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Junior Varsity
Question for every warrior........
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<blockquote data-quote="Silas Pradetto" data-source="post: 27594" data-attributes="member: 34"><p>Re: Question for every warrior........</p><p></p><p></p><p> </p><p>Not sure how business in Canada works, but LLC is a common choice in the USA. One nice feature of a single-member LLC is that the taxes can be done on the owner's regular 1040 return as Schedule C. Which, in effect, means you can write off all business expenses, even if they were more than business income, effectively reducing your personal taxes at the same time.</p><p></p><p>I was a 'sole proprietor' under a different name starting in 2005, but am now an LLC under my current name, which started in 2007. I have commercial auto, and am in the process of switching over my commercial general liability and inland marine. I have no workers' comp since I don't have any workers <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /></p></blockquote><p></p>
[QUOTE="Silas Pradetto, post: 27594, member: 34"] Re: Question for every warrior........ Not sure how business in Canada works, but LLC is a common choice in the USA. One nice feature of a single-member LLC is that the taxes can be done on the owner's regular 1040 return as Schedule C. Which, in effect, means you can write off all business expenses, even if they were more than business income, effectively reducing your personal taxes at the same time. I was a 'sole proprietor' under a different name starting in 2005, but am now an LLC under my current name, which started in 2007. I have commercial auto, and am in the process of switching over my commercial general liability and inland marine. I have no workers' comp since I don't have any workers :) [/QUOTE]
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Question for every warrior........
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