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Maverick
Maverick, Attorney
Category: Business Law
Satisfied Customers: 3431
Experience:  13+ years of experience
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Good Morning! I am looking for a lawyer to help me set up a

Resolved Question:

Good Morning! I am looking for a lawyer to help me set up a corporation in Connecticut. I already have a EIN number and a Sales tax number.
Submitted: 3 years ago.
Category: Business Law
Expert:  Maverick replied 3 years ago.

Welcome to Just Answer! My name isXXXXX very much enjoy what I do and I hope that you will benefit from this information.

 

 

 

Just Answer (JA) experts are not permitted to have outside communications with JA customers. Please know that this site automatically blocks out fax, phone, email, and other such personal information. However, you may be able to find an attorney in your area to further assist you by going to http://www.martindale.com/ or http://www.lawyers.com/.

 

 

You can set up a corporation online without a lawyer by using a site like the one below. It is fairly easy to do.

 

http://www.incorporatefast.com/incorporate.asp

 

 

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Customer: replied 3 years ago.
Why would someone use LLC after a corporation name?
Expert:  Maverick replied 3 years ago.
An LLC and a traditional C corporation are two different things. If you will show me the exact usage then I can assist you further.
Customer: replied 3 years ago.
My business is a concessions business, that my husband and I are going to run. The concession business will travel from one event to another throughout the east coast, throughout the year. We have a truck, concession trailer, and a camper that we will be traveling with. We do not want the business connected with our house or personal property. Currently we own our primary home and a rental property.
Expert:  Maverick replied 3 years ago.

You can use an LLC to run this business. It will protect your personal assets and home from any liabilities that arise out of the business. An LLC is called a limited liability company. It will also give you flow through taxation so that you only pay tax on your business income one time.

 

http://www.thellcexpert.com/states/state_of_connecticut_llc.htm

 

http://www.quickcorps.com/index.html

 

 

Customer: replied 3 years ago.
I am sorry can you clarify please - It will also give you flow through taxation so that you only pay tax on your business income one time. This means that I would not have to file taxes quarterly? What type of taxes are we talking income taxes from the business? I will have to file state sales tax quarterly wouldn't I?
Expert:  Maverick replied 3 years ago.

No, you will still have to file quarterly taxes as well as State taxes, etc.

 

What we are talking about is federal income tax that is owed on the money that the business makes. Normally, for example, Exxon corporation shareholders would pay taxes 2 times on the income that Exxon earns. Exxon itself would file a tax return and the Exxon shareholders would also pay taxes on the dividend income that they receive.

 

Here, if you open an LLC, your LLC income can be treated as sole proprietorship income and thus you only pay tax on it one time:

 

http://www.ehow.com/list_6809816_federal-tax-returns-required-llc_.html

 

 

Customer: replied 3 years ago.
Okay, I do understand that but what if I get more concessions that I am running for example. I own the current concession stand that I call Crazy 'bout' Crisp, which is apple crisp. and the main name of the company (LLC?)is Hendricks Concessions. Would I do the permits and such as Hendricks Concessions dba Crazy 'bout' Crisp and the next one lets say Darlene's lunch because I am selling hamburgers and hotdogs, would I call that on on the permits and such Hendricks Concessions dba Darlene's lunch?
Expert:  Maverick replied 3 years ago.
Yes, exactly, that is one way to go about doing it.
Customer: replied 3 years ago.
So if I were to go LLC, then I would do it as Hendricks Concessions, LLC dba Crazy 'bout' Crisp right?

Oh, I think what you are telling me about corporations is that I would be paying income tax twice and doing paperwork twice if I am a corporation and not a LLC, as the corporation I would be filing Income form the business less any dividends paid out to the shareholders and then as the share holder I would be filing again for the dividends which would be a waste of time only extra paperwork correct?
Expert:  Maverick replied 3 years ago.

1. yes, correct

2. almost correct: Yes, the C corp pays income tax twice and files paper work twice. An LLC can get away with only paying tax on the income one time. Still may have added paper work with LLC.

Customer: replied 3 years ago.
Ok, thank you very much, at least I am a little clearer as to what I need to do for this business set up. I will use the links that you provided going forward to get were I need to be.

Again Thank You!
Expert:  Maverick replied 3 years ago.

Sure. If you need follow up help please come back anytime. Also, please remember to click "Accept" so that I may get credit for my time. Thank you.

Maverick, Attorney
Category: Business Law
Satisfied Customers: 3431
Experience: 13+ years of experience
Maverick and 10 other Business Law Specialists are ready to help you

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