GlockTalk.com
Home Forums Classifieds Blogs Today's Posts Search Social Groups



  
SIGN-UP
Notices

Glock Talk
Welcome To The Glock Talk Forums.

 
  
Reply
 
Thread Tools Display Modes
Old 03-14-2007, 13:17   #1
GlockSpeed31
Senior Member
 
GlockSpeed31's Avatar
 
Join Date: Oct 2003
Location: S. Atlanta GA
Posts: 925
Need help naming my new Corp.

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,
GlockSpeed31 is offline   Reply With Quote
Old 03-15-2007, 13:50   #2
sierra.45
Member
 
sierra.45's Avatar
 
Join Date: Aug 2001
Location: Quintana Roo, MEXICO
Posts: 35


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.
__________________
Christian

ArmedServices.de
=======================
sierra.45 is offline   Reply With Quote
Old 03-15-2007, 16:54   #3
GWayne
G23 G27
 
GWayne's Avatar
 
Join Date: Nov 2006
Location: Kansas
Posts: 22
I believe S-Corps are taxed as partnerships as well. Any tax accountants out there?
GWayne is offline   Reply With Quote
Old 03-15-2007, 17:08   #4
geekboy
Glock Lover
 
geekboy's Avatar
 
Join Date: Mar 2006
Location: Tampa Bay, Florida
Posts: 2,727


Quote:
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.

Quote:
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.
__________________
Logic is rarely the engine that propels an internet discussion forward. -- Geekboy, 2008

Glock 19
Glock 26
geekboy is offline   Reply With Quote
Old 03-15-2007, 17:09   #5
jtull7
Pistolero
 
jtull7's Avatar
 
Join Date: Jan 2006
Location: Santa Fe, New Mexico
Posts: 6,840
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.
__________________
Cocked, locked, and ready to rock!

Every day I face Ogden, Utah, and pray that God might bless John Moses Browning.

Outpost Member #69 I collect and shoot many fine firearms. CCW: NM, CT, and NH. N5JHT. WFR. Former LEO. SAR. Bilateral trans-tibial amputee. Survivor of bubonic plague. Tough sum-*****.
jtull7 is offline   Reply With Quote
Old 03-15-2007, 17:51   #6
GlockSpeed31
Senior Member
 
GlockSpeed31's Avatar
 
Join Date: Oct 2003
Location: S. Atlanta GA
Posts: 925
Quote:
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!
GlockSpeed31 is offline   Reply With Quote
Old 03-26-2007, 14:52   #7
Ribbler
Senior Member
 
Join Date: Jan 2005
Location: Las Vegas
Posts: 429
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
Ribbler is offline   Reply With Quote

 
  
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump




All times are GMT -6. The time now is 04:49.




Homepage
FAQ
Forums
Calendar
Advertise
Gallery
GT Wiki
GT Blogs
Social Groups
Classifieds


Users Currently Online: 536
172 Members
364 Guests

Most users ever online: 2,672
Aug 11, 2014 at 2:31