1wsfl
02-02-2010, 11:17 AM
Hi all!
First, let me thank you in advance for your assistance. Your time and expertise is greatly appreciated!
I would like to start a new business relatively soon. I would like to provide Internet based virtual services, starting with remote desktop techinical support. For the time being, I will not be opening an office (I plan on working from home) and I will be the sole owner and operator of this business. I currently have a full time job and a family at home. I am going to maintain my full time job and attempt to operate this business on the side, primarily by contracting the work out. Because I have many bills to pay and children to feed, quiting my job (at least at this point) is not a risk I can take.
With that being said, I have some questions:
1) I am unable to dertermine if LLC or S-corp is the best way to go? From my research, it seems that operating as an LLC would probably meet the needs of my business and myself best. I am primarily interested in the liability protection against my personal assests and tax advantages. I will not be borrowing any money or taking out any loans and will be the sole owner of the buisness. I was just wondering if anyone has any recommendations regarding this?
2) I am planing on using my last name in my business name and my understanding is that I will not need to register the business name in the fictious name database of my state. My question is concerning the sub names under my primary business name. For example, lets say my business name is "John Doe Consulting, LLC" and I decide to launch multple websites like domainnameex.com, anotherdomainnameex.com, etc., will I have to register those names in the database or notify the state of these names? My assumption is yes, but I just wanted to understand that process.
3) I plan on providing virtual Internet-only services at a national level. Is there anything I need to be aware of or cautious of in regards to laws, taxes, etc.?
4) A majority of the work will be contracted to people I know, and perhaps some I don't. If I contract work out should I restrict it to people within my state? Will contracting someone in another state to perform virtual work cause some chaos for me in the sense of taxes/laws?
I reside in the state of Florida, btw.
These are some of the burning questions I have for the time being. Again, thanks for your help and assistance. I hope that I can help you down the road. :)
First, let me thank you in advance for your assistance. Your time and expertise is greatly appreciated!
I would like to start a new business relatively soon. I would like to provide Internet based virtual services, starting with remote desktop techinical support. For the time being, I will not be opening an office (I plan on working from home) and I will be the sole owner and operator of this business. I currently have a full time job and a family at home. I am going to maintain my full time job and attempt to operate this business on the side, primarily by contracting the work out. Because I have many bills to pay and children to feed, quiting my job (at least at this point) is not a risk I can take.
With that being said, I have some questions:
1) I am unable to dertermine if LLC or S-corp is the best way to go? From my research, it seems that operating as an LLC would probably meet the needs of my business and myself best. I am primarily interested in the liability protection against my personal assests and tax advantages. I will not be borrowing any money or taking out any loans and will be the sole owner of the buisness. I was just wondering if anyone has any recommendations regarding this?
2) I am planing on using my last name in my business name and my understanding is that I will not need to register the business name in the fictious name database of my state. My question is concerning the sub names under my primary business name. For example, lets say my business name is "John Doe Consulting, LLC" and I decide to launch multple websites like domainnameex.com, anotherdomainnameex.com, etc., will I have to register those names in the database or notify the state of these names? My assumption is yes, but I just wanted to understand that process.
3) I plan on providing virtual Internet-only services at a national level. Is there anything I need to be aware of or cautious of in regards to laws, taxes, etc.?
4) A majority of the work will be contracted to people I know, and perhaps some I don't. If I contract work out should I restrict it to people within my state? Will contracting someone in another state to perform virtual work cause some chaos for me in the sense of taxes/laws?
I reside in the state of Florida, btw.
These are some of the burning questions I have for the time being. Again, thanks for your help and assistance. I hope that I can help you down the road. :)