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if you do any business outside that entity while it is being formed you are personally responsible. Better to have the entity in place right at the start. And second, you would need to file two tax returns for 2017 – one as a sole proprietor for operations outside the new entity and then one as the entity itself.
When we create an entity in December, so it’s ready to go in January, we don’t need to file a tax return for 2016. The Company is in its ‘organizational phase.’ But if you want an extra year for business credit purposes filing a zero return is very easy and inexpensive.
As well, you won’t be paying extra corporate fees for 2016. Most states bill on an annual basis, meaning, for example, you won’t owe Wyoming’s $50 fee until next December. Even California, which charges on a yearly basis, won’t charge you for 2016 if you file after December 15th. You’ll just owe the total for 2017.
Now. After you incorporated the business, we show you how to build business credit without a personal guarantee? This will eliminate you using a personal credit with building the company its own credit file.
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