Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
Hi there I would like to ask you for more information...do you want to know the steps involved in forming an LLC or are you interested knowing the legal implications of an LLC
A variety of things... some of which I may need an accountant. I want to verify my income from the past few years ,or as far back as I can document, so I can draw a loan for business
What would I need to verify I was paid $9000 from a printing press in cash on a weekly basis over the last 5 months of last year (6 including this one) to date total about $2000 this year... as well as the sale of a litter of dogs which yielded $7500 cash as well in the last 6 months of 20111
and also I have been going around to salvage and auction yards and storage bins and reselling
Did disclose this in your taxes?
Did you disclose these earnings?
I have not filed my taxes for last year yet which is why I am asking you before I do so
I was trying to do it all under a company name of myself
I did not want to miss anything or make any infractions
and I also would like to establish a business license to start a recording studio and I am thinking of starting a printing partnership and getting some printing equipment going
ah okay I understand. Well here is how it works: You can work on your own without filing a name as a sole proprietor. In this scenario you would claim your earnings on your taxes and provide any 1099 forms they have given you. You would then provide information about any deductions or losses you had in order to work. You cannot form an LLC after the fact and file it as earnings from that company.
I see what you're saying. Also, I am being shifted from a temp position at the printing press to a pay roll position if i wish to do so... but would I save more money filing my taxes for myself and just claiming the money in, or having the taxes taken out of my personal pay check pay stub through the printing company
I think the best solution for you would be to talk to an accountant to see what the tax implications are for each type of business form. Corporations help shield you of personal liability and an LLC provides limited liability protection. You can also ask about an S Corp filing to avoid double taxation
If you have a lot of deductions, do it yourself.
as a sole proprieter
Yes i do
so I don't want to start losing that money and having to file two separate things to get it back... i'd rather they not take it to begin with and then I pay them anything I owe them myself at the end
As far as getting a loan or anything like that is concerned... how would I get a pay stub ?
right and if you want to become a more formal company, definitely talk to an accountant to see which type of business form makes sense for you kind of business
If you want to get a loan on your own you would have to do it based on your personal credit as a personal guarantee
or how would i qualify my income from my job if I was sub contracting
if you want to do as a corp you would need to establish a credit history as a corp
So there are advantages to having a pay stub from the company as opposed to me paying my own ?
yes the advantage is they would generally be liable under their corp structure
I think an accountant will be able to tell you based on what you have earned last year what will make sense for you going into 2012
is there any other way to verify income than pay stubs ?
1099 or any w2 forms you filled out
that is on a yearly basis ?
if I were to file one now for last years taxes, could I use that as current verifiable income ?
Please remember to click Accept when you receive your answer. If the answer was particularly helpful, a BONUS is always appreciated, too!
My answer is not a legal advice but general information. No attorney client relationship has been formed.
did you have any other questions I could help you with?
since it is on a yearly basis, would it be more beneficial to me to file later on after more $ has been generated ?
that depends on the bank's requirements
the best bet would be to talk to the bank officer of the particular bank you want to acquire the loan from
there is no monthly form ?
and also, would the same thing go for if I were trying to buy a house ?
no...that would be a pay stub if you had that available
a house they like to see income for 2 years
and any collateral you might have
even though i pay my own taxes, is there any way for my employer to issue back pay stubs or something of the same level
or for me to pay my own taxes and get a pay stub
sure, you can request they provide you with a statement or copies of the stubs
even if I am paid in cash ?
they can still report it
and provide a statement of what was paid to you
so he would have to reflect in his statement money out to me
and then my statement would reflect the money in
make your request in writing
yes are there different licenses and permits for each business type ?
or is there just one general one I should acquire
yes, each has its own requirements but generally they are all filed in a similar fashion
i currently rent a building in an industrial park with a loading bay
what permits would i need to have a shipping/receiving/distribution center, a printing press, and a music recording studio
you would have to check with your city to learn of their particular requirements...that would involve quite a bit of research on my end.
is there anything else I can help you with?
I want you to be 100 percent satisfied with my answers, are you happy with the information I have provided or would you need more time?
where do i go to check with them so I'm not wasting my time going from place to place
oh thats easy, you can go to your city's zoning department
or is there an online source
they may have general info online, but your best bet is to pay them a visit...make sure you have all of your questions ready for them when you go
remember to hit accept
otherwise I will not be compensated for my time
it was a pleasure serving you
best of luck to you on your business
yes many people dont realize that and forget to click accept
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).