Tax Classifications for a New Business .???

[JonnyRoccIT]

You niggas ain't shit .

 

[JonnyRoccIT]

Either C or S corporation, a better question would be what type of legal entity should one use to start a new business and what entity is better for tax purposes. I would recommend an LLC b/c you can literally choose any type of corporate structure that is beneficial to your tax bracket/situation. I think in general S Corporation is better but if you have low earnings in your first year, depending on what state you live in if you're taxed as Sole Proprietorship you can be taxed at your income bracket.

I would advise sitting down with a tax accountant. I don't know the structure of your business or what you sell so I can't give you specific information fam.

I'm an LLC of course for the Liability protection . I Officially own a Clothing Line now, so i guess that falls under Retail . But like I said I'm running it online , Not gonna be Brick & Mortar anytime soon .

 

[G.Avant]

Yeah like Sion said I would start off as an LLC. It gives you more flexibility in your structure, less upkeep as far a paper work and shit and still some protection. Oh I see you already said you an LLC, good choice lol

 

[zerocool]

You niggas ain't shit .

Bro...you gotta be patient when running a business. .....

Look you cussing out potential customers

 

[JonnyRoccIT]

You niggas ain't shit .

Bro...you gotta be patient when running a business. .....

Look you cussing out potential customers

IC Niggas got wayyyy too Much Pride to Put money into another IC nigga's Pocket .

It would be cool if niggas was Supportive like that tho .

 

[zerocool]

You niggas ain't shit .

Bro...you gotta be patient when running a business. .....

Look you cussing out potential customers

IC Niggas got wayyyy too Much Pride to Put money into another IC nigga's Pocket .

It would be cool if niggas was Supportive like that tho .

Drop your website.....I need more clothes

 

[2stepz_ahead]

I would support.

but you have to keep the negative and reverse psychology out of it. it's like you trying to dare someone to support you.

you have to let your product speak for itself.

you might even think about starting out with giving some stuff away free.

it sounds crazy but you have to create and build a brand.

Branding is a very underrated business practice with black people.

you create the interest, and let the people come as you promote also.

if the product is good it will catch peoples eye, and they will ask questions about where to find it.

have your website on the back of shirts. start up general conversations and hand out your card at the end. go to local clothing stores and speak with managers and regional managers. offer them free samples.

offer local talent free shit to promote your brand since they have the attention of your demographic.

just a few ideas.

but to answer your question...@sion is right and you can also hire a CPA to explain it to you and create it for you.

 

[kontakz.]

nice thread i too am putting out a line.

i just got my copywright for the designs

so should i now register as an llc?

 

[zerocool]

nice thread i too am putting out a line.

i just got my copywright for the designs

so should i now register as an llc?

@sion

 

[Houston Texan]

S-Corp

 

[JonnyRoccIT]

I would support.

but you have to keep the negative and reverse psychology out of it. it's like you trying to dare someone to support you.

you have to let your product speak for itself.

you might even think about starting out with giving some stuff away free.

it sounds crazy but you have to create and build a brand.

Branding is a very underrated business practice with black people.

you create the interest, and let the people come as you promote also.

if the product is good it will catch peoples eye, and they will ask questions about where to find it.

have your website on the back of shirts. start up general conversations and hand out your card at the end. go to local clothing stores and speak with managers and regional managers. offer them free samples.

offer local talent free shit to promote your brand since they have the attention of your demographic.

just a few ideas.

but to answer your question...@sion is right and you can also hire a CPA to explain it to you and create it for you.

I'm Really not, The Topic was about what Tax Classification is best . I Didn't even get specific with what my business was until Sion told me to be more Specific . Promoting on the IC never Crossed my Mind .

But Yeah, i have a Crazy Marketing Plan.

People were saying it's better to be taxed as a Sole Proprietor because you wont be taxed Twice like the Corp. options, but it seems you have better Control with S Corp .

 

[JonnyRoccIT]

You niggas ain't shit .

Bro...you gotta be patient when running a business. .....

