An S-Corp seems like an awful lot of trouble for someone like me who generally doesn't do any side work but wants to be covered if an interesting project does come up. That's why I like the simple sole-proprietorship or LLC. And they're a lot cheaper to set up and from what I remember, less hassle on the taxes. I didn't need a lawyer or accountant. I just walked in and plopped down $30 bucks at the state office.
Although, if there wasn't LLC here and I was concerned about getting sued, I definitely would go the S-Corp route. -Kevin > -----Original Message----- > From: Kevin Schmidt [mailto:[EMAIL PROTECTED] > Sent: Monday, June 16, 2003 10:41 AM > To: CF-Community > Subject: Home Business was(RE: Microsoft ActionPack > Subscription (with cou pon....)) > > > 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 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
