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Poll: Your Type of Business entity

Discussion in 'Business Operations' started by Mr. Magpie, Feb 22, 2007.

  1. Mr. Magpie

    Mr. Magpie LawnSite Senior Member
    Posts: 322

    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?).
  2. Drew Gemma

    Drew Gemma LawnSite Bronze Member
    Posts: 1,511

    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.
  3. EDEN77

    EDEN77 LawnSite Member
    Posts: 102

    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.
  4. Lynden-Jeff

    Lynden-Jeff LawnSite Bronze Member
    Posts: 1,405

    Sole prop here
  5. fiveoboy01

    fiveoboy01 LawnSite Silver Member
    Posts: 2,988

    LLC here...
  6. Flow Control

    Flow Control LawnSite Bronze Member
    Posts: 1,267

  7. LB1234

    LB1234 LawnSite Gold Member
    Posts: 3,210

    two member LLC w/ taxes being passed through members personal tax returns.
  8. Prestige-Lawncare

    Prestige-Lawncare LawnSite Senior Member
    Posts: 753

    LLC here ...
  9. bigjeeping

    bigjeeping LawnSite Senior Member
    Posts: 903

    sole member LLC!
  10. rogers lawn care

    rogers lawn care LawnSite Member
    Posts: 58

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