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Wednesday, July 11, 2007
Starting a Business...???
Post Here Questions For Our Counselors On Starting A New Business.
I'm starting an single-member LLC and I have a couple of options on how I can elect to be taxed: I can be treated as a sole proprietership and file with my personal 1040, or I can elect to file as an S-Corp.
Short of hiring an accountant, I have not found info on which is best. Can you point me to any resources that can walk me through the pros and cons of each?
Thanks Diana for joining us. It all depends on the type of your business plans, the liability exposure etc. and that's why we recommend that you talk to an accountant or an attorney that specializes on small businesses. For a company with no employees forming an LLC and reporting your income/expenses in your 1040 should work fine, but again more details should be discussed with an expert. Make sure you pay all your taxes, including the Connecticut Business Entity Tax yearly (filing required and it can be done on-line) and you register for Business Taxes (Form REG-1). For more information check the CT Dept. of Revenue Services web site.
3 comments:
This is great info to know.
I'm starting an single-member LLC and I have a couple of options on how I can elect to be taxed: I can be treated as a sole proprietership and file with my personal 1040, or I can elect to file as an S-Corp.
Short of hiring an accountant, I have not found info on which is best. Can you point me to any resources that can walk me through the pros and cons of each?
Thanks Diana for joining us. It all depends on the type of your business plans, the liability exposure etc. and that's why we recommend that you talk to an accountant or an attorney that specializes on small businesses. For a company with no employees forming an LLC and reporting your income/expenses in your 1040 should work fine, but again more details should be discussed with an expert. Make sure you pay all your taxes, including the Connecticut Business Entity Tax yearly (filing required and it can be done on-line) and you register for Business Taxes (Form REG-1). For more information check the CT Dept. of Revenue Services web site.
Good luck.
George
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