What is the best business type for a commission only self employed mortgage broker?

I would include my wife as a business partner if it made sense financially. My goal is to pay the least amount of taxes. All income is reported on 1099's.

Answer:
Assuming you want to protect your personal assets, you could set up an LLC. These offer all of the benefits of the partnership but with the protection of a corporation. All states have them.

You would not have to have your wife as a partner if you do not want to. You can form one person LLCs.

Check with your states secretary of state office.
The best thing to do is determine what your business goals are. It it's tax reduction, then nothing beats a corporation. if it's liability protection, then a limited liability company (LLC).

Consider this: the IRS allows an LLC (which affords liability protection) to be taxed as a corporation! The best of both worlds! That's what I do.

Consult with a certified financial and legal professionals about your goals. you can try: www.alglaw.com for more information (I do not use them, but I do know that they help a LOT of people out with their buisness and financial goals).

The answers post by the user, for information only, BAnswer.com does not guarantee the right.

Other Questions and Answers:
  • What websites host online schools?
  • what are small buisness owners responsible of?
  • are there any grants out there for women starting businesses?
  • i want to start a business as a shopping coordinator . How do i start?
  • What percentage of daily sales should a restaurant expect to comp to its patrons ?
  • What advice do you have for opening a biz on ebay selling small quantities high quality jewelry?
  • Does anyone know anything about starting a kettle corn- popcorn business?
  • Tell me on Ethical Question ?