2009 February | Small Business Startup

Free Business Start Up Ideas: Firewood Delivery

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Free Start Up Business Ideas: Apartment Locator

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Ideas for a startup business.?

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I am looking for intelligent suggestions / ideas for a start-up business. My Initial capital is up to 500k (albeit less would be better) and we are not looking for franchised businesses. Can think of a few myself but would like to just put it out there to see what suggestions other might have.

I agree with the first poster. This probably won't help you much… but really to be successful in business you have to passionate about what you're doing. If you have a passion for it you will put extra time and effort into it and customers will see that and you will make money. But I'm coming from a restaurant point of view…

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Ideas for a startup business.?

Posted by admin under startup business ideas

I am looking for intelligent suggestions / ideas for a start-up business. My Initial capital is up to 500k (albeit less would be better) and we are not looking for franchised businesses. Can think of a few myself but would like to just put it out there to see what suggestions other might have.

I agree with the first poster. This probably won't help you much… but really to be successful in business you have to passionate about what you're doing. If you have a passion for it you will put extra time and effort into it and customers will see that and you will make money. But I'm coming from a restaurant point of view…

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For tax purposes, is an LLC startup date the same as the filing date?

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We formed a real estate LLC in late 2006 and registered the entity with the state of Texas at that time, but didn't actively conduct business until the LLC purchased a property in Februrary 2007. We did not file a tax return for '06. Is there any problem with claiming that the business startup date is Feb '07 on our tax return, and deducting startup and org (filing) expenses paid in 2006?
Thanks!

How you will handle this depends upon how the LLC is organized.

If you opted to have it treated as a corp at the Federal levey then you owe the IRS a corp return for 2006. Corps MUST file a return EVERY year regardless of any income or loss. Startup costs from 2006 will be carried on the books and amortized over time depending upon the amounts involved.

If you didn't opt to be taxed as a corp then what you'll do depends upon whether it's a single member or multi member LLC. Both are "disregarded entities" and they're treated as either a Sole Proprietorship (single member LLC) or a partnership (multi member LLC). The filing requirements of a Sole Proprietorship or Partnership therefore would apply.

If a single member LLC the income and costs flow directly to Schedule C on your Form 1040 tax return. Any startup costs from 2006 have to first be considered in 2006 with any remainder amortized over a period of years. You can't just deduct 2006 startup costs in 2007, it doesn't work that way.

If a multi member LLC, the LLC first prepared a Partnership return on Form 1065. The shares of any income, losses, startup costs, etc. then flow to the partners' individual income tax returns via Schedules K-1 that are prepared as part of the Partnership return.

If all of this sounds Greek to you you should consult a local CPA or EA who specializes in small business tax issues. This is NOT a task for the storefront tax prep mills!

Most folks who form an LLC needlessly complicate their lives and taxes while getting no back-end benefit from the LLC. The only real benefit from an LLC is that it MIGHT shield your personal assets from business liability.

That's a pretty hollow promise in TX as your homestead — the primary asset that most taxpayers are trying to protect with an LLC — is already protected by State law against any claims except unpaid taxes, child support, mechanic's liens, and unpaid mortgages. You could get drunk in TX and take out a school bus full of children and your homestead would be safe from any claims.

Unless you have significant assest in addition to your homestead an LLC is a needless expense. Most businesses would be far better protected with a good general liability business insurance policy. That can cost less than the added costs of dealing with the tax and bookkeeping issues of an LLC AND provide better protection to boot.

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