The LLC Corporation Site

How do I go about seperating personal income from my business income?

admin — Tue, 29 Sep 2009 06:50:08 +0000

I’m going to college in the fall and I currently run a business, I need to remain under a certain income to remain eligable for financial aid or I may end up paying more for school then I’m making from my business putting me at a net-loss due to my business.

I’m trying to decide on whether to make a corperation, LLC, S Corperation, I want all the income of my business to show up as company income and pay myself a salary, I heard a single owner LLC will require me to pay taxes on a 1040 meaning that it shows up as personal income so that’s a no-no for me I think, but what other options are there?

I want income made from my company to show up as company income, and my personal income to be a set salary I pay myself as the manager of the company - keeping my income below the max to be eligable for financial aid.

Thanks for any help!

If that’s the case, then you will want the corporation to be a C-corporation (regular corporation). For an LLC, there is no actual tax type for an LLC, so the income indeed would pass through to you for your personal income tax return. And for an S-corp as well the income (or losses) would pass through to you for your personal income tax return. However, with a corporation, the income indeed remains with the company, but can’t be passed through to you. You could have the company pay you dividends from it, but while the dividends paid to you would be taxable income to you, the dividends paid by the company to you would not be a taxable expense to the company. Pretty much your only option is as a C-corporation (regular corporation) if you don’t want any income to pass from the company to you, except for a salary.

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How do I go about seperating personal income from my business income?

admin — Mon, 21 Sep 2009 13:30:27 +0000

Thanks for any help!

You don’t have to go to the trouble to start a corporation to keep these seperate. Just open a seperate bank account (and get a seperate credit card if you need one) and keep all business income and expenses going thru to bank account/ credit card dedicated to the business. This way you don’t mingle the funds and its easy to see what you have spent and made. You can keep the business realted accounts in your name, even though they are dedicated to the business.

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LLC or S corp? I am opening a small car dealership…..Also By appiontment only wavier?

admin — Thu, 17 Sep 2009 19:32:22 +0000

So I am opening a small car dealership with just a couple of cars just to make some money on the side and continue my family business. I need to deside which I want though LLC or S corperation? Which is best for what im doing? What if i deside to make it bigger? Need to know advantages and dis advantages.

Any tip of any kind on opeing a car dealship would be awsome

Also my dad had a by appiontment only waiver, how do i get this, anyone know what the form looks like? Any help in that aspect?

You want to sell cars and you don’t have a lawyer yet? Bad move.

Choose a single member LLC and file your taxes on your 1040 schedule C. You can post your losses there. If you ever start to make any money, you might decide to operate with an S corp to save some employment taxes. If things actually DO get bigger, then you should be able to afford professional advice, instead of anonymous fools like me here on Yahoo answers (appropriate name!)

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S-Corp, C-Corp, LLC and eBay and Vegas

admin — Sat, 22 Aug 2009 00:49:19 +0000

Well I’m all over the place in this one.
I’m looking in to trying some new things online. Struggling with should I Incorporate myself or note.
Looking in to non-profit corp set up as well
I am planning on going to Vegas the week of Aug 9th. Going to a trade show. May hook up with KingHuman
Talk about Hostgator. I love these guys. Great setup. I actually have a reseller account so I can be my own hosting business; just not quite there yet. If you want a website hit me up or go jump over to Hostgator they have some great packages for just putting up a site. http://resonantchaos.org/wp/hg

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Should my company be a LLC or Corporation?

admin — Fri, 31 Jul 2009 21:18:07 +0000

Learn whether your company should be a corporation or llc from Steven Goldberg, a Wilmington Delawarre attorney who is an expert on Delaware LLC and corporation law. sdgoldberg@saul.com

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