riverblindness
New Member
My husband is in a small time band. They rack up lots of expenses. They're thinking of become a business so they can write off deductions and buy a van together, under the band name. I talked with a woman from H & R block. She said we didn't have to be a partnership to get deductions, plus she said we'd have to pay sales tax on shirts and cds we sold and on equiment we owned. I'm not sure if thats right, since i read a partnership is not a taxable entity, maybe shes thinking of a LLC?
My question is. Is it wise for small time band to become a business? If so which is better a partnership or LLC? Plz provide me a detailed answer. I gotta convince 4 guys with all different options which is best. Thanks alot, and if you need more info, i'll answer whatever you want.
My question is. Is it wise for small time band to become a business? If so which is better a partnership or LLC? Plz provide me a detailed answer. I gotta convince 4 guys with all different options which is best. Thanks alot, and if you need more info, i'll answer whatever you want.