If you're the sole business owner, save yourself lots of headaches and at least start out as a sole proprietor LLC. Protect yourself with proper insurance (general liability, errors & omissions, etc). You can always convert to an S Corp later if the $$ coming in warrants hiring an accountant to take care of everything for you. Filings for a sole proprietor LLC are relatively simple with the proper Turbo Tax software.
If you have partners - there's a ton of paperwork yearly whether your an LLC or S Corp - so you might as well go S Corp and get an accountant. You still need the insurance.... -- Dawn On Wed, Feb 22, 2012 at 3:20 PM, Charlie Arehart <[email protected]>wrote: > And here’s where one (I) could argue that if one operates as a sole > proprietor they avoid all those s-corp forms. :-) I operated as an s-corp > once: what a pain. That was before LLCs. I might choose that myself if I > felt compelled to change from sole proprietor. > > I know that the conventional wisdom is that one is “too unprotected” if a > sole proprietor, but as William noted, if someone can pierce the corporate > veil, then the LLC or s-corp protection won’t avail much, it seems. But > otherwise, I do business like everyone else here has discussed (paying > taxes on my income, as a schedule C on my personal taxes, having business > insurance, having a business bank account, etc. > > Just saying it’s another option. As others have said, weigh them all > carefully. > > /charlie**** > > ** ** > > *From:* [email protected] [mailto:[email protected]] *On Behalf Of *Peyton > Todd > *Sent:* Wednesday, February 22, 2012 10:47 AM > *To:* [email protected] > > *Subject:* Re: [ACFUG Discuss] incorporation advice**** > > ** ** > > > Just to add my two cents: Be SURE to get a professional to do your taxes. > I was (am still) an S-Corp, and years ago when I was programming steadily, > I experienced no end of grief figuring out all the tax forms, and > remembering to file every stinking form on time! > > Peyton > **** > > **** > > ------------------------------------------------------------- > To unsubscribe from this list, manage your profile @ > http://www.acfug.org?fa=login.edituserform > > For more info, see http://www.acfug.org/mailinglists > Archive @ http://www.mail-archive.com/discussion%40acfug.org/ > List hosted by FusionLink <http://www.fusionlink.com> > ------------------------------------------------------------- >
