Well.. I guess my choice is LLC and S corp after doing some research. But I guess that will have to wait until next year since I already passed the date of when it has to be sent in, March 15th.
Until then I will be a LLC and taxed as a sole proprietorship. I think that will be just fine, this way I will have some time to figure out what type of salary I can expect, and how my husband and I should divide the responsibility...
But there really is no easy way to figure this out. IRS provides the rules and forms to be filled out, but no recommendations or help. Help that is found online may or may not be objective. And help from an accountant or lawyer can get costly...
I am expecting my LLC application from the State to return this weekend and I was doing some reading on how to fill out my SS-4 for my EIN number... I thought it would be a walk in the park - just fill in the blanks type of deal... but there is more to it than that!
I am not too worried about it though - I feel confident that I am making the right decisions... now I just have to keep CPSC at bay and hope that they don't ban everything I need to make children clothing besides for cotton or wool... it would be a shame if all of a sudden we couldn't use zippers or buttons...
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