3 · answered by dbmartin 2 · 0⤊ 0⤋
Never do a sole proprietorship. The choice between an LLC and S-corporation will depend upon the type of business and what state you're in. Ask a local accountant ... a good one.
2007-03-26 11:02:04 · answer #4 · answered by jdkilp 7 · 0⤊ 0⤋
nicely, you're actually not incorporating in case you sort an LLC. Nor are you incorporating in case you sort an LLP. in case you elect to comprise, sort a company. Your question must be: ought to I comprise, sort an LLC, or sort an LLP? in case you have no companions, that especially a lot removes the LLP. There are potential tax issues, value issues, legal duty issues, and reporting and registration standards. it particularly is particularly helpful to seek for suggestion from the two an lawyer and a CPA (or somebody who has the two credentials and advises on formation, legal duty, and tax subject concerns).
2016-10-19 23:34:06 · answer #5 · answered by console 4 · 0⤊ 0⤋
Go to the store and buy a book on starting a small business. It will explain benifits of all of these plus inform you on paying insurance and quarterly taxes and reporting income.
Also go to your states website and they can send you a free book on small business for your states requirements. Your tax person also might have these for free...
2007-03-26 07:34:58 · answer #6 · answered by Robert D 2 · 0⤊ 0⤋
Do an S corporation. It gives you some protections and is the easiest and cheapest way to go.
2007-03-26 07:32:34 · answer #7 · answered by Anonymous · 0⤊ 0⤋