Actually, if you don't have any employees, you could also be a "sole proprietor." This is how I do it. Again, you pay taxes for any income you do make as a part of your personal taxes. (In other words, income is reported against your SSN.)
But, I believe that to remain a business, you do have to show profit every so many years (something to check out). -d ----- Original Message ----- From: "Duane Boudreau" <[EMAIL PROTECTED]> To: "CF-Community" <[EMAIL PROTECTED]> Sent: Wednesday, January 29, 2003 2:32 PM Subject: RE: Business types? > I believe you still have to file the tax returns which costs money. > > I think your best bet Michael is an LLC. All you need to do is pay the > annual state company report fee ($100 in NH). Since you are a sole > proprietor your profit, or loss in this case, is claimed against your > personal tax return. No need to file two returns. > > Duane > > -----Original Message----- > From: Hatton Humphrey [mailto:[EMAIL PROTECTED]] > Sent: Wednesday, January 29, 2003 3:28 PM > To: CF-Community > Subject: Re: Business types? > > > I thought that if a business was a net loss you didn't have to pay taxes > on it. > > Then again, I'm no tax specialist either. > > Hatton > > Michael Dinowitz wrote: > > >OK, this is a sticky one. > >House of Fusion exists as a corporate entity (S corp) but its income is $0. > Its > >expenses are a lot more than the income and its existence is basically a > cash > >drain. The question is, what other corporate or non-corporate entities > exist > >that we can hold House of Fusion under without having to pay out corporate > >taxes? > > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Archives: http://www.houseoffusion.com/cf_lists/index.cfm?forumid=5 Subscription: http://www.houseoffusion.com/cf_lists/index.cfm?method=subscribe&forumid=5 Your ad could be here. Monies from ads go to support these lists and provide more resources for the community. http://www.fusionauthority.com/ads.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
