Legal Question in Business Law in New York
About paying taxes
When I register a company as a propraorship, do I have to pay taxes as an indivdual, or as a company.in other words,can I pay my company taxes as an individual?.
3 Answers from Attorneys
Re: About paying taxes
If you have registered your company aas a sole proprietor, you file and pay your taxes as an individual. you should seek out the services of a good CPA to make sure you filing the right forms and getting all the correct business deductions
Re: About paying taxes
As a sole proprietorship, the income you earn from your business flows to you personally and therefore you are individually responsible for the taxes. You should also know that you are also personally liable for most of the debts chargeable to your business. This is why many people establish entities, so that they can shield themselves from liability.
Re: About paying taxes
As a proprietorship you will pay taxes only on the individual (and not corporate) level. If you become a "C" corp., you will have to pay taxes at both levels.
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