Originally Posted by jbrink01
B&B BBQ and Catering, llc
Talk to your lawyer. Our reasoning was that it helps insulate you from personal liability. Plus makes it easier to satisfy the taxman.
PS - Bear in mind that to really satisfy the taxman, you need a business plan that shows a reasonable expectation of profit, thereby legitimizing the deductible expenses. You be the judge of how liberally you interpret that.
I agree. At some point in time the IRS is going to expect that a business make a profit. The first couple of years of any business are lean but after that my account has told me that we have to show sales that start wiping out some of the losses that have been deducted.
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