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3 businesses online. not related to each other. under $8,000…

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3 businesses online....

3 businesses online. not related to each other. under $8,000 ea income yrly. need to file LLC's or C ? should i file all under ONE company as the "umbrella" of them all? i operate alone. need to file right now. what to do-what to do....

Accountant's Assistant: Can you tell me what state the LLC is registered in?

FL

Accountant's Assistant: Has anything been officially filed? If so, what?

3 businesses. no affiliation as far as what they do. ONE is LLC as of 1 yr now.

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

2 are online e-commerce. the other is event staffing, sub contracting events planning.,

Submitted: 8 months ago.Category: Tax
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12/4/2017
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 8 months ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,768
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified

Welcome to JustAnswer

For federal tax purposes a solely owned non incorporated LLC will file a schedule C. Soley owned LLC are considered a disregarded business entity for tax filing purposes. Therefore, all of your companies will be reported on a schedule C if you have not incorporated your LLC.

___

Unrelated activities, however, you should report them on separate Schedule Cs.

Here is an additional link to verify the information I have provided

https://blog.taxact.com/schedule-c-self-employment-income/

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 8 months ago

I would be happy to answer any follow up or additional questions you may have!

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 8 months ago

At the conclusion of our conversation please take a moment to rate and accept my answer.

A positive rating of five stars or higher is always appreciated.

Thank you!

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 8 months ago

Was I able to answer your question or do you have any further question?

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Customer reply replied 8 months ago
right now, i need to open a seperate bnk account to pay workers for 3hrs. to get business bank, i need to file company as LLC or C?
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 8 months ago

You could file either for a limited liability company or a corporation. Either way will meet your needs.

The simplest form of a company is the LLC which you register a state.

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Customer reply replied 8 months ago
no.. not at all answered.
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 8 months ago

You could even use your own Social Security number and Do Business As to open up an account

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Customer reply replied 8 months ago
NOOOO !!!! ive already been using my SS# !!! i'm trying to protect myself, finally, but becoming an LLC.
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 8 months ago

Q:"i need to file company as LLC or C?"

A: For tax purposes you do not need to file as either a LLC or a C (assuming C stands for corporation).

For liability reasons you could open a LLC or you could file for a corporation

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Customer reply replied 8 months ago
no no no.... ugh
i need to file with fla.. i'm not sure which.. is my questioning.
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane. I am a different expert. I have a different answer.

...

You should set up an LLC with the FL secretary of state. This will give you the corporate liability protection you need.

...

Once you get the approval from The state, go here: https://sa.www4.irs.gov/modiein/individual/index.jsp to get an EIN (Tax ID) for the LLC.

...

If you file as a C-Corp, you be taxed twice (once at the corporate level on the corporations tax return) and then again when you pull money out (they call this a dividend) you AREN'T taxed twice on the salary that IRS requires all C-Corp shareholders involved in the business to pay themselves BUT you have the additional headache and overhead of payroll, separate tax returns etc.

...

The LLC is the best place to start (least expensive and easiest to operate). You can always elect to be taxed as an S-Corp or C-Corp later (form 2553 or 8832) when/IF it ever makes sense

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago

Once you have the Articles of organization from the state and the EIN from IRS, you can set up a business bank account. (bank will want both). Also, it would be easier to pay others as independent contractors (no payroll expense, quarterly payroll tax returns, etc.) Just a 1099 at the end of the year if you pay over $600 to any one.

...

Please let me know if you have ANY questions at all, before rating me.

I hope you’ll rate me based on my accuracy and thoroughness (as opposed to any good news/bad news content). Thank you!

...

But again, if you need more on this, please let me know.

Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986

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