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    #1

    entity choice

    New Business set to open in Dec. Farm store(hay and other farm goods) One owner--what would be the best entity choice for him.

    Thanks
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    #2
    I usually suggest to my clients who start a new business to operate as a SP for awhile. If it is determined that another form of entity would be better, then a change is made at that time. Also, I remind my clients that I am not giving them legal advice, but rather making suggestions from a tax point of view.

    There are some situations that scream for the formation of either a PS, LLC, or Corp. In these situations, I encourage my client to seek legal advice.
    Dave, EA

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      #3
      Llc

      If LLC's are popular and your state laws are LLC friendly, I would go that route for the legal protection. The reporting would still be a 1040 Sch C. plus any LLC state reporting requirements your state has.

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