Legal Question in Business Law in Florida

tax laws

We have run a small sole proprietor business for the past 5 years, we were recently talked into incorporating, back in 06 june, we made a different name for the corp as we were told our sole proprietor business would fall under this, can we file as a sole proprieter or do we have to file 1/2 of the year as a corp, how do we dissolve this corp name, and just be a sole propriter?? should we ?? we paid in no quarterly taxes???


Asked on 4/15/07, 4:52 pm

1 Answer from Attorneys
Johm Smith tom's

Re: tax laws

You probably should have become a limited liability company because it is simpler than a corporation to maintain, and you can still be taxed as a sole proprietorship. You can file to be an S-corp and be taxed as a sole proprietorship. The IRS or an accountant will have the forms you need. But you may have an issue because you have not been filing quarterly; some penalties may apply. So see an accountant to get it sorted and put your books back in order ASAP.

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Answered on 4/15/07, 8:27 pm


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