tax advise for new business

7 Steps to Start Your Painting Business

7 Steps to Start Your Painting Business

Setting up your business correctly will save you legal and tax problems down the road. Here’s a step-by-step to get your paint business off the ground.

Step 1: Determine business type.

  • Starting out, filing your business as an limited liability company (LLC) will most likely be best. An LLC provides liability shelter for small business owners.

  • Filing as an LLC can be done with your secretary of state. Just google “[your state] secretary of state”. Most states give you the option to file online and charge around $150.

  • Down the line, if your business earns profits above $75,000 or so, consult a tax accountant on whether you should incorporate as an S Corporation to save money.