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XOXO
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Re: is anyone incorporated, or know about it???
If you incorporate, and someone sues you, you are not personally liable. They can take your business, but not your personal assets.
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Re: is anyone incorporated, or know about it???
Posted by shelzyp
If you incorporate, and someone sues you, you are not personally liable. They can take your business, but not your personal assets.
As an FYI this is not always the case. If there is any fraud etc the corporate veil can be broken and personal assets can be levied.
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Re: is anyone incorporated, or know about it???
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Re: is anyone incorporated, or know about it???
Posted by LIWeddings NYCityWeddings
Posted by shelzyp
If you incorporate, and someone sues you, you are not personally liable. They can take your business, but not your personal assets.
As an FYI this is not always the case. If there is any fraud etc the corporate veil can be broken and personal assets can be levied.
I apologize, I did not realize she was trying to perpertrate fraud, and find incentives to get around it.
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Re: is anyone incorporated, or know about it???
The tax benefits are different depending on the type of corporation you set up. S corps, the come flows thru to the personal return, and for a C corp, taxes are paid by the corporation, and then again at the personal level, when dividends are paid to the owners.
But at the S crop level, taxes are paid ion teh income, even if the shareholder does not pull any cash from the business. But when you do in later years, you will not eb taxed on it.
There are advantages and disadvantages to each.
But at the S crop level, taxes are paid ion teh income, even if the shareholder does not pull any cash from the business. But when you do in later years, you will not eb taxed on it.
There are advantages and disadvantages to each.
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Re: is anyone incorporated, or know about it???
They give you a 1099??
You can file a schedule C, and take business expenses against that income, the same as if you were a corporation.
You can file a schedule C, and take business expenses against that income, the same as if you were a corporation.
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Re: is anyone incorporated, or know about it???
DHs buisness is an S corp. Our accountant is a longtime family friend and walked him through the benefits of each, and helped him decide the best way. We also consulted our lawyer. I would talk to a financial planner or accountant, and a lawyer.
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Re: is anyone incorporated, or know about it???
If this is a part time job, it may not be worth it to do as a corp, since you will have to file a corp return, and pay the minimum tax on the state return. So it might cost you a bit more, then if you file a schedule c.
