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Started By
Message
re: Starting a business - please advise which type
Posted on 7/13/22 at 3:00 pm to ChexMix
Posted on 7/13/22 at 3:00 pm to ChexMix
quote:
You dont know what you are talking about it you are advising this man to file his business on a schedule C.
I am not, I'm advising him to not automatically file as an S Corp becuase it may not make the most sense.
quote:
I hope you dont have clients
Plenty of clients that I have advised to file as an S Corp
1
Posted on 7/13/22 at 3:07 pm to Mingo Was His NameO
quote:Send them to me for their Employee Retention Credits. That way they know at least an expert will have looked at them
Plenty of clients that I have advised to file as an S Corp
Posted on 7/13/22 at 5:50 pm to TXTIGERTAIL
quote:
I have a job opportunity for a PM position on a software implementation (SAP)
I'm curious. New implementation? Small or midsized company? I'm assuming S4 Hana?
I'm a solution architect / PM and was thinking about looking at some contract work on the side.
Posted on 7/14/22 at 8:21 am to TigerFanatic99
Yes, this is for s/4hana. I don’t know all of the particulars yet, only that the implementation contractor is out of control and they need a PM to rein them in. :)
I decided to set up a single member LLC for now. Thanks for the input everyone.
I decided to set up a single member LLC for now. Thanks for the input everyone.
Posted on 7/14/22 at 9:54 am to TXTIGERTAIL
quote:
I decided to set up a single member LLC for now.
Do you have a reason to do this? I'm sure Mingo can help you better, but you may not even need to be an LLC if you are just a single member single employee LLC? Single Member LLC's where you are the only employee offer very little protection.
You could just have them pay you directly into a separate business account, have a Debit/ credit card for that account, and pay for anything business related out of those accounts.
Get some extra liablity insurance.
I'm just saying, and I'm sure Mingo as a finance guy will tell me I'm not correct, but making an LLC is the hot thing to do but if you aren't going to get a benefit from it then it may not be necessary. For example, it'll cost you probably $1000 extra in fees and CPA charges you could in turn buy a couple extra mil in insurance.
Now given that, operating as a "business" will have some benefits.
Also, something to consider related to S Corps is that for things like personal loans banks much prefer W2 income over distributions. It doesn't make sense when you are the owner but I've continually ran into that.
Posted on 7/14/22 at 10:00 am to baldona
quote:
For example, it'll cost you probably $1000 extra in fees and CPA charges you could in turn buy a couple extra mil in insurance.
No it won't, it all runs through the same return. The LLC doesn't really provide that much protection, but it's cheap and doesn't hurt. Some companies will only contract with other "companies" as well so it may have been necessary, though that doesn't sound like the case.
I would go ahead and set up the LLC and run all of the Financials of the business through that should he want to convert to an S Corp of some other structure in the future as it makes it way easier since the records are clean.
Posted on 7/15/22 at 7:33 am to Mingo Was His NameO
quote:
No it won't, it all runs through the same return. The LLC doesn't really provide that much protection, but it's cheap and doesn't hurt
Even though it’s a pass through both CPA’s I’ve used have charged me extra for the business tax work.
Posted on 7/15/22 at 8:08 am to TXTIGERTAIL
Depending on how much income we are talking about, a C-Corp could be better than an S-Corp.
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