starting up company? — OZONE Asylum, home of the Mad Scientists

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Your Text: Insert Slimies » Insert UBB Code » Close Last Tag \| All Tags UBB Help	I disgree with you WarMage that, "sole-proprietor or partner-ships are the best for small business because you will not need to pay taxes twice". You actually end up paying more in taxes by being a sole-proprietor. You can not separate the company's income from your own personal income which means you end up paying at a higher tax rate because of the higher combined income. Also in the US the Federal government charges a "self-employment" tax on top of standard income tax. This can add up to a sizable chunk. It is easier to start thinking in terms of the company being a separate entity. Then when you are ready to incorporate, it is easier to establish the company as its own corporation. It is good to have a name for the company and to treat it as a separate entity from your self from the beginning. Just don't get bogged down in trying to decide on a name. Remeber to do the other things that make the company operate while you are deciding on a name. Loading...
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