Small business benefits and references (links)

[jIMOh]

If you do own a small business, how do you "do" it?

LLC vs S corp vs partnership? Other choices? How did you come to that decision? If you have a web site which helped you make decision, or a document which helped, please feel free to share it.

My own situation- I have two jobs which I will be working... both related, but one is 1099 only, and a third prospect which is probably schedule C type job.

My thought based on a conversation with an accountant was an S corp which had some LLC under it (for example LLC for job A, different one for job B different for job C), however that also requires at least 1 employee I understand, so working thru finer points of what an S corp requires, what an LLC requires and similar.

I have a lawyer in the family (my BIL BIL)which told me he will file papers for me to create entity once I know what I need.

 

[bizlady]

Take advantage of your BIL and get a good understanding of each. Taxes are filed differently, and it makes a difference whether you own the business as an individual, with a spouse, or with a partner. Also check your state website. Most have a small business section.
I opted for an LLC. I own the business myself, have no employees, and can file a Schedule C--I alos have very limited liability. So I keep it all simple but protect the assests of DH and myself doing so. Be aware that some forms require more formality than others. My dad was an attorney, so I had that advise as well.
Google the various forms, and you will learn lots. But DO get set up before starting the business. And be sure to keep ALL business and personal assets seperate- phones, credit cards, bank accounts- etc.
Good luck!

LLC is generally not by the job-- it is by the business.

 

[RonBoyd]

A ton of information specifically for someone like you can be found here:

June Walker: Tax advice for self-employed & indie

Particularly in her Blog. This, for example, is today's entry:

June Walker: Tax & Financial Advisor to the Self-employed: Indies: Stand up for yourselves