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Need help with deciding business type. California. None, a…

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Need help with deciding business type

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

California

Lawyer's Assistant: What steps have you taken so far?

None, a the moment in the process of deciding between and LLC and other options

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I want to know the best options, where my ex will be able to less likely to gouge me for money in regards ***** ***** support, as I picked up 1099 misc work, and am thinking of starting my own business

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Customer reply replied 1 month ago
I currently work as a W2 employee for a company making approximately 70k/year. I have my daughter 43% of the time and the mother and I both live in California. I am going to be taking on work as an dependent contractor on the side initially making an additional 3k per month, with the possibility of increasing later in the year. I won't to avoid paying more child support and getting gouged by her, would it make since to start my own consulting business as an LLC or Corp?
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Answered in 11 hours by:
3/16/2018
WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 4,415
Experience: Senior Associate at White & Case LLP
Verified

An LLC will show up on your tax return, so she will find out about the income and increase your child support.

If you form a corporation it won't be traced back to you, and you can have the income paid to the corporation and then charge your expenses to the corporation and it will not show up on your tax return or be traceable back to you.

Been there, done that.

Please rate five stars ***** by clicking on five stars ***** and press SEND.

A bonus is appreciated after you rate.

Good luck to you. I wish you all the best.

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Customer reply replied 1 month ago
If incorporation is a better choice, would a better decision to be file as a S or C corp; also if I plan on making about around 40K from consulting contracts that will w-9 me, is the higher taxation for S/C corps worth it in the end as opposed to forming an LLC with an EIN number and have my LLC treated as a corp? Thanks, I'm a first time "business owner" and I already pay a chunk of CS but don't want her to take my additional cash flow that I plan on starting my business with

You want to be a C-corp. An S-corp is another pass through entity that will appear on your tax return, so you have to be a C-corp.

Please rate five stars ***** by clicking on five stars ***** and press SEND.

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Customer reply replied 1 month ago
I see, now will a C corp be worth it for about 40k a year of w9 work with double taxation being a c Corp ?

Yes, there are special rules for C=corp startups where there is a tax break given under section 1244 of the IRS code. So you don't have to pay double taxation for the first few years during startup phase. It's to make it on an even level with an S-corpo or LLC, special tax advantage under IRS section 1244 for startups. Check it out, and it will be worth it to you.

Now, please accept the answer here.

Please rate five stars ***** by clicking on five stars ***** and press SEND.

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WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 4,415
Experience: Senior Associate at White & Case LLP
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