yep. A lot depends on individual circumstances. I am not familiar with an LLC; possibly its something new or not available in Maryland? If you happen to have a link handy I'd be interested, if not I'll just look it up later.
Dana On Mon, 16 Jun 2003 10:55:36 -0500, Kevin Graeme <[EMAIL PROTECTED]> wrote: > 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 Get the mailserver that powers this list at http://www.coolfusion.com Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
