New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.



Asked by: Martha  — 25 October, 2011

I am life coaching and organizational consultant starting business in Florida. Do I need to declare taxes from a formal company? Which one would be the best option for me? What do you recommend me? Thanks a lot for your answer.

Answered by: admin  — 25 October, 2011

Dear Martha,

Technically you could do your business without registering a legal entity such as an LLC or corporation, in other words as a sole proprietor with or without a DBA (doing business as). If you choose to go that way and register a DBA keep in mind in Florida you need to do publication in a newspaper in your county (we help with that of course).

You could of course register a legal entity for your business, in which case I would recommend an LLC as it is more flexible tax-wise (since you can elect it to be taxed as disregarded entity, S-Corp or C-Corp, depending on your situation), and its more simple to maintain.

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