Originally posted by fcarrera3:
Thanks again, John.
He does have a Comtrac program already on his computer, but he said it was expired. He also has unused POS equipment under his register. So I'll look into incorporating them.
One other question:
When I go to get my DBA, what are the advantages and disadvantages of setting up as a Sole Proprietor, LLC or Corporation?
If this is too difficult to explain on a message board, feel free to email me. (email@example.com)
It's all about the filing. A sole proprietorship means you alone are responsible for everything taxwise. A joint partnership lets you distribute the ownership (and subsequent liability) to your partner in any percentage you feel good about.
I've done my taxes as both for comics outpost, so I can fill you in on either next year when you file. Forget the LLC, you don't need to incorporate.
You just have to decide if you want to call you wife a partner (which you can do), then when it's filing time if it's a joint, you'll be filing
a form 1065
2 form w-4's (one for each partner)
a depreciation and amortization thing
hey fuck frank, fly me down to your shop and feed me, and I'll reimburse you by doing your taxes next year for you