View Full Version : Poll: Your Type of Business entity

Mr. Magpie
02-22-2007, 08:28 PM
How do you file your taxes, under what type of business (Corporation, LLC,ect)?

I am trying to decide how to file for my business from now on (I have been a sole proprietor for the past 3 years - I have a small two man operation with me working another job on my own). My approach to this decision would be to try and do what everyone else does.

Also, if I decide to buy and sell real estate and possibly own another small business, what should I do (does that have any bearing on the decision?).

Drew Gemma
02-22-2007, 10:05 PM
sole prop and you can own 2 businesses with sol prop. talk to an accountant but with more perks comes more restrictions the Irs always wins. If your makin the right money and depending on assets then maybe you change your classification.

02-22-2007, 10:10 PM
S Corporation here. My accountant can get me tax breaks that were not possible when I was a sole-proprietor. I am saving a fortune in taxes (legally) every year. The cost of incorporating can be steep. You might be looking at close to $2000.00. It's worth every dollar, though.

02-22-2007, 10:13 PM
Sole prop here

02-22-2007, 11:14 PM
LLC here...

Flow Control
02-22-2007, 11:17 PM
One S-Corp and one LLC

02-22-2007, 11:18 PM
two member LLC w/ taxes being passed through members personal tax returns.

02-22-2007, 11:53 PM
LLC here ...

02-23-2007, 12:08 AM
sole member LLC!

rogers lawn care
02-23-2007, 12:51 AM
Llc Here..

02-23-2007, 07:55 AM
LLC sole proprietor

02-23-2007, 10:10 AM
S Corp here

Mr. Magpie
02-25-2007, 04:10 PM
i see a variety of responses.

What do you guys recommend for me?

I understand that a one member LLC commonly gets screwed with double taxation on a technicality.... is this true?