Greetings all, After years of desire I have finally decided to take the plunge and risk a new start up. I have a few questions ( well actually a million , but just these for now ). I am thinking of forming an LLC with myself and my wife as it's owners/members. In doing so, the business will be taxed at the federal level as if a partnership.
Question #1 : What would be the difference, tax wise, in choosing that option as opposed to having the business under only one of us and being taxed as a sole proprieter?
Question #2 : If I form the business now, but am not actually in opperation until the "08" season, can I claim any business expenses in preperation of opening against my own personal income? I was wondering this because an LLC is not taxed as a corporation but is filed on it's owners personal taxes.
Any and all help/advice will be very appreciated.
Keudiven
Question #1 : What would be the difference, tax wise, in choosing that option as opposed to having the business under only one of us and being taxed as a sole proprieter?
Question #2 : If I form the business now, but am not actually in opperation until the "08" season, can I claim any business expenses in preperation of opening against my own personal income? I was wondering this because an LLC is not taxed as a corporation but is filed on it's owners personal taxes.
Any and all help/advice will be very appreciated.
Keudiven
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