I’m interested in starting a part-time Bookkeeping business. I’m running another business and its setup as a Single Member LLC.
I have read several online articles and books, regarding the best business structure. Will it be best to structure my Bookkeeping Business under the Single Member LLC or Incorporate as an S or C corporation? Also, I have attained a second EIN for my bookkeeping business so, I didn’t know I can use the same EIN for my second business. Would it be a problem for me to have two EIN’s for two companies and how will it affect me when I filed my taxes?
Congratulations on starting not one but TWO businesses! You have some great questions regarding your business entity. Unfortunately I cannot give you this kind of advice in this forum. Your best best is to contact a tax attorney who can take a look at your business and give you the best advice. We have a National Bookkeeper Directory that includes companies who not only provide bookkeeping services but tax planning and prep services as well. I have included the link to that directory below:
Good luck to you,
Crystalynn Shelton, CPA