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

Customer Question
Second opinion] Need help...

Second opinion] 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

Submitted: 4 months ago.Category: Business Law
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Customer reply replied 4 months ago
I will be signing a W9 with the employer, I plan on making 40k from this employer by the end of this calendar year. I want to be able to get my business going, without having to necessarily pay more in child support; I plan on keeping income in a business banking account that will not be withdrawn for personal finances aside from actual business related expenses, at least for the next few years. I was advised to start a C-corp, since it won't be tacked on to my personal taxes, but is double taxation worth it? I'm just not entirely sure how income reported from an LLC on my personal taxes affects my income towards to court systems, if it is kept in my business checking account and never withdrawn if that makes sense.
Answered in 2 hours by:
3/19/2018
Business Lawyer: WiseOwl58, Attorney replied 4 months ago
WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 4,564
Experience: Senior Associate at White & Case LLP
Verified

If you have an LLC, the income from the LLC is reported on your Schedule C of your personal income tax return, and that will flow through onto your Adjusted Gross Income on your tax return that is used in Discomaster to determine the amount of child support that you will pay.

So the increase of $40,000 in income from the LLC will definitely be included in the amount used to calculate your child support under California law.

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

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Business Lawyer: WiseOwl58, Attorney replied 4 months ago

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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Business Lawyer: WiseOwl58, Attorney replied 3 months ago

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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