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Old 05-20-2010, 10:55 PM   #16
Is lookin for wood to cook with.
Join Date: 06-10-09
Location: Midland TX

Thank you all for your help. I do not have any employees, and probably will not, however liability insurance is something I have also been looking at as well. I think the best answer for my situation would be to go ahead and form a single member LLC and stick with the Schedule C option plus the liability insurance. Other than that I think that this answers my question.

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Old 05-21-2010, 12:08 AM   #17
Babbling Farker
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Join Date: 09-22-06
Location: Pleasant Valley NY

thanks everyone for some great info!
Sean Keever

"What sort of people are these charcoal masters? They behaved badly and were unconcerned with appearances. Their hair was long and unkempt and their clothes were wrinkled and old. They drank beer to and from the crab house and they made rude noises while we cooked." Tao of Charcoal
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Old 05-21-2010, 08:41 AM   #18
Knows what a fatty is.
Join Date: 10-10-09
Location: Sugar Land, Texas

Unless this is a true business venture, I think you would be well advised to increase your personal liability coverage. If you form an LLC or an S-corp, you will have more tax returns and reporting obligations than you can believe, complete with penalties for non compliance. Ask your CPA to outline the tax returns and periodic reports for each of the entities, and the attendant filing costs, before you make a decision.
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