Have a Finance Question? Ask a Financial Expert Online.
Thanks for your question, and thanks for using JustAnswer.com. How are you today?
I would keep an S Corp structure to optimize tax savings. You could either keep the business in your existing S Corp or create a new S Corp or LLC taxed as an S Corp to handle the retail sales.
IT would be up to you. It would be more of a legal/liability decision than a tax decision.
Thanks Megan, as far as ease of accounting etc. I guess it would be best keeping it under current S Corp, but I guess I couldn't have a second name like a DBA or something?
Yes, you could register a DBA for the retail sales, if you wanted
Would that be something that would have to be officially registered with state and feds and require new or second tax id # ?
A DBA would be registered with the state, but you would use your existing Tax ID number for your S Corp
It's just the business operating under a different name. It's not a separate business.
Do you have any other questions?
Okay if you would, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today