Thanks Ryan. And, yes, I am really looking forward to being able to present my business professionally as some type of Corp. I've spent a lot of time on my branding and am still not settled on that either. Anybody lurking here available to do logos?
Cheers, Holly Ryan Crumley wrote: > I have had periods in the past where my s-corp wasn't bring in enough > to cover my salary and have not had tax problems so far (knock on > wood). As long as you are paying yourself a salary with any money the > company does take in (and not taking it as business > profit/distributions) you should be fine. You run into problems when > the company has profit coming in but instead of paying yourself a > market level salary you take distributions instead. > > At the end of the day any of these structures will be fine. > Concentrate on building your business and the rest will follow. The > cost of setting up an LLC or s-corp is low and will protect you from > legal trouble, force you to separate your personal finances from that > of your company, and you will sound more serious/professional to > clients. > > Ryan > > On Mon, Aug 24, 2009 at 9:35 AM, Mary Luketich<[email protected]> wrote: > >> Hi Holly, >> >> I created an S-Corp last year, and I think I did it too soon. I am still >> getting my own sites completed and have to pay myself salary as an S-Corp. >> Since I don't have the work to cover the expense, I cannot pay the salary, >> so I'll have tax problems the next time I file. >> >> I highly recommend an S-Corp, but NOT until after you have steady income to >> cover salaries. >> >> Mary Luketich >> >> >> >> On Sun, Aug 23, 2009 at 6:11 PM, Holly Fortenberry >> <[email protected]> wrote: >> >>> Thanks guys. See, this little experience has taught me and many of the >>> lurkers the importance of using a tax professional. So it was a very good >>> thing. :-) >>> >>> Cheers, >>> Holly >>> >>> Terry Brown wrote: >>> >>> Agreed - I'm pretty ad nauseam at this point. :) >>> >>> >>> >>> >>> >>> >>> >>> ________________________________ >>> >>> From: [email protected] >>> [mailto:[email protected]] On Behalf Of Keith Aric Hall >>> Sent: Sunday, August 23, 2009 6:00 PM >>> To: [email protected] >>> Subject: [Refresh Austin: 4385] Re: business model >>> >>> >>> >>> I'm not sure the point you are trying to make here. If you read on further >>> you will see that it says... >>> >>> >>> >>> "Remember, this is only a mechanism for >>> >>> tax purposes. It doesn’t change the fact that >>> >>> the business is legally a Limited Liability >>> >>> Company." >>> >>> >>> >>> Which means the personal liability protection and other legal statuses >>> still apply to single member LLCs. And if an LLC has more than one member it >>> files form 1065. The form you file is only a mechanism for reporting >>> income/loss to the tax authorities. It does not interfere with legal status. >>> Nor does it change your "tax status." >>> >>> >>> >>> We can go on and on ad nauseam. My point still stands. You need to consult >>> a tax/legal professional. >>> >>> >>> >>> kah >>> >>> >>> >>> On Sun, Aug 23, 2009 at 5:45 PM, ferodynamics <[email protected]> >>> wrote: >>> >>> www.irs.gov/pub/irs-pdf/p3402.pdf >>> >>> "What Kind of Tax Return >>> Do I File? >>> 1. Single member LLCs. >>> Generally, when an LLC has only one >>> member, the fact that it is an LLC is ignored >>> or “disregarded” for the purpose of filing a >>> federal tax return.1" >>> >>> On Aug 22, 6:35 pm, Keith Aric Hall <[email protected]> wrote: >>> >>>> Dude, please stop. Pub 555 is in regards to community property laws. It >>>> has >>>> nothing to do with your federal tax status or your federal tax return. >>>> LLCs >>>> file form 1065 same as a partnership. You may not be making it up, but >>>> you >>>> certainly do not know what you are talking about. >>>> I got my degree in accounting and worked both Arthur Andresen, LLP and >>>> Ernst >>>> & Young, LLP as a tax accountant 10 yrs ago before i made the jump to >>>> web >>>> dev and graphic design. Information can be a dangerous thing. Please >>>> consult >>>> a tax professional. >>>> >>>> >>>> >>>> >>>> On Sat, Aug 22, 2009 at 5:43 PM, ferodynamics <[email protected]> >>>> wrote: >>>> >>>> >>>>> I don't make this stuff up, I'm sure you can find plenty more >>>>> references as IRS.gov >>>>> -http://www.irs.gov/faqs/faq/0,,id=199633,00.html >>>>> >>>>> "If the LLC has: Only one owner, (see Publication 555, on >>>>> community property states), it will automatically be treated as if it >>>>> were a sole proprietorship (a disregarded entity), unless an election >>>>> is made for it to be treated as a corporation." >>>>> >>>>> As I said, no distinction. You file as a sole proprietor, partnership >>>>> or corporation, you don't file as LLC. >>>>> >>>>> On Aug 22, 4:13 pm, Keith Aric Hall <[email protected]> wrote: >>>>> >>>>>> I disagree as well. >>>>>> LLCs are not the same as C-Corps. Your point about tax benefit of >>>>>> LLC vs >>>>>> C-Corp is incorrect as well. The IRS does make a distinction. >>>>>> >>>>> Good one. Now where's your proof? >>>>> >>>> -- >>>> >>>> Keith Aric Hall >>>> >>>> http://www.keitharichall.com/ >>>> twitter: keitharichall >>>> >>> >>> >>> -- >>> Keith Aric Hall >>> >>> http://www.keitharichall.com/ >>> twitter: keitharichall >>> >>> >>> >>> >> > > > > --~--~---------~--~----~------------~-------~--~----~ Our Web site: http://www.RefreshAustin.org/ You received this message because you are subscribed to the Google Groups "Refresh Austin" group. 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