Should I  form a partnership, C corporation or S corporation ? Tax purpose, Tax advantages
205551
Way to many variables to give a satisfactory answer.  It will depend heavily on your specific circumstances and you should consult a lawyer or accountant, or both for a final answer.  In simple terms:\n\nPartnerships are just regular sole proprietorships that are run by more than one person.  Gains/losses, etc can be split in many different ways, but in the end the taxes are paid by the owners as individual income.\n\nC Corps are completely autonomous entities.  They make money, incur expenses, and pay taxes at a corporate rate after you net the two.  Capital is the money that is provided by the owners (stock for major corps).  Any return of capital is considered non taxable.  Most payments that an owner receives, though, will be in the form of wages.  This is an expense for the corporation but is taxable to the owner.\n\nS corps are similar to C corps except that the earnings are considered to be earned by the individual.  The corporation does not pay tax as all earnings flow through to the owner.  As a general rule this form of business is the most advantageous.
520723
I think the BBA, but definitely take some tax courses - the single most valuable course I ever took was tax, but there is a lot more to running a business than just the tax aspects.\n\nGood luck to you
410899
1099s are not illegal.  If the company doesn't take out taxes then you are responsible for holding them out of your pay so that you will have your money at the end of the year when you file your taxes.  Any income earned from previous months will be reported under your name, after you incorporate, the date that it goes in effect will start your "new" income. \n\nHowever, I don't know why you would want to incorporate. You have to pay major taxes when you do that.  Maybe you should speak to a CPA to receive the best advice for your situation.
91904
One of the benefits of LLC is that it does not have double taxation unlike corporations, while shielding your person from liabilities of the business (lawsuits for example will go after the business assets, not personal assets like a sole proprietorship). Check with your state if they will allow a one-person LLC.\n\nHere are some resources that can help you decide on your business structure:\n\nChoosing Your Legal Structure http://www.powerhomebiz.com/vol3/legalstructure.htm\nChoosing an LLC Structure for Your Business http://www.powerhomebiz.com/vol33/llc.htm\nLLCs vs. C Corporations http://www.powerhomebiz.com/vol97/llcs.htm\nS Corp. vs. LLC: Which Structure is Right for Your Business\nhttp://www.powerhomebiz.com/vol136/structure.htm\nLLC FAQ http://www.nolo.com/article.cfm/ObjectID/ED01121A-B4BF-498A-8BC0DBD121A0C869/catID/1745D9A3-D50D-4AAD-BFB3ED609A4EE3F5/111/FAQ/\n\nHere's a sample Operating Agreement for a 1-person LLC\nhttp://laweasy.com/forms/operating_agreement_for_one_llc_member.pdf
70410
If they are separate businesses each one needs to be but on its own schedule C. What kind of business and what kind of deductions? You might be missing some. Anything that you use or have because of that business is deductible.
346208
Form an LLC at the very least, if not a corporation. An LLC has tax benefits for you, too. Whatever you do, do NOT put it all into the hands of one of the individuals without this type of contract in place. Spend the money to go to an attorney who specializes in real estate. You won't regret it. I know plenty who didn't want to spend the money and ended up in a horrible mess.
110573
Registering a company is not difficult at all.  First check with your state requirements, which is primarily name registration.  There are lots of companies that provide these services for you -www.mycorporation.com, but they usually charge a premium.  As an IT company, make sure you get your domain name secured, again, lots of companies out there to assist -www.godaddy.com, is my favorite.\nTaxes are based on your corporate structure, and vary greatly.  Make sure you go to www.irs.gov to research the differences, you can set yourself up as a C-corp (company pays its own taxes) S-Corp (shareholders pay their portion of taxes), LLC (Limited Liability) or Partnership, or you can stay simple by being a sole propreitor.  What all this determines is whether you will be filing an 1120 corporate tax return on March 15, or if all your taxes go on your personal tax return.  Now if you have employees, payroll taxes will have to be considered.  But this comes later.\nRunning a business to start is not complicated, but make sure you have invested in a good accounting product.  For brevity, Quickbooks is a pretty good bookkeeping tool, the training tutorial is pretty easy and the interface is user friendly.  Trademarking and patenting can be done but don't need to be done first.\nMost importantly, devise a strong business plan.  Although this helps investors, it helps you, the owner more.  It places all your thoughts down into concrete black and white.  It brings out your strengths and weakness, and determines if now is the right time to jump in.  Palo Alto has good software to assist with this.\nYou may also want to meet with a local SCORE representative to pick their brain.\nGood luck
136439
For protection from liability.  If a professional does not incorporate or form a partnership, their personal property is subject to creditors and other judgements.  Corporations and partnerships protect the personal assets of the professionsl.
639920
1)\na) Share of Profit from Partnership company. sec.10(2a) ?\n\n     Correct. Share of profit from a partnership firm is exempt u/s 10(2A)\n\nb) Transaction Tax paid Short term capital gains Sec.111a ?\n\n     Section 111A provides the method of calculation of TAX PAYABLE where total income includes short term capital gain on sale of equity shares / units of equity oriented fund.\n     Such capital gain being taxable @ 10%.\n     \nc) Transaction Tax paid Long Term cap. gains Sec. 10(38) ?\n\n     Section 10(38) provides for exemption for long term capital gain on sale of equity shares / units of equity oriented fund.\n     \nd) Mutual Fund Units Long Term Cap. Gains 10% Tax- Sec.112 ?\n\n     Section 112 provides the method of calculation of TAX PAYABLE where total income includes any income, arising from the transfer of a long term capital asset, which is CHARGEABLE under the head "capital gains".\n    Where such capital asset is a listed share / unit of a mutual fund then tax payable cannot exceed 10% of the capital gain calculated without indexation.\n    NOTE: This section will not apply to transactions covered u/s 10(38).\n\ne) Tax free Shares Dividend. 10(34)\n\n     Correct\n\n2) No you cannot do it.\n\n    Income from such transactions is exempt u/s 10(38).\n    "Exempt" means not included in the calculation of Total Income.\n    "Income" includes "loss". Where income is excluded loss will also be excluded.
