Under the recommendation from my tax attorney who I have trusted the last few years to do my personal taxes
I incorporated because "You'll pay less taxes than if you opened an LLC." So I trusted them and paid $600 for the whole process.
I didn't do much business, I didn't take it serious and lots of other excuses.
I now feel like I shouldn't have. Literally a self bussiness that I don't plan on making 10k, much less 50k.
I was told "Buy everything on personal cards. Lease everything to the bussiness and lease cost varies on how well you do each month."
I thought this sounded sketchy, and I question even if it isn't whatever I charge my business in lease costs I then have to file on my personal taxes as income so how am I saving on any taxes.
Just doesn't make sense. I was really wanting something simple and I got way in over my head in accounts, State paperwork, Making a president, company board, Executives and all this mess when It's just
me by myself. I guess I could hire my wife since she stays at home with our son but I already work a full time career and a side job so this was just something else.
I still did right, filed the state annual stuff and also filed business taxes. I have a choice, I can pay $100 and dissolve the business. Open an LLC ($300/yr) and try getting going.
I like my name, but it's got INC in it of course and I guess I'd just swap the end of it to llc.
Not sure what to do, Not sure i trust who i've been talking to now.
Hell, My next door neighbor has a business theyve invested a million in and it's an LLC. *Mind you, they don't make 100k/annually but still...
btw Its for real estate media, and drone media. I have my FAA Part 107 commercial certs so im all legal and wanting to get back into this.