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I want to create a entertainment company, what steps should I take? Would I pay a-lot of taxes if I had 2 companies?

New York, NY |

I've done research but I don't want to leave out anything.

Attorney Answers 5

Posted

When you start a company, the first place to go is a business lawyer, so he can discuss with your corporate structure, and taxes.

If you'd like to discuss, please feel free to call. Jeff Gold Gold, Benes, LLP 1854 Bellmore Ave Bellmore, NY 11710 Telephone -516.512.6333 Email - Jgold@goldbenes.com

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You should hire an attorney to help you assess the most efficient and advantageous business structure not only for tax purposes, but also for running your business.

Andrew B. Gordon, Esq., CPA
www.GordonLawLtd.com
(847) 580-1279

Andrew B Gordon is a CPA and attorney licensed to practice law in Illinois. The information provided here is for educational purposes only and is not intended as legal advice for a particular matter. This response does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult an attorney.

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You should not decide upon the business form you should have without knowing what the tax implicaions are, as well other considerations such as decision making requirements, future expansion, and reporting requirements, and the ultimate dissolution of the buiness if it becomes necessary. For example, there will be tax implications choosing one type of corporation over another, not just how many companies you have. So, as any prudent person creating a business, you should spend the money necessary to consult with both an accountant regarding tax implications of various forms and a business attorney. Sometimes the latter will know the answers to the tax issues, but not necessarily all of them. Consider using professionals to assist you part of the research and paying for professional services is necessary in starting and operating a successful business.

If you found this "helpful" or "best answer," please click it with my appreciation. My response is for educational purposes and does not constitute legal advice which requires all the details, nor creates an attorney client relationship.

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Posted

You need to read a few books on how to start a business in New York. Two are linked-to below. Then visit with an intellectual property attorney to help you. Good luck.

The above is general information ONLY and is not legal advice, does not form an attorney-client relationship, and should NOT be relied upon to take or refrain from taking any action. I am not your attorney. You should seek the advice of competent counsel before taking any action related to your inquiry.

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Posted

The New York State Division of Corporations has very useful information on FAQ on business corporations that should help http://www.dos.ny.gov/corps/bcfaq.asp#inc

In terms of the tax implications, it will depend on a lot of factors and you should consider consulting a lawyer before you move forward.

General info only, not legal advice

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