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Originally Posted by ekaz
I'm thinking of starting myself a small business and would like some assistance. It's only going to be a small side business right now, mostly computer related stuff. My biggest hang-ups are: should I setup an LLC, reg. corporation, or sole propietorship (sp?). I'm against the last option as my personal assets aren't really protected. Also, is it worth it to pay a lawyer to write it all up and file it, or is it self-doable? Just getting tired of lining someone else's pockets, want to start lining my own. Thanks in advance.
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Like you said, the corp would protect your assets...def a plus.
The main downside I can think of is double taxation. The corp income is taxed, then you are taxed on any income you report the corp paying you. Any good CPA should be able to shield you from a lot of tax for at least the first 3 years. A buddy of mine has an S-Corp on the side and does very well, not only with the business, but also tax advantages.
As far as self doable, not really sure. I find it hard to believe you couldn't find a packet online. You should probably just need a Notary to make it official. Most state tax commission offices that I have dealt with have a good deal of information on it. Good luck. I'm sure you will do well whatever path you take.