What kind of business are you?

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10-06-2021, 08:52 AM
Martyk1313

What kind of business are you?

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?

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10-06-2021, 09:55 AM
PoisonTheWell

Re: What kind of business are you?

Self-employed. All 1099 contracts.
10-06-2021, 11:23 AM
Martyk1313

Re: What kind of business are you?

Quote:

Originally Posted by PoisonTheWell

Self-employed. All 1099 contracts.

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`

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10-11-2021, 10:20 AM
PoisonTheWell

Re: What kind of business are you?

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.
10-11-2021, 12:03 PM
Martyk1313

Re: What kind of business are you?

Quote:

Originally Posted by PoisonTheWell

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.

It`s not just the liability aspect. I could also save a ton of money on my taxes..

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10-12-2021, 10:48 AM
Lonnie

Re: What kind of business are you?

Quote:

Originally Posted by Martyk1313

It`s not just the liability aspect. I could also save a ton of money on my taxes..

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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?
10-12-2021, 11:01 AM
Martyk1313

Re: What kind of business are you?

Quote:

Originally Posted by Lonnie

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?

I`ve spoken with my accountant and brother. My brother is registered as an s Corp.

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