Am I responsible for taxes if I have a business name?
July 8, 2005
Subject: Tax Advice
Date: Sat, 25 Jun 2005
I recently registered a small business name. Am I initially responsible for any taxation? If I conduct no business, am I accruing tax debt?
Date: Fri, 01 Jul 2005
The only tax debts I can think of that you might be "accruing" are for your business license and any personal property taxes. If your business is organized as a corporation, limited partnership or limited liability company, you could also be liable for minimum franchise taxes. You either need to hire a tax consultant or invest the time to study how a small business works and how a small business is taxed.
For answers to new questions, subscribe to our newsletter, Michael Gray, CPA's Tax & Business Insight by filling out the form below.
Home Newsletter Archive Introducing Michael Gray, CPA Articles Tax FAQ Need Help? Other Links