Thanks. I am in New Mexico now but I did most of this research when I was living in Maryland. I was speculating about why I hadn't heard of it. Apparently it is newer than my research; but it looks interesting.
Dana On Fri, 20 Jun 2003 20:09:13 -0400, SMR <[EMAIL PROTECTED]> wrote: > Its available in Maryland. I set one up this year. > > -----Original Message----- > From: Dana Tierney [mailto:[EMAIL PROTECTED] Sent: Monday, June 16, > 2003 12:46 PM > To: CF-Community > Subject: Re: Home Business was(RE: Microsoft ActionPack Subscription > (with cou pon....)) > > thanks :) I'll look into it > > Dana > > On Mon, 16 Jun 2003 11:33:19 -0500, Kevin Graeme > <[EMAIL PROTECTED]> wrote: > >> > http://sbinformation.about.com/gi/dynamic/offsite.htm?site=http%3A%2F%2F >> www.score.org%2Fguest%2Farchives%2Fgumpert.html >> >> 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 This list and all House of Fusion resources hosted by CFHosting.com. The place for dependable ColdFusion Hosting. http://www.cfhosting.com Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
