Partnerships are challenging. For some reason, my partners and I don't all agree all the time. We have to learn to pick our disagreements, and let the others go. The hardest decision we have to make so far is our name. Sometimes it's 2-2 or 3-1. I think we found one though. I have to let it go. It's not that important. I just have to be able to live with it.
My partners and I are probably going to form an S Corporation. We can put any profit or loss on our personal tax return. So it off sets our other income we made during the year. This is beneficial if you have outside jobs, and we do. It also gives us limited liability, so if your company gets sued, only it's assets can be taken, not your personal assets, like your house or investments.
To file an S Corp. First you form an C Corporation, then elect for a subchapter S. You can do it online yourself for about $150. Sounds confusing? That's why we're hiring an accountant to handle all that. It costs around $800, not including their fee. But it takes about 2 days, and then you have your Tax ID number to do business. With a tax ID, we can open up a business account, sign a lease, and start ordering yarn!
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where? where?
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