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Originally Posted by Phil Goat Nelson
Probably all it means is that until 11/7 the business was simply a "sole proprietorship, or possibly partnership", which many businesses are automatically by default if they don't go through the legal process of organizing as a corporation or LLP / LLC. And that would mean their business income would simply be reported under the owner's form 1040.
But it is very interesting that somehow now, in the middle of all else that going on with the controversy, they suddenly discover the benefits of becoming structured as a Limited Liability Corporation. Evidently some lawyer explained to someone that is one way for them to protect their personal assets from lawsuits relating to their business interests.
Great job Brian!
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Don't know if Ohio state law would allow for something like this, but it's plausible I guess. Wouldn't make much sense however to file earnings and expenses in such a manner when there's already a registered business on the premise. Using the already registered business would be much easier...particularly where reporting sales tax from the customer is concerned. My wife is considered "self employed" for her part time job she does through the County's Department of Aging, and every year doing her part of the income taxes is a pain in the tush, what with filing self employment tax, SSA benefits, etc.