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What general taxes do you have to pay when building a business in the US?

Aug 27,2017 at 04:50 am

This is a very general question. There are various types federal, state, county taxes. They are all based on your industry, type of income generated and federal/state rules by jurisdiction. In addition, the taxation rules are based on the type of your tax classification

 

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Is it OK if a solo owner/operator incorporates one small company (LLC) and uses it for unrelated businesses like software development, book publishing, clothing etc?

Aug 27,2017 at 04:48 am

In general, most states allow you to operate any business activity under one LLC as long as it is for lawful activity.

 

Scenario 1 - All under one LLC

From tax & accounting point of view, the costs will be lower if you keep all your businesses under one...

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Does an LLC need a new EIN if I become the new owner? It is a single member LLC, it’s staying a single member, and I do not have employees.

Aug 27,2017 at 04:46 am

EIN is assigned by IRS to the legal entity that was created. Employer identification number is not changed by the change in ownership. Therefore, a short answer to your question is you do not need a new EIN if only the ownership of the LLC has changed.

Also, you will need new EIN only if i...

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Do doctors who are independent contractors have to create an LLC for liability protection?

Aug 27,2017 at 04:44 am

n general, there are many benefits of establishing your business as a LLC. For eg: personal assets cannot be used for business debts. Also, all contracts and agreements are now between your LLC and the healthcare providers/physician networks etc

From a tax perspective, certainly establishi...

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How will I do a tax return if my c-corp is registered in DE, but I earn money from IL?

Aug 27,2017 at 04:42 am

 As you are registered in Delaware as a C Corporation.Federal taxes - you will file form 1120.

State taxes - Delaware

In general, even though you are registered in Delaware, you are physically located in Illinois. Also, revenue is generated within Illinois. Therefore, most likely y...

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