More details to this question:
I am starting my own magazine with several friends, but we are uncertain if we need to get a ficticious business, or if there are specific steps that we need to take for tax purposes. Is it also true that I don't have to show a profit immediately?
2 ANSWERS
Sam Louis Levine
I would be happy to talk with you if you are interested. Please feel free to call if you would like. Take care!
Answered on Jun 09th, 2011 at 9:16 AM
Bruce Givner
You need to sit down with a competent CPA and have a discussion about the form of business: LLC; partnership (limited or general); corporation ("C" or "S"); sole proprietorship. This is not the type of question for which you can get an answer over the internet. However, of course you do not have to show a profit immediately: few businesses do. If you tell me where you are located I will be glad to give you the contact information for a few CPAs.
Answered on Jun 08th, 2011 at 10:54 AM