Business Structure To Choose For Your Record Label Pt.1

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Business Structure To Choose For Your Record Label Pt.1


Whenever establishing a company, you will need to consider which type of  Business Structure to build. Your main kind of business  Business Structure (e.g, sole proprietorship, partnership, LLC) dictates which income tax return form you will need to file.

The government levies four simple kinds of business taxes:

Income tax
Self-employment tax
Taxes for employers
Excise taxes

to find out more about these types of taxes, visit the Internal Revenue Service’s (IRS) Guide to Business Taxes.

Federal Income Taxes

Choose the Business Structure of your company below to learn which federal government tax forms you will have to file :

Sole Proprietorship
Partnership
Corporation
S Corporation
Limited Liability Company ( LLC )

 

State Income Taxes

Almost every state levies a business or corporate income tax . Similar to federal taxes, your state tax requirement varies according to the legal structure of your company. For instance, in the event your company is an LLC, the LLC is taxed separately from the business owners of the business, while sole proprietors report their personal and company income taxes using the same exact form used to report their company taxes.

Be sure to check out Legalzoom.com to get the forms you need to set up your Business Structure.

Business Structure To Choose For Your Record Label Pt.2

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