I will try to make a long story short. 5 years ago we (me and my wife) started a small catering business, due to the trade (commercial printing) I was in has takin a big hit in California. We were able to add some much needed extra money to our household. We let the businesses die off when I went back into printing. Now things have calmed down in our life and would like to start pursuing the catering again. We have changed the name, and are seeking information on changing the structure from sole proprietor to s corp with cash option.
So my question is:
1. What are the legalities of the same type of business being closed and opened in such a short time frame?
2. The business is just me and my wife, or goal is to open a brick and mortar, we are looking for what it's best for growth.
3. What is the deadline for claiming it on 2014 taxes?
So my question is:
1. What are the legalities of the same type of business being closed and opened in such a short time frame?
2. The business is just me and my wife, or goal is to open a brick and mortar, we are looking for what it's best for growth.
3. What is the deadline for claiming it on 2014 taxes?
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