What's the best business entity for keeping taxes low, making deductions and avoiding liability?

Question

Any insight is appreciated =)

Silly girl talking about churches!

I mean, Sole Prop, LLC, S-CORP, C-CORP etc.

Alright for the last time, im not asking what type of business to open -- but rather what business ENTITY.

Answer 1

I suggest an LLC (Limited Liability Company) if they are authorized by law in your state. Second choice, if LLC's are not authorized by law in your state, is a Subchapter "S" corporation. No one can completely avoid taxation unless you are engaged in criminal activity. This is called tax evasion. It is a felony. Pay almost all your bills by check, so you have a record of your expenses. Have a businesss checkbook seperate from your personal account. Get a tax preparer to advise you on tax and bookeeping matters. You may need an atttorney to form the LLC or sub S corp.

Best wishes.

Answer 2

The best tax entity that I know of is the S corp., however, don't know what you mean about making deductions and avoiding liability. With the S corp, the corporation doesn't pay taxes, however, if you are an employee, you are taxed on your income as are other workers.

Answer 3

An S Corporation is a good choice for a small business that is making a moderate amount of money ($30k minimum) to distribute to the business owner. You should consult a good tax accountant to help you understand the choices and make your final decision.

Answer 4

Don't pay taxes and pay everyone in cash. Apparently it's working for my boss... ;)

Answer 5

a church, or a non-profitable entity, you still can manage very large amounts, expenses, staff, and estate.

Answer 6

Restrauant or Bar.

Attorney is good.