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WEB/DIGITAL Starting a business questions...

Walley

New Contributor
Read Millionaire Fastlane
Oct 1, 2007
130
1
24
How do I file for taxes for my business at begining of the year?

If I decide to quit my business can I just simply quit?

If I go with sole proprietor can I simply change it to llc later?

What happens if I move to a different county or state..do I have to reregister it?
 

Nate

New Contributor
Read Millionaire Fastlane
Sep 24, 2007
75
2
21
Utah
You definitely can't just quit... I tried that once and got stuck with penalties and interest on the penalties. Maybe there was even interest on the interest... I don't know.
 

lucas

New Contributor
Oct 7, 2007
70
10
12
38
How you file taxes depends on which entity type your business is (sole proprietorship, llc, s-corp, c-corp, etc).

If you decide to shut down your business you will have to notify the state you live in (usually the secretary of state) as well as the IRS. There are specific documents you have to file.

Once a business entity selection is made, you can't change it. You have to make a new company and dissolve the old one to change your entity type.

If you move to a different county it's no big deal, but if you move to a different state it's different. You can either register the company to operate in the new state (as a foreign business), or you can dissolve the old company and reregister as a new one. The latter method is recommended, because for purposes of taxes and legal matters, you would have to have an accountant/lawyer familiar with your old state as well as the new one if you use the former method.
 

michael515

Contributor
Aug 27, 2007
93
85
27
40
I don't see why you cannot setup an LLC down the road.
 

Corrado79

New Contributor
Sep 24, 2007
86
4
12
Santa Monica, CA
Once a business entity selection is made, you can't change it. You have to make a new company and dissolve the old one to change your entity type.
This is an inaccurate generalization. For the most part, switching between entities can be done. There is a process involved, but it is possible.
 

aptohosting

Contributor
Read Millionaire Fastlane
Aug 16, 2007
360
65
38
North Carolina
www.aptohosting.com
This is an inaccurate generalization. For the most part, switching between entities can be done. There is a process involved, but it is possible.
I concur, North Carolina made it very easy for us to switch from a sole proprietorship to LLC. Just needed to get federal tax ID, fill out some forms, and cut a check.

Tom
www.aptohosting.com
 

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