Starting up a business, questions galore?

Question

I want to start up a film studio business. Thats not important right now. What is important is the form of business I want. I'm not quite clear on the different business structures. I want to be the single owner who controls the whole business, but I want to personally be seperately identified to my business and not personally liable. I want to have a bank account for me, and a business account seperate for it. Starting a project is cost demanding, so I want the business to have its own account where it can pay the costs for each project, and I am paid seperately, similarly to an employee. Can you help?

AlCapone · Accepted Answer

You can be a Sole Proprietor and have a company name, a business license with that name, a business bank account and checks with that name, a tax number, a web site that doesn't identify you personally, and even a separate business telephone if needed. As for not being personally liable, an LLC gives you some protection but not in all situations, and it's much more complicated. With a film studio, the LLC is probably what you want.

Angelique · Answer

If you want to be paid wages reported on a W2 you must be and LLC that chooses to be taxed as a S Corp, or be a S or C Corp.  Both the LLC and corporate structures isolate your personal liabilities from the business ones unless you sign a personal guarantee.  Visit your local SBA office.  They can help you set up a business plan and help you find an accountant and an attorney.

Success · Answer

Find the book called How to Create Fund and Start Your Own Business.

Rocky · Answer

The SBA web site and office has info on any type of business to help you succeed and realize things you have yet to think of

Frankie · Answer

Look into setting up an LLC.

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Starting up a business, questions galore?

5 Answers