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May 15, 2011

Comments

Brian O'Connell

I'm curious about the negative impacts of having a business that doesn't really make any money. Besides the obvious, that is. For example, a photography company that runs out of the person's house. If the person doesn't make many or any sales for the year are there any tax implications they could get slammed with that would make the person want to say "nevermind... I don't want to be an official company anymore?"

Carla Santiago

Wow, thank you for this. My daughter wants to open her own business for the longest time and I just sent her the link to this article. Thanks!

Daryl

I've read both Gerber and Kawasaki's books and second the recommendation, especially on The Art of the Start.

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    A reader should seek advice from an independent tax adviser with respect to the information on this blog based on the reader’s particular circumstances. This advice is intended to be general information and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS regarding the transaction or matters discussed here.
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