Hot Business Tips

Bachelor boy asked:


1) Assume they have a family business already running and they start another.
2) Assume they do not have family business and are new to doing business and may or may not have guidance.
3) Assume they worked in management positions and non management positions in any company.
4) Assume that they may or may not have studied business management.

Matt asked:


I am about to start a new business entity (probably an LLC), but I have already been earning income (intended for this business) under my name and personal bank account, since the LLC has not been formed yet and I do not have a business bank acount yet.

I will probably be filing IRS Form 8832 so that the LLC is taxed like a corporation, and can seperate my personal income tax from my business income tax.

Can I transfer income related to the business that i personally received before starting the LLC into the LLC so that the business would be taxed on it, and it would not be applicable towards my personal tax? How would this be done?

The income was received within the 2006 tax year, so I’m assuming i may need to start the LLC within 2006 as well?

bobinn asked:


Looking to develop a new business that does not require collecting Texas sales tax on products or services. Are there such business out there?