QUESTION
What is the best type of entity type to use for a hobby turned into a small business?
Asked on Mar 12th, 2013 on Business Law - New York
More details to this question:
Is it best to open a hobby turned small business as aSole Proprietor, LLC, C-Corp, or S-Corp?
1 ANSWER
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One assumes you are asking from a tax point of view so your expenses associated with your former hobby will be deductable. A C Corp seems not appropriate, but the remaining three are equally capable to serving you if you meet the other tax criteria for hobby v. business.
Answered on Mar 12th, 2013 at 3:43 PM