Holly, I love doing logos.....send me an e-mail. -Frank Duran- [email protected]
On Mon, Aug 24, 2009 at 6:15 PM, Holly Fortenberry<[email protected]> wrote: > 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. [ Posting ] To post to this group, send email to [email protected] Job-related postings should follow http://tr.im/refreshaustinjobspolicy We do not accept job posts from recruiters. 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