Well, the simple benefit is probably legality. Last I checked, if you made over $400/year you have to report it as business income. The easiest route for you is probably to just do a sole-proprietorship or LLC if it's available to you. A sole-proprietorship functions exactly like you're doing now except you just have to pay a $30 or so fee to register and then file income statements either annuallly or quarterly. Then just report it on your personal taxes with as schedule C-EZ or whatever meets your needs. The C-EZ is amazingly easy.
An LLC is basically the same as a sole proprietorship except that it protects you more. If you get sued for something, it should make it so that they can only get your business assets and your personal stuff is off-limits. Obviously, if you want real information talk to someone who can give it legally. But that's the gist. It's easy and harmless, and it keeps you from getting a smack-down from the IRS if they start to grow teeth again. -Kevin > -----Original Message----- > From: Heald, Tim [mailto:[EMAIL PROTECTED] > Sent: Monday, June 16, 2003 8:54 AM > To: CF-Community > Subject: RE: Home Business was(RE: Microsoft ActionPack > Subscription (with cou pon....)) > > > I have been operating my side/contracting business as > Terminal-Fusion for several years now, but never actually > went the legal route. Always just tack what ever I make on > to the top of my base income come taxt time. > > What are the benifits of becoming incorperated? > > Tim > > > -----Original Message----- > > From: Raymond Camden [SMTP:[EMAIL PROTECTED] > > Sent: Monday, June 16, 2003 9:54 AM > > To: CF-Community > > Subject: RE: Home Business was(RE: Microsoft ActionPack > Subscription > > (with cou pon....)) > > > > > I am wondering, did any of you ever take the time to set up > > > an actual company? How difficult is it? I was thinking sub > > > chapter s? > > > > > > > I thought I _had_ to. I just used my name as my business > (same thing I > > did when I bought a computer via Dell using their Small Business > > prices). I should have named my company Vandelay Industries. ;) > > > > -ray > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Archives: http://www.houseoffusion.com/cf_lists/index.cfm?forumid=5 Subscription: http://www.houseoffusion.com/cf_lists/index.cfm?method=subscribe&forumid=5 Signup for the Fusion Authority news alert and keep up with the latest news in ColdFusion and related topics. http://www.fusionauthority.com/signup.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
