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I have several business ideas I have been working on and developing

Customer Question
in the past year or...
I have several business ideas I have been working on and developing in the past year or two just as a sole proprietorship, and I am seeking some information now in regards XXXXX XXXXX LLC's and get my paperwork in order
Submitted: 5 years ago.Category: Business Law
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Answered in 12 minutes by:
2/2/2012
Business Lawyer: Raisa Romaelle, Esq., Attorney replied 5 years ago
Raisa Romaelle, Esq.
Category: Business Law
Satisfied Customers: 140
Experience: Florida licensed attorney and former business owner, providing you with answers and insight in plain english.
Verified

Raisa Romaelle, Esq. :

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

Raisa Romaelle, Esq. :

?

Customer:

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

Customer:

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

Customer:

and also I have been going around to salvage and auction yards and storage bins and reselling

Raisa Romaelle, Esq. :

Did disclose this in your taxes?


Raisa Romaelle, Esq. :

Did you disclose these earnings?

Customer:

I have not filed my taxes for last year yet which is why I am asking you before I do so

Customer:

I was trying to do it all under a company name of myself

Customer:

I did not want to miss anything or make any infractions

Customer:

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

Raisa Romaelle, Esq. :

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.

Customer:

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

Raisa Romaelle, Esq. :

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

Raisa Romaelle, Esq. :

If you have a lot of deductions, do it yourself.

Raisa Romaelle, Esq. :

as a sole proprieter

Customer:

Yes i do

Raisa Romaelle, Esq. :

*proprietor

Customer:

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

Customer:

As far as getting a loan or anything like that is concerned... how would I get a pay stub ?

Raisa Romaelle, Esq. :

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

Raisa Romaelle, Esq. :

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

Customer:

or how would i qualify my income from my job if I was sub contracting

Raisa Romaelle, Esq. :

if you want to do as a corp you would need to establish a credit history as a corp

Customer:

So there are advantages to having a pay stub from the company as opposed to me paying my own ?

Raisa Romaelle, Esq. :

if you want to do as a corp you would need to establish a credit history as a corp

Raisa Romaelle, Esq. :

yes the advantage is they would generally be liable under their corp structure

Raisa Romaelle, Esq. :

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

Customer:

is there any other way to verify income than pay stubs ?

Raisa Romaelle, Esq. :

1099 or any w2 forms you filled out

Customer:

that is on a yearly basis ?

Raisa Romaelle, Esq. :

yes

Customer:

if I were to file one now for last years taxes, could I use that as current verifiable income ?

Raisa Romaelle, Esq. :

yes

Raisa Romaelle, Esq. :

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.


 

Raisa Romaelle, Esq. :

did you have any other questions I could help you with?

Customer:

since it is on a yearly basis, would it be more beneficial to me to file later on after more $ has been generated ?

Raisa Romaelle, Esq. :

that depends on the bank's requirements

Raisa Romaelle, Esq. :

the best bet would be to talk to the bank officer of the particular bank you want to acquire the loan from

Customer:

there is no monthly form ?

Customer:

and also, would the same thing go for if I were trying to buy a house ?

Raisa Romaelle, Esq. :

no...that would be a pay stub if you had that available

Raisa Romaelle, Esq. :

a house they like to see income for 2 years

Raisa Romaelle, Esq. :

bank statements

Raisa Romaelle, Esq. :

credit checks

Raisa Romaelle, Esq. :

and any collateral you might have

Customer:

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

Customer:

or for me to pay my own taxes and get a pay stub

Raisa Romaelle, Esq. :

sure, you can request they provide you with a statement or copies of the stubs

Raisa Romaelle, Esq. :


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?




 

Customer:

even if I am paid in cash ?

Raisa Romaelle, Esq. :

yes

Raisa Romaelle, Esq. :

they can still report it

Raisa Romaelle, Esq. :

and provide a statement of what was paid to you

Customer:

so he would have to reflect in his statement money out to me

Customer:

and then my statement would reflect the money in

Raisa Romaelle, Esq. :

exactly

Raisa Romaelle, Esq. :

make your request in writing

Raisa Romaelle, Esq. :


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?




 

Customer:

yes are there different licenses and permits for each business type ?

Customer:

or is there just one general one I should acquire

Raisa Romaelle, Esq. :

yes, each has its own requirements but generally they are all filed in a similar fashion

Customer:

i currently rent a building in an industrial park with a loading bay

Customer:

what permits would i need to have a shipping/receiving/distribution center, a printing press, and a music recording studio

Raisa Romaelle, Esq. :

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.

Raisa Romaelle, Esq. :

is there anything else I can help you with?

Raisa Romaelle, Esq. :

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?

Customer:

where do i go to check with them so I'm not wasting my time going from place to place

Raisa Romaelle, Esq. :

oh thats easy, you can go to your city's zoning department

Customer:

or is there an online source

Raisa Romaelle, Esq. :

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

Customer:

ok thanks

Raisa Romaelle, Esq. :

remember to hit accept

Raisa Romaelle, Esq. :

otherwise I will not be compensated for my time

Raisa Romaelle, Esq. :

it was a pleasure serving you

Raisa Romaelle, Esq. :

best of luck to you on your business

Raisa Romaelle, Esq. :

:)

Customer:

oh ok

Raisa Romaelle, Esq. :

yes many people dont realize that and forget to click accept

Raisa Romaelle, Esq.
Category: Business Law
Satisfied Customers: 140
Experience: Florida licensed attorney and former business owner, providing you with answers and insight in plain english.
Verified
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Raisa Romaelle, Esq.
Raisa Romaelle, Esq.
Raisa Romaelle, Esq., Attorney
Category: Business Law
Satisfied Customers: 140
140 Satisfied Customers
Experience: Florida licensed attorney and former business owner, providing you with answers and insight in plain english.

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