Little help with starting a business, etc... Can anyone help
I'm looking at the Sole Proprietorships/LLCs webte on the IRS webte, and I can't figure a damn thing out.
I don't know which to pick, but I know I just had my friend make me a webte, and although it's small, we plan on making it the only way you can order from me (bedes this webte).
I have to start paying taxes on all this stuff or else I'm gonna get my butt nailed at the end of the year.Can anyone lead me in the right direction?
Can you explain to me how any of YOU started your bunesses?
Did you use LLC or Sole Proprietorships? What tax forms do you use?
When do you file?
How much tax do you withhold for each sale?
These are all questions I need answered ASAP.
If anyone could help me I'd be eternally grateful.
Thanks in advance!
Thursday 8/20/2009 at 06:05 AM | 52852
Well I can help you out with this.
LLC means Limited Liability Company. In a nut shell means that the investor or partner is not personally responble for the debts and obligations of the company in the event that these are not fulfilled. It's authorized only in certain states though, and the owner (you) may qualify for tax benefits of an S Corporation without having to conform to the S corporation policies.
Sole Sole Proprietorships means you and your
company are condered a ngle entity for taxing. You would not pay income tax separately for the company, but you would report buness income or losses on your individual income tax return. and liability purposes. You would also be 100% liable for any buness debts.
Hope that helps some.
Thursday 8/20/2009 at 10:28 AM | 52858