What kind of business are you?

Martyk1313

Martyk1313

New member
I am in New York and have been operating as a dba or sole proprietor. Thinking about switching to LLC or an S Corp. It`s just me. I don`t have employees.

What about you? Why are you the type that you are? How many employees do you have? Advantages? Disadvantages?

Sent from my SM-A515U using Tapatalk
 
PoisonTheWell said:
Self-employed. All 1099 contracts.
Click to expand...
Thanks. Just exploring alternatives since it might be better and cheaper if I were something else. At the very least I think if I get sued they can`t come after my own personal assets if I am an s Corp or llc

The owners of an S corporation have`limited liability protection. This means that the individual owners are not personally liable for most business debts. ... If the corporation has incurred debts of $15,000, the creditors cannot go after that individual`s assets to recover the remaining $5,000.

https://info.legalzoom.com`› article

Can I Be Sued Personally if I`


Sent from my SM-A515U using Tapatalk
 
Yeah, the business/industry I`m in, there`s little-to-no risk of that. If you`re in an industry where that`s a possibility, then it`s worth looking into a layer of protection. When I owned an apartment building, I bought it and operated it through an LLC, so that I`d be protected if anything happened with the building or tenant, etc.
 
PoisonTheWell said:
Yeah, the business/industry I`m in, there`s little-to-no risk of that. If you`re in an industry where that`s a possibility, then it`s worth looking into a layer of protection. When I owned an apartment building, I bought it and operated it through an LLC, so that I`d be protected if anything happened with the building or tenant, etc.
Click to expand...
It`s not just the liability aspect. I could also save a ton of money on my taxes..

Sent from my SM-A515U using Tapatalk
 
Martyk1313 said:
It`s not just the liability aspect. I could also save a ton of money on my taxes..

Sent from my SM-A515U using Tapatalk
Click to expand...
I assume you are talking STATE taxes in the state of New York and not federal taxes.
Once the federal bill Build Back Better gets passed (and it WILL get passed), your federal small business taxes might actually be less, according to the White House and those who want to see this bill passed, but do you really believe that??

Do you have a business lawyer to advise you on what type of "legal" business entity might be best for you in the state of New York?
 
Lonnie said:
I assume you are talking STATE taxes in the state of New York and not federal taxes.
Once the federal bill Build Back Better gets passed (and it WILL get passed), your federal small business taxes might actually be less, according to the White House and those who want to see this bill passed, but do you really believe that??

Do you have a business lawyer to advise you on what type of "legal" business entity might be best for you in the state of New York?
Click to expand...
I`ve spoken with my accountant and brother. My brother is registered as an s Corp.

Sent from my SM-A515U using Tapatalk
 
You must log in or register to reply here.
Back
Top