Type of Business

I was just curious as to what type of business everyone else has started. I know we are all in the business of photography, but what type of company did everyone start. I am trying to figure out the easiest way to do this when it comes to taxes and such. It seems that a sole proprietorship or a partnership might be the way to go. Or is there some other way you guys deal with the whole taxes thing. Thanks.

Sole proprietor, do the taxes on Schedule C of my personal return.

i was just looking around turbo tax which is where i have done my taxes for a couple years. It looks like i can do the home business combo and be able to knock out personal and business taxes at onces if using the sole proprietership. I guess I do the taxes once a year as long as I made sure to keep all records and enough tax money in an account in case I needed to pay at the end of the year.

Currently Sole Prop. But will be changing to an LLC as I get arround to it. My brother in law is a tax attorney. I asked him, and will be following what he told me.

The Wife's currently running a sole proprietorship, but the plan is to change to LLC within the next year or two once business justifies it.

that is exactly what i was thinking, starting out sole prop, then once i get more established change to LLC

It all depends on your state laws. Some states pretty deliberately make some forms of business easier or more costly than others. My state, for instance, very deliberately made doing business as an LLC more difficult and costly than doing business as a "closely held" (small) corporation.

You have to speak to an accountant and an attorney to determine conclusively what is right for your business at this point in time in your state. In my state, for instance, my lawyer advised me it is a practical myth that incorporation provides personal asset protection for a small business, because regardless of the text of the law, it has been nearly impossible so far for small businesspeople to convince the courts that they've kept their personal finances separate from the corporate finances.