I am incorporated as an S-Corp and everyone I have ever talked to recommends this. Rather than go into a lengthy discussion of why, I would recommend consulting an attorney and an accountant. As the old saying goes, when you start a business, you need two things for sure, a good attorney and a good accountant.
>::shrug:: isn't that what we are doing here? AFAIK incorporation works way >better if you are talking about business revenues oh say above 150,000. S >corporation would cover anything below that. If asset protection is not a >concern you don't *really* need to do either, is my point. In other words, >you do not have to be incorporated to be a business. > >Dana > >On Mon, 16 Jun 2003 11:13:13 -0400, Haggerty, Mike <[EMAIL PROTECTED]> >wrote: > >> Well, one other thing I would suggest is to consult with anyone you know >> who >> has successfully run their own business. I receive advice from a number >> of >> professionals on day to day details on accounting, it has changed the way >> I >> think about just about everything. >> >> M >> >> -----Original Message----- >> From: Dana Tierney [mailto:[EMAIL PROTECTED] Sent: Monday, June 16, >> 2003 11:03 AM >> To: CF-Community >> Subject: Re: Home Business was(RE: Microsoft ActionPack Subscription >> (with >> cou pon....)) >> >> >> It can get you quite a ways but I prefer to avoid that home office >> expense. If you have a tax lawyer helping you with it you are probably >> good. The thing I am saying though, is that I do all that without being >> incorporated at all. However, I have very few assets so this may not be >> for everyone. S corporation status helps you separate business and >> personal assets if this is a concern. >> >> Dana >> >> On Mon, 16 Jun 2003 10:46:22 -0400, Haggerty, Mike <[EMAIL PROTECTED]> >> wrote: >> >>> Only pay yourself a nominal salary of $1 a year to avoid the taxation >>> penalties. Have the corporation pay the cost of the lease for your car, >>> rental space for your office in your home, your health insurance, day >>> care, tuition, business meals, cell phone, DSL, equipment and software >>> purchases, >>> etc. Use Quickbooks extensively to record all income and receipts, and >>> see >>> how far it gets you. >>> >>> M >>> >>> -----Original Message----- >>> From: Dana Tierney [mailto:[EMAIL PROTECTED] Sent: Monday, June 16, >>> 2003 10:39 AM >>> To: CF-Community >>> Subject: Re: Home Business was(RE: Microsoft ActionPack Subscription >>> (with >>> cou pon....)) >>> >>> >>> There are very few benefits to incorporation for a small business. First >>> of all the corporate veil does you little good. Then (unless this >>> changed under Bush) all income from the business will be taxed twice, >>> once at the corporate level, then again as income to you. One advantage >>> is that you can go public and sell shares. I would say chapter S all the >>> way. >>> >>> On how to handle business income, even small, you need to file -- hmmm I >>> think it is a schedule C? not in front of me -- and a 1040. Definitely a >>> schedule SE for the additional social security tax. All of this assumes >>> that your business made a profit. >>> >>> HTH >>> Dana >>> >>> On Mon, 16 Jun 2003 10:06:49 -0400, Candace Cottrell >>> <[EMAIL PROTECTED]> wrote: >>> >>>> I was wondering about this as well. >>>> I do some sites on the side, but just add the $$ ( a very small amt) to >>>> my gross income. I emailed the IRS and they didnt give me too >>>> definitive an answer. >>>> >>>> Candace K. Cottrell, Web Developer The Children's Medical Center One >>>> Children's Plaza Dayton, OH 45404 937-641-4293 >>>> http://www.childrensdayton.org >>>> >>>> [EMAIL PROTECTED] >>>> >>>>>>> [EMAIL PROTECTED] 6/16/2003 9:54:08 AM >>> >>>> 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 Host with the leader in ColdFusion hosting. Voted #1 ColdFusion host by CF Developers. Offering shared and dedicated hosting options. www.cfxhosting.com/default.cfm?redirect=10481 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
