August 31, 2015
My first response to the client is, what type of entity structure did you form? They sometimes look at me with a puzzled look and then I respond with, was the LLC set up as a single member (sole-proprietorship), corporation (shareholders/officers) or a partnership (2 or more individuals). From their answer I can then further advise them concerning the recording of profit or losses. Also, business owners need to understand that a LLC set up as corporation or partnership will file different forms and have different due dates than an individual filing a personal return, that contains a LLC taxed as a single member. I always advise new business owners to meet with a CPA as soon as the LLC has been established or before. The tax consultation will help with the tax planning portion of running a business. The initial tax consultation that I provide is free of charge. Please take the time to visit my website www.timquinncpa.com for further information. You can also email me at firstname.lastname@example.org with your questions.