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      07-26-2011, 05:19 AM   #1
roastbeef
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small business owners- LLC and S Corp., quesitons

i'll be starting a small business venture soon, i'll be the sole proprietor, owner, and operator. profit margins around $10k at first, with hopes to expand to around $50k in gross profit. this gross profit would be in addition to my yearly income as this is a "side business."

if you formed and LLC, at what point did it benefit you to submit tax forms as an S Corporation? i've been doing a little bit of research, and i hope i'm not misinterpreting the causes and benefits of each, but i'm thinking an LLC can be an umbrella to an S Corp?
i'm in california.

i'm a complete business n00b, by the way, so go easy on me.
thanks for any insight.
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      07-26-2011, 12:24 PM   #2
wren57
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http://www.llcsexplained.com/llcsexp...rporations.htm

http://www.mymoneyblog.com/s-corpora...-benefits.html

Do your homework. Trusting people on a car forum with your business decisions is not a wise, well, business decision.

And get some good software like Quicken, take a class on how to use it, and keep a solid and accurate accounting of all expenses/revenues in it.
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      07-26-2011, 03:33 PM   #3
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i definitely agree. i'm mainly looking for tips and advice on how to further research this from someone who has done this already.
thanks for the links!
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