Need help naming my new Corp. [Archive] - Glock Talk

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GlockSpeed31
03-14-2007, 13:17
I am starting to file for Incorporation (S-Corp) and need to come up with a name for it. I am not going to use any part of my name to reduce the chance of any lawsuit or anything like that.

I am a Subcrontractor for a Drywall Contractor and I get 1099'ed for tax purposes. My CPA said that by being INC., I would not have as much personal, self-employment taxes on me. I also am getting started in doing some photography (sports & entertainment), so I need to be able to run that under the INC. also.

Any positive help would be greatly appreciated in the naming of my company.

Thanks,

sierra.45
03-15-2007, 13:50
You sure you want to go for a S-Corp? Wouldn't be a LLC better for tax reasons?

In a S-Corp you pay double tax. first as the Inc itself and then if you distribute the profit to the shareholder(you).

In a LLC the profit is distributed to the partners and taxed on your personal rate.

Think it over. I tried Inc. and went back to LLC.

GWayne
03-15-2007, 16:54
I believe S-Corps are taxed as partnerships as well. Any tax accountants out there?

geekboy
03-15-2007, 17:08
Originally posted by sierra.45
You sure you want to go for a S-Corp? Wouldn't be a LLC better for tax reasons?

In a S-Corp you pay double tax. first as the Inc itself and then if you distribute the profit to the shareholder(you).

In a LLC the profit is distributed to the partners and taxed on your personal rate.

Think it over. I tried Inc. and went back to LLC. Uhh... S-Corps are not double taxed. I have an S-Corporation. By design, the S-Corporation passes all profits and losses equally amongst the shareholders (owners). If you own all the shares, than 100% of the profit/loss goes to you. The taxes are tricky though. You should use a CPA to do your taxes! You can only claim losses in so much as you have "invested" in the company. ALso, equipment you give to the company (or sell to the company) can't already be fully depreciated... so that $100 saw you bought but already deprectiated, now has a basis of $0.00 in the new Corporation.

Generally, a Subchapter S corporation does not pay income tax on net profit from business activities. Subchapter S corporations pass through net income to shareholders who report and pay income tax on their share of the profits. Subchapter S corporations are not subject to alternative minimum tax, accumulated earnings tax, or personal holding company tax. Note: there are capital gains taxes that can be taxed at the corporation level.

Go to the IRS site to find out...

Okay, just talk to an accountant. But S-Corporations avoid the double taxation!

Here's some names:[list=1]
Dry Shots, Inc.
Picture Perfect, Inc. (probably overused!)
Finishing Touch, Inc. (Finshing works for photography and dry wall!)
[/list=1]That's it. Anything else, I'll have to charge you.

jtull7
03-15-2007, 17:09
GlockSpeed31, not to be disrespectful, but if you cannot even come up with a name for your company by yourself, and have to ask an internet forum for help, I cannot see how you could possibly be successful.

GlockSpeed31
03-15-2007, 17:51
Originally posted by jtull7
GlockSpeed31, not to be disrespectful, but if you cannot even come up with a name for your company by yourself, and have to ask an internet forum for help, I cannot see how you could possibly be successful.

No disrespect here. I have been employed in the sheetrock business for 4 years now, w/ the same company. I am just tired of paying more taxes as a 1099 sub than an incorporated sub. I can have more deductions as an INC than an indiv. If I ever wanted to go out on my own and start my own contracting business, then I already have the INC started & established. I have asked for ideas to see if there are any names that may sound a bit better, I tend to think of it as a Giant Think Tank!

Ribbler
03-26-2007, 14:52
An S-Corp and an LLC are both pass through entities - owners are taxed at the personal level as opposed to being taxed at the corporate level. S-corps and L.L.C.s differ from partnerships with regard to liability. A partner is jointly and severally liable for the debts of the partnership. An owner of a S-Corp or an L.L.C. is not responsible for corporate debts unless there is a personal guarantee.

Ribbler, CPA