Tax Law Question?

Question

My friend and I have started a business and are wondering if you are required to file any special tax documents with the start of the business and should we be paying quarterly taxes to the community in which the business is registered in. 10 pts. goes to the person who can give me a link to a tax law business for a Corporation and an LLC.

By the way we are located in Pennsylvania

Answer 1

Oh, so you let the lawyers talk you into being a corporation.  

Did they sign you up as a C corp or did they also file a form 2553 with the IRS and make you an S corp?  

Did they tell you that you need to pay yourselves a salary and tell you the filing/deposit schedule for your 940/941s?

Did they tell you that PA has a franchise tax?  Did they tell you that PA has a "capital stock" tax?  Did they tell you that PA has a sales/use tax?

http://www.revenue.state.pa.us/revenue/c...

Answer 2

the first question is what sort of business entity do you want to be - a corporation or a partnership?

Either way you should get a lawyer involved to draft articles of incorporation (for a corporation) or an organization document (for a LLC).

You'll also need to register the entity with the PA Department of State - go to the PA Department of State website for the required forms (the attorney will be able to do this as well).

You'll also need to file a Form SS-4 to get an employer identification number.  This form asks some pretty specific questions, so again your attorney will need to get involved in this process.

Once all this is done, you'll need to engage a competant accountant to handle your financial books and records.

Not doing any of the above will virtually ensure your failure.

Answer 3

http://www.legallawhelp.com/state_law/Pe...

http://www.irs.gov