An LLC is seen as a partnership by the IRS unless you ask the IRS to see your LLC as an S-Corp. At least that is the experience I've had.
So if you do not request the IRS see your LLC as a S-Corp you will have to report your business earnings or losses on a schedule C.
I would consult an attorney who is well versed in forming LLC's if you are planning to form an LLC. You might spend $500 to form an LLC. You can do it yourself by researching the Arizona Revised Statues, however there is always that one little detail that is overlooked that can become a big deal down the road.
------------------------
Keith Smith
--- On Thu, 4/26/12, Eric Cope <
eric.cope@gmail.com> wrote:
From: Eric Cope <
eric.cope@gmail.com>
Subject: Re: Accounting software.
To: "Main PLUG discussion list" <
plug-discuss@lists.plug.phoenix.az.us>
Date: Thursday, April 26, 2012, 11:47 PM
For tax purposes, LLCs and S-Corp are the same. I've heard S-Corps have stronger corporate veils... YMMV. You can do all the leg work yourself, but its probably worth paying someone to jockey around for you the forms and teach you the intervals to submit all the silly paperwork to ADoR and the IRS. See if you can find an accountant in your area to help. I'd expect the costs to be $300-500. The paperwork, ads, etc will be $200-300 doing it yourself.
Good luck!
Eric
On Thu, Apr 26, 2012 at 11:41 PM, Michael Havens <
bmike1@gmail.com> wrote:
my business is going to be a servic-based business. I will be doing secret-shopping and product demonstrations in stores. If someone would teach me what I need to do I would really appreciate it. I'm thinkng an LLC. I mean who knows what will hiappen if someone gets sick after eating something if I prepared it wrong.
On Thu, Apr 26, 2012 at 11:11 PM, Michael Havens <
bmike1@gmail.com> wrote:
yeah.... I heard about quasar on linuxappfinder.com . I wanted to hear some real world opinions. Why would Quasar not befor a home business? (that is what this will be) What is the point of sale module?
On Thu, Apr 26, 2012 at 5:14 PM, Kevin Fries <
kevin@fries-biro.com> wrote:
For small business (not home), I like a package called Quasar (
http://www.linuxcanada.com).
It is free for a single machine that does not require the point of sale module.
Professional tool to do a professional job.
Kevin
On Apr 26, 2012 5:48 PM, "Nathan England" <
nathan@nmecs.com> wrote:
Seriously? LibreOffice Calc.
If linux had even a *semi* decent accounting program I believe a LOT more companies and individuals would be willing to use linux on the desktop. Unfortunately, they all suck. Badly.
http://moneydance.com/
Is by far the best, though it is not free and better for personal accounting, not for a business. It is getting better at the business side.
GnuCash is an accounting program but it is so complicated to use it is not worth the time or hassle. Sorry Mike!
I used one some time ago that was actually really good, but the company made it gargantuanly expensive and it competes with Peach Tree accounting software.
Your last bet is:
http://www.linuxledgers.com
http://www.ledgersmb.org/
http://sql-ledger.com/
Good luck installing them!
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