Starting a Photography Business

[CINNIE01]

Hello,

I am starting up my own photography business - specializing in artisitic photographs & stock photography - I won't be doing portraiture just yet (I anticipate I will start doing portraiture roughly 1 year from now). I am in the process of deciding if I should form a LLC, Inc, or a Sole Proprietorship. I understand that a LLC and Inc can safeguard against potential unforseen legal/financial issues (so as to not interefere with my personal assets), but since it will be only myself working (no employees and no partners) I'm still unsure which option is the best for my new business? I really do not want to keep meeting minutes (which I assume rules out an Inc), but I want to essentially "cross all my t's and dot all my i's" to ensure I abide by all laws and make a sound decision for my new venture.

I appreciate any advice or assistance you can provide.

thank you!!!!

 

[Michael Wechsler]

Hello,

I am starting up my own photography business - specializing in artisitic photographs & stock photography - I won't be doing portraiture just yet (I anticipate I will start doing portraiture roughly 1 year from now). I am in the process of deciding if I should form a LLC, Inc, or a Sole Proprietorship. I understand that a LLC and Inc can safeguard against potential unforseen legal/financial issues (so as to not interefere with my personal assets), but since it will be only myself working (no employees and no partners) I'm still unsure which option is the best for my new business? I really do not want to keep meeting minutes (which I assume rules out an Inc), but I want to essentially "cross all my t's and dot all my i's" to ensure I abide by all laws and make a sound decision for my new venture.

A sole proprietorship is typically not the way to go, as it seems you know. Another alternative is the S corporation. I know there is a post here that gives you the benefits of each of an LLC and S corporation but you hit the nail on the head. You won't have administrative issues with the LLC although there are annual costs and other small items. You should definitely check tax issues in your state - in NY there are serious differences in being an LLC and an S Corp (especially in New York City) where it is more advantageous to be an LLC for tax purposes. Good luck with your business!