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LLC stands for Limited Liability Company. It's the cool new kid on the block for businesses to be. -Kevin > -----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....)) > > > 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 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
