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Taking Care of Business
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Old May 8th, 2003, 04:45 PM   #16
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Hi Rob--I don't have a company. I investigated forming one and am certainly familiar with the advantages, but quite frankly just making this movie is more than enough for my brain right now. Depending on how things go I may form one in the future, though, so I appreciate the suggestion. I will look for the film to which you refer. I'm in LA right now, anybody know fo a good video rental place that carries a lot of docs? Thanks!

Peter
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Old May 8th, 2003, 05:46 PM   #17
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BTW advantage for forming a company. Almost everything can be written off. That way you can personally claim a loss and end up paying no taxes. It can work like that sometimes depending on the year. Once your done you should look into forming a business.

Rob:D
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Old May 8th, 2003, 06:07 PM   #18
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Thanks for the suggestion, Rob. Can I still write off equipment on my personal taxes (assuming I didn't form a company) and claim them as a business expense? Thanks.

Peter
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Old May 8th, 2003, 08:36 PM   #19
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The company has to be your name. which if you do treat yourself as a company then you can. It then just falls under schedule C of taxes on your 1040 with depreciable property on 4865 form I think. Cant remember, it all went bye bye from this last tax season. Just remember to keep all receipts. You can deduct 100% of travel 50% of food and entertainment. Remember if you do call your company other than your full name you need to register with the state.


Rob:D

I would still goto the states website and look up the information anyways. I can't remember it all.
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Old May 9th, 2003, 03:20 AM   #20
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Maybe on eof the fine attorney's on this board can clarify the legality of sole proprietorship and taxes. I'll talk to one of the transactional (corporate) types tomorrow get get a better answer, but my understanding is that your sole proprietorship can be under a different name or you can always do a DBA doing business as, the advantage of using your name is that you do not have to file a fictious name statement in the paper, I think, again I will check this out. Another thing, don't be fooled by LLC's LLP's and INC. and S corps, there are other pluses and minus that are associated with these and that the laws are different regarding these types of companies in different state. The first thing a a good attorney would do would be to try to "pierce or veil" by finding anyway or reason that you did not treat the company as an LLC, etc and boom they go after your first born. Each type of comapny also are taxed differently, etc.
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Old May 9th, 2003, 08:22 AM   #21
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We've gone a little off topic here. Much of the forming a business is covered in the FAQ and several recent posts. If you have a question not covered, please post a new topic. Thanks.
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Old May 9th, 2003, 11:18 AM   #22
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Thanks for the advice guys. Forming a sole propietorship is something I'm considering. In Oregon it's fairly easy, from what I have gathered on the Oregon Business website which is very helpful. The one thing I do need to investigate is how taxes change if I do this, but I will probably consult an accountant in Oregon regarding this. I am definitely keeping ALL receipts, though, for when the big day comes.

Peter
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