472691
OK - just so you know, I have a full C Corporation and three LLCs that I am currently running.\n\nYour first statements are correct - and yes, I would suggest getting an EIN for your LLC as that adds more credence to the fact that you are doing business as a company when you file your taxes (http://www.irs.gov/businesses/small/article/0,,id=102767,00.html)\n\nOK - the very next thing you should do (even before transferring the vehicle or worrying about legal issues) is to find a really good accountant for a LLC - this will be a LOT HARDER than it sounds.  As I have already noted, I found one that is both an accountant and a tax lawyer (even more rare)!  You want to find someone who really understands a small LLC and is willing to push to get all the tax benefits for you that are legal in today’s tax code.  Many accountants do not really understand the tax codes for LLC.  This one item can save you tens of thousands of dollars in very short order!\n\nMy advice here is to read the book Rich Dad Poor Dad (if you have not already) and use that as a basis to question accountants to see if they know how the tax codes work for small C corps.\n\nThe next thing to do is start setting up your advertising to be as much word of mouth as you can possible stand (good way to use that vehicle to mentioned to get around to network and meetings).  You want to plan as best as you can to ensure that you have as much cash flow as your company will need.  Depending on the type of business you are in, there could be any number of natural ups and downs that you will need to plan for.\n\nAs for the vehicle – again the accountant should be able to advise you best.  I have been told that the safest way to have the company own a vehicle is for the company to lease one.  This then become a full write off.  Yes, you will still need to keep track of mileage and/or other information as directed by your accountant.  The LLC can also put money in a 401K or other retirement plan for you and your employees.  \n\nYou should set things up so that medical expenses are paid by the LLC.  My wife retired with a good pension and medical benefits (although the company is cutting back on retiree benefits now), so in my case, my C Corp picks up all unpaid medical that is not covered by the insurance company.  Also under medical can be health club dues for medical reasons – thus one of my LLC’s has a fitness complex that is on it’s property that my C Corp then pays dues for the use of it.\n\nYou might also want to check you local area to find out if there are other small LLC owners.  If so, you might want to ask them to join you in developing a master mind group where you can all share ideas on everything from building your organization to benefits from sharing resources (like accounting, purchasing office supplies, payroll services, etc.).\n\nThus you are right – there are a lot of tricks to the trade of learning how to run a LLC to benefit you and the company and also pay your legal (albeit small) amount to Uncle Sam – play like a big boy using their tools in a small company.\n\nGood Luck.\n\n\nAlso, you probably already know the following, but just in case, here is what I typically recommend to those thinking about starting out in business:\n\nAnytime you want to start any kind of business, there are several basics that you will need:\n\n* You should first sit down and think about what it is you want to do and then write out the scenario in detail!  This may sound tedious, but it will help you clarify what it is you are thinking about.  Also, when you talk to anyone about the business (mentor, bank, clients, prospective investor), you will have a clear vision to share with him or her.  You can check any number of books at your local library or the Internet for ideas on creating a business plan or goals list.\n\n* Is there anyone out there doing something like what you want to do already?  Can you research what it is that they do and maybe even talk with th
590499
The optimal way to distribute earnings from a TX corporation is to pay yourself a salary.  With proper planning during December (or whatever month is your year end), your CPA can estimate your net income from the corporation and then determine if you need to pay yourself a bonus to lower the corporate earnings in order to reduce franchise taxes.  \n\nWith an LLC you won't have this option, and LLCs are subject to TX franchise tax.  :) PrissyPanda, CPA  Dallas
550013
It is better to form an Inc. Because if you form an LLC, your income and expenses will be reported on your personal taxes and sex sells so therefore I wouldn't form an LLC.   unless you want to pay alot of money to the government.   Take a look at www.nbcsinc.biz.  They also build business credit as well.
26565
It is normally far better to file jointly. In fact I have never seen a case where MFS makes more sense. Only one person can claim each exemption, so the total exemptions on both returns can not exceded the number you would get on a joint return.
200918
If you're going to be employed then there's no need to worry about setting up a limited company. You will be paid on commission, which to my understanding, will highly depend on how much you put in to your work, e.g how much sales you make etc.\nOn the flip side, if you're forming your own comapny, I'ld advise you to form an LLC or limited liablity company, which has a lot of advantages mainly, that you will not be held personally liable should your company be sued!
130627
I'm pretty sure that C can do that, because 1/3rd of the partnership is his. The Partnership, provided its not a corporation, is part of his personal assets.
245032
This issue may seem easy. However, it is not. It depends upon several factors: the type of business, whether the business is a particular type of corporation, frequency of business transactions within Virginia, the duties and responsibilities of the employees, etc. I would suggest to go to an Business Tax Consultant/Accountant. You can also consult the IRS government website.
608192
The following book from W. Dean Brown contains examples: How to form a Corporation LLC or Partnership in Virginia.\n\nHe wrote books for more states (I assume all). I found this book in the library.