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Thread: Business question

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    Default Business question

    I am trying to get my business license for my work I do here. So I can write myself checks for my personal bank account and be able to open a business account. Plus I know it makes it easier for taxes etc. I need to have a DOA for safety reasons obviously...but just wondering how any of you have went about or any resources? I am trying to look at stuff online but it does not make much sense to me. So if any of you have a business license can you tell me how you went about it? I am also moving out of state in a month or two so I am waiting until then but any advice would be appreciated. <3

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    Default Re: Business question

    this varies somewhat from state to state. Are you talking about an LLC or S/C Corp, or simply registering a 'sole proprietor' unincorporated business ?

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    Default Re: Business question

    I was told I should go with sole proprietor. I am in Indiana. Sole proprietor would be best since I am just an independent contractor correct?

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    Default Re: Business question

    ^^^ probably, since Indiana state income / business tax rates are comparatively low.

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    Default Re: Business question

    Indiana has recently changed its corporate income tax structure to a "net" income tax rather than a "gross" income tax. This was done because Indiana saw that compliance with the corporate tax was getting too expensive and Indiana also saw more and more companies organizing as LLCs or making the sub-chapter S election. In either case, corporate or individual, Indiana's tax rates are relatively low. Compare both and decide. When I was dancing in Indiana, we did not have the option of LLCs so I formed a corporation and made the sub-chapter-S election. It worked out well. I registered in Kentucky as a foreign corporation as well. At the time, Louisville required a "Dancers License." Under the rules at the time, a corporation could not get the license only an individual. So I applied for the license individually but still ran all my Louisville dance money through the company's books. Worked fine.

    HTH
    Z

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