Llc or s corp

[Cammytrapp]

I just bought a 2014 kw t680 should I start llc or S corp & why?

 

[mndriver]

DBA / sole proprietor.

There's little to no benefit anymore with incorporating.

I'd still suggest you go speak to a lawyer and a CPA and get the in-depth professional explanation.

 

[Cammytrapp]

I just talked to CPA & they don't give advice anymore just suggestions I think DBA might be the way to go as well since the truck is financed & won't be going into company name anytime soon.
Thank you very much.

 

[mndriver]

I'd find a new CPA. At one time, there were tax benefits to an Incorporated business.

If he can't or won't share that with you, I wouldn't want him doing my books.

 

[mndriver]

Filing for any of the business formats is as simple as filing the needed forms with your secretary of state in your appropriate state. You can do this directly on one.

Once that is filed, it's just a matter of talking to your local paper and filing the public notice that is required by law.

The people in the legals classified will know more about what you need.

 

[GAnthony]

I'd find a new CPA. At one time, there were tax benefits to an Incorporated business.

If he can't or won't share that with you, I wouldn't want him doing my books.

I just talked to CPA & they don't give advice anymore just suggestions I think DBA might be the way to go as well since the truck is financed & won't be going into company name anytime soon.
Thank you very much.

YES..FIND A NEW and BETTER CPA..>!!!!!

mine is a CPA, financial advisor/money manager AND a tax lawyer..>!! been doing business with him for about 40 years now, when he started with HIS dad, and MY dad went to him...

you NEED a professional that you can stick with....!!!

and if he/she IS also a tax lawyer, all the better..!!!!!!

 

[ironpony]

The advice I've received is stay DBA/sole proprietor. The tax savings of an S-corp won't outweigh the additional costs until your after tax net starts hitting the $60k to $70k range.

 

[TroyMotors]

DBA / sole proprietor.

There's little to no benefit anymore with incorporating.

I'd still suggest you go speak to a lawyer and a CPA and get the in-depth professional explanation.

best advice possible.
agreed

 

[BigBaby]

I was advised by my lawyer to do a llc to protect my personal property that I don't owe on. When my Dad died he out lived my mom he had insurance the bank made me pay off my parents house or vacate. I Paid it off I also inherited land. To protect these from crazy people. My CPA said that I will file my losses etc on personal taxes. He said to keep every Receipt. But bring everything organized or it will cost more. I sign all paperwork my name DBA then my business. I purchased truck in company name. I had to supply my EIN number. This way is best for me. My CPA say I can claim my light, water, gas bills caz my llc is registered to hone address. A percent of my personal car when I use it for business. There are a lot of pro and con

 

[ironpony]

I was advised by my lawyer to do a llc to protect my personal property that I don't owe on. When my Dad died he out lived my mom he had insurance the bank made me pay off my parents house or vacate. I Paid it off I also inherited land. To protect these from crazy people. My CPA said that I will file my losses etc on personal taxes. He said to keep every Receipt. But bring everything organized or it will cost more. I sign all paperwork my name DBA then my business. I purchased truck in company name. I had to supply my EIN number. This way is best for me. My CPA say I can claim my light, water, gas bills caz my llc is registered to hone address. A percent of my personal car when I use it for business. There are a lot of pro and con

Don't expect an LLC to "protect" your assets if you do something that damages someone. It won't. While you are a business owner, as operator of your truck, you are liable for any damages you cause, and won't be shielded from litigation. A good personal injury attorney can go after everything except your retirement accounts, which are shielded by law.

From your CPAs standpoint, having a LLC gets you used to thinking about your finances as personal vs business. Best advice is to get a second bank account for your business, funnel your settlements into that one, and pay yourself from that into your personal account. Pay bills accordingly from the appropriate account.