Look you cussing out potential customers

IC Niggas got wayyyy too Much Pride to Put money into another IC nigga's Pocket .

It would be cool if niggas was Supportive like that tho .

Drop your website.....I need more clothes

Either C or S corporation, a better question would be what type of legal entity should one use to start a new business and what entity is better for tax purposes. I would recommend an LLC b/c you can literally choose any type of corporate structure that is beneficial to your tax bracket/situation. I think in general S Corporation is better but if you have low earnings in your first year, depending on what state you live in if you're taxed as Sole Proprietorship you can be taxed at your income bracket.

I would advise sitting down with a tax accountant. I don't know the structure of your business or what you sell so I can't give you specific information fam.

I'm an LLC of course for the Liability protection . I Officially own a Clothing Line now, so i guess that falls under Retail . But like I said I'm running it online , Not gonna be Brick & Mortar anytime soon .

That's wussup bro...drop the website.....

I've been thinking about starting a clothing line online within the next year.

Website is In Development at the Moment but will be Launched in about a Week .

I'll keep ya'll updated .!

 

[atribecalledgabi]

Nah if you have a legitimate business or ideas ic people are more than happy to help out from what I've seen

 

[sloppywill]

Before even thinking about the 'Tax Classification', you need to think about which state you will base your business in. I would suggest an LLC; however, if you create an LLC in certain states (such as California), you will pay a yearly flat state tax of $800 (the last time I checked) regardless of whether you make no money or millions in a tax year. Other states, such as Texas, charge a lot less. First you need to find a tax friendly state, then decide which tax entity suits your purposes. You may also want to find a tax friendly city/local government; stay away from the city of Los Angeles, because they will hound you on the city/local taxes.

 

[kontakz.]

cool cool.

now my next question is would it be a violation

I would support.

but you have to keep the negative and reverse psychology out of it. it's like you trying to dare someone to support you.

you have to let your product speak for itself.

you might even think about starting out with giving some stuff away free.

it sounds crazy but you have to create and build a brand.

Branding is a very underrated business practice with black people.

you create the interest, and let the people come as you promote also.

if the product is good it will catch peoples eye, and they will ask questions about where to find it.

have your website on the back of shirts. start up general conversations and hand out your card at the end. go to local clothing stores and speak with managers and regional managers. offer them free samples.

offer local talent free shit to promote your brand since they have the attention of your demographic.

just a few ideas.

but to answer your question...@sion is right and you can also hire a CPA to explain it to you and create it for you.

expound on this please

is branding a different action than promotion?

and in general lets throw some promo ideas on the table

i say link with your local artists thts popping and pay them to wear it in a video

 

[JonnyRoccIT]

...Aight Ya'll, So I'm not Done with my Site yet due to Personal & Financial shit going on...

but I decided to open Up shop because of Anticipation of Potential Buyers & for the Most Part, These are Seasonal Clothes so i need to Get these Off so i can Move on to my MUCH Better Fall Collection of Crewnecks, Raglans, Beanies, & ETC.

Here's a Sample :

If you Like it, Support a Young Entrepreneur so i can actually be Presentable very soon lmao

Website is: LegitClothing.net

Instagram is : @LegitClothingCo

 

[JonnyRoccIT]

Either C or S corporation, a better question would be what type of legal entity should one use to start a new business and what entity is better for tax purposes. I would recommend an LLC b/c you can literally choose any type of corporate structure that is beneficial to your tax bracket/situation. I think in general S Corporation is better but if you have low earnings in your first year, depending on what state you live in if you're taxed as Sole Proprietorship you can be taxed at your income bracket.

I would advise sitting down with a tax accountant. I don't know the structure of your business or what you sell so I can't give you specific information fam.

I'm an LLC of course for the Liability protection . I Officially own a Clothing Line now, so i guess that falls under Retail . But like I said I'm running it online , Not gonna be Brick & Mortar anytime soon .

That's wussup bro...drop the website.....

I've been thinking about starting a clothing line online within the next year.

@Zerocool @Pralims & Malcolm, Check my Previous Post ^^^