It could vary from country to country (or even state to state) on the requirements/benefits. If your local bank can't handle it, you can try setting up a mechant account online from places like e-onlinedataThey said that it was better to register a corp. but then again thats a whole LOT of complicated mumbo jumbo a small starting bussiness like mine doesnt need.
I thought that the corp. pays the President and this amount is deducted from the Corp. taxable income. (an expense like).Comin'OutSwingin said:The main benefits to a sole proprietorship is taxes. With an LLC and Corp., you basically get the "double taxation"!
Sales and profits of the business are taxed, AND when you pay yourself from the business that income is taxed again.
Just set up the business as a partnership (basically a sole-proprietership but with 2 people instead of 1). The bank shouldn't give you any troubles setting up a joint account even if you aren't related; if they do you could always use a different bank (or threaten to).ontheCoMeUP said:really informative post guys thanks for the info, just one quick question, since i am going into business with my friend, no relation, can our companys bank account be joint or how does that work so both of us are allowed access into it? thanks
Useful Info. What are some of the other differences betwen S and C corporations? (E.g., why would you want to go with a C instead of an S?)Cestlavie said:Also another big consideration is taxation, I think which was also mentioned. There are two types of corporations S-Corps, and C-Corps. S-Corps are more or less passthroughs, which means all the income flows through to you, and C-corps function as their own entity which means that they are taxed, and then when profits are distributed to you, they are taxed again. The tax rules with this are probably beyond my ability to explain fully. But those are the two major issues with choosing to incorporate (along with the money and time spent with incorporation, the issues of course vary with each individual business).
if you want some help with that talk to Roy at InvestSource Inc., he can help you and answer some of your questions.kramebe said:Howdy Gang?
Thoughts on the necessity of incorporation? And to expand, getting a taxpayer ID and running all expenses through a legal entity...?
Any comments would be appreciated...