 WOT - Going legit? Advise for doing a sole proprietorship, Why does it cost so damn much? |
|
|
|
Porsche, and the Porsche crest are registered trademarks of Dr. Ing. h.c. F. Porsche AG.
This site is not affiliated with Porsche in any way. Its only purpose is to provide an online forum for car enthusiasts. All other trademarks are property of their respective owners. |
|
|
| Dr Evil |
 Jun 23 2009, 03:28 PM
Post
#1
|
|
Send me your transmission!  Group: Members Posts: 23,002 Joined: 21-November 03 From: Loveland, OH 45140 Member No.: 1,372 Region Association: MidAtlantic Region 
 |
I am looking into doing a sole proprietorship and the cost to start one is more than I expected (about $400). Anyone have resources to offer or info?
|
   |
 
|
  |
Replies
| r_towle |
Jun 23 2009, 04:46 PM
Post
#2
|
|
Custom Member Group: Members Posts: 24,585 Joined: 9-January 03 From: Taxachusetts Member No.: 124 Region Association: North East States
|
Ah yes...taxes.
A C corp provides ZERO protection for a 100% owner. It does come with the business tax....so you pay twice for the money you recieve...once for the C corp..then you pay again on your individual taxes...worst way to go tax wise (ever) The only reason for a C corp today is if you plan to list on the stock exchange, or sell shares. S corp was designed to eliminate the double taxation issue...it worked for a bit, but the fed and state Corp fees are still to high so it never was a great idea. The new flavor of the day is an LLC/LLP. It also provides flow through taxing so you wont be double taxed on the business revenue. It still gives you a vehicle to write off business expenses and obtain an EIN number. The LLC also allows you to include partners in the LLC by selling units (basically shares, but not) and you can give them away..(you cannot do that in a corp...loads of rules) so its not as complicated as a corp...way less fees and can be done fairly quickly and cheap. The LLC is still being tested, but its the wild west right now...you can make up your own rules for the LLC, legally and its how it is done. I would suggest an LLC, its cheaper and provides a better tax setup than a sole proprietorship at the end of the day...you can write off more of your expenses. Rich |
|
|
|
Posts in this topic
Dr Evil WOT - Going legit? Advise for doing a sole proprietorship Jun 23 2009, 03:28 PM
DBCooper
I am looking into doing a sole proprietorship and... Jun 23 2009, 03:39 PM Dr Evil I went to legal zoom to see what it would cost. Th... Jun 23 2009, 04:03 PM banger You should be able to download the forms and file ... Jun 23 2009, 04:04 PM Dr Evil Ya, I think the DBA fee was one of them as well. I... Jun 23 2009, 04:06 PM r_towle The legal status of a sole proprietor is useless.
... Jun 23 2009, 04:33 PM blitZ It varies for each state. In GA, I have created t... Jun 23 2009, 04:35 PM BarberDave :trophy:
Mike :
Check out a LLC.... Jun 23 2009, 04:46 PM Dr Evil I would definitely rather do an LLC, but I was fin... Jun 23 2009, 04:55 PM Vacca Rabite They said it before I could.
You need to set your... Jun 23 2009, 04:56 PM byndbad914 keep in mind the "corporate veil" is eas... Jun 23 2009, 05:45 PM GeorgeRud Unfortunately, this all varies from state to state... Jun 23 2009, 08:55 PM dflesburg S corp is an IRS only status.
In ohio the fee for... Jun 23 2009, 09:21 PM
siverson > A C corp provides ZERO protection for a 100% ... Jun 24 2009, 01:40 PM |
1 User(s) are reading this topic (1 Guests and 0 Anonymous Users)
0 Members:
|
Lo-Fi Version | Time is now: 31st May 2024 - 08:25 PM |
Invision Power Board
v9.1.4 © 2024 IPS, Inc.