Am I responsible for taxes if I have a business name?

July 8, 2005

Subject:  Tax Advice
From:  John
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

Hello John,

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.

Good luck!
Mike Gray

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

Michael Gray, CPA
2482 Wooding Ct.
San Jose, CA 95128
(408) 918-3162
FAX: (408) 938-0610
Hours: 8am - 5pm PDT Monday - Friday

Find us on Facebook
Follow me on Twitter
Connect on LinkedIn
Our Blog

Subscribe to Michael Gray, CPA's
Tax & Business Insight

We respect your email privacy