I also think that a S-Corp would be the right decision. I any event I would not compile your business interests. Keep one seperate from the other, as should anything happen, or in case you want to sell a business, you can give 100% info as to the state of the business.
Seeing as you have home equity, I would take the entire scenario to a good CPA. You can incorporate online (www.legalzoom.com) and that would save you $$, but your taxes should be then done by a professional.
If you are on your own and have no employee’s the best way to go is a “sole proprietor”. You can bring all of your ventures under one umbrella by simply getting a EIN number and completing the licensing process for your state, county and maybe even city. This is the most inexpensive way to establish your legal business entity and holds you responsible for all assets and liabilities. The other option is to form a limited liability corporation (LLC). In this case you have to go through the process of filing as corporation and there is much more paperwork and expense involved. If you are going to be the only employee your best bet is a Sole Proprietor!
Comments on what is the best type of corporation for me (see details) and why? »
I would incorporate, and file for S-Corporation status with the IRS. In most states, you can state your type of business as “any lawful business”.
I also think that a S-Corp would be the right decision. I any event I would not compile your business interests. Keep one seperate from the other, as should anything happen, or in case you want to sell a business, you can give 100% info as to the state of the business.
Seeing as you have home equity, I would take the entire scenario to a good CPA. You can incorporate online (www.legalzoom.com) and that would save you $$, but your taxes should be then done by a professional.
If you are on your own and have no employee’s the best way to go is a “sole proprietor”. You can bring all of your ventures under one umbrella by simply getting a EIN number and completing the licensing process for your state, county and maybe even city. This is the most inexpensive way to establish your legal business entity and holds you responsible for all assets and liabilities. The other option is to form a limited liability corporation (LLC). In this case you have to go through the process of filing as corporation and there is much more paperwork and expense involved. If you are going to be the only employee your best bet is a Sole Proprietor!