So, I know I have talked a bunch before about starting a business, different types of businesses to start, etc, but now it is time for me to actually do it. Tomorrow I will be going and sitting down with my parents Accountant and Financial Planner in search of some advice as to what to do relating to my web design business income and my ebay income – ie start a business to funnel it into or not.
However, I want to make sure that I am well prepared with a list of questions – so I am looking for more ideas as to what else to ask or look into. Here is what I am thinking so far:
- What is the best type of entity to launch in order to run ventures under different names (doing business as [DBA] names) and funnel all profits and expenses into the parent company.
- What kind of protection does a parent company offer when operating under a DBA? Does everything fall onto the parent company?
- If operating with a DBA, does a new company (say a LLC) need to be launched in order for the parent company to have ownership of it or can multiple DBA’s be filled for the same parent company?
- What can be written off as a business expenses and where should the line be drawn (as far as deciding what to submit and what not to)?
- How should internet income be reported (individually from each company [like google, cashcrate, etc] or just as one lump sum)?
- What is the best way to report blogging income which would break down into the following categories: advertising (google, private ad sales, paid reviews, etc), networks/affiliates, miscellaneous.
- Can meals and other items be written of as a tax deductible/business expense if they are written about and reviewed? Such as restaurant reviews or camping equipment reviews?
That is about all I have for now, any one have other suggestions or questions they may like to try to get answered? I am already there, so I’d be happy to try and ask any question you may have! Leave a comment! My meeting is at 3 PM tomorrow.
I would add to that: as far as expansion thoughts go, is it better to add on new people as employees, or as 1099 independent contractors and b) does the answer change based on the business structure chosen.
Great topic, Chris!