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Hi Guys, I am in my 3rd year of business, and have an annual volume of $500k. The business is still set up as a sole proprietor, and I was looking for some thoughts on the pros and cons of an LLC or Corp. I have heard different things about the true liability...
Started by bostonremodel on
, 11 posts
by 7 people.
Answer Snippets (Read the full thread at jlconline):
Doesn't mandate liability insurance for sole proprietors or corporations stating that all insurers Liability
3) Costs to Establish & Maintain
4) Complexity to Establish & Maintain
Obviously, Sole.
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What if you are a sole proprietor who sometimes needs the help of another qualified electrician? Do I need workmans comp? Can they be paid as a sub if they do not have a license? Can a C-10 sub out to another C-10? I like to keep things legal but if I...
Started by Sparkee on
, 11 posts
by 10 people.
Answer Snippets (Read the full thread at electriciantalk):
No taxes........
No bennies....
Contract labor....
Bingo!
Buddy up with other 1-man bands.
Just a better way to fly..
Just a better way to fly..
I only deal with other one man shops like myself. .
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How is tax determined for Sole Proprietors? I am a Sole Proprietor in business. Last month, before expenses, I grossed $10,000. After expenses, my net income is $8000. Am I taxed from the IRS on the $10k or on the $8k?
Started by wxoklp on
, 8 posts
by 8 people.
Answer Snippets (Read the full thread at theattorneysforum):
If this income was earned by you as a sole proprietor rather than a businessHow is tax determined for Sole Proprietors? I once taught a graduate tax class about choosing deductions, thus lowering your overall....
On your net income.
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Ask your Facebook Friends
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Lots of things happened this year. I started working on my own in the spring while working a full time job, then I quit and went out solo, I got married. Busy year.
I am waiting still on my W2 from the beginning of the year and one 1099 but then I have...
Started by sitdwnandhngon on
, 20 posts
by 15 people.
Answer Snippets (Read the full thread at contractortalk):
I would meet with him asap get a grip on your requirements, then wait til April... .
You should also have him set up your plan for next year .
You should have your accountant decide this for you based on the tax laws and which option is best for your situation .
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Are there small business group policies that I can buy into or individual policies that I can buy to keep my coverage in effect past when my COBRA ending?
Thanks. JT
Answer Snippets (Read the full thread at linkedin):
In some states, a sole proprietor qualifies as a small business and can.
Available in your state.
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In Oklahoma can a "common law" husband and wife have a sole proprietor dba account? they are not legally married but are filing a joint tax return.
Started by danyielg on
, 5 posts
by 5 people.
Answer Snippets (Read the full thread at bankersonline):
That used to matter when SPs.
Be established as a sole proprietorship account between the husband and wife.
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I am a Sole Proprietor in business. Last month, before expenses, I grossed $10,000. After expenses, my net income is $8000. Am I taxed from the IRS on the $10k or on the $8k?
Started by wxoklp on
, 9 posts
by 9 people.
Answer Snippets (Read the full thread at theattorneysforum):
If this income was earned by you as a sole proprietor reporting income from your sole proprietorship and reporting wages from a job is that you must list.
The income tax will be based on your net income .
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Can anyone tell me the rights of a sole proprietor when it comes to the way they handle the account? If they are John Doe DBA ABC plumbing can they cash a check payable to ABC plumbing or must they deposit that check and write a check to cash? And if ...
Started by helpless on
, 4 posts
by 4 people.
Answer Snippets (Read the full thread at bankersonline):
Sole is operated as a sole proprietorship....
Some banks allow it, while others do not.
Golliher has repeated in these Threads many times: a sole proprietor is in a position to request that hisIt's a matter of state law and bank policy.
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It's going to be my first year to do taxes as a sole proprietor.
I know I can claim part of our power bill since I have my own sewing room. But how do I know how much that is? Is there a certain section on the taxes that calculates it for you?
Do you ...
Started by Contact the Captain on
, 6 posts
by 1 people.
Answer Snippets (Read the full thread at etsy):
I did my taxes online (turbotax home and business.
I claim as sole proprietor.
And the size of your room.
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We have a customer who owns 2 DBA accounts, one being sole proprietor and one a corporation. Both have the same assumed name and same business address.
I have know this should not be allowed but I have not found any guidance to show the account officer...
Started by NewTooBSA on
, 4 posts
by 3 people.
Answer Snippets (Read the full thread at bankersonline):
They originated with us as a sole proprietor the customer offer any explanation or has he ever been asked? Did he start out as a sole prop then later and incorporated later down the road.
In its description of the business type.
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