Can an S Corp salon owner also be a booth renter sole proprietor for tax purposes for their hair styling business? Jim
Jim, yes it is possible for a person to have multiple entities. We have numerous clients with multiple entities. To answer you properly I would have to know exactly what your S corporation is doing. We do have situations where S corporations, or partnerships, or limited liability companies own booth rental operations with several booth renters and then the owner of the operation also rents a booth from the S corporation. If this is what you are referring to you can do this but there may be other options that are better for you.
Check with your tax advisor. A competent tax professional should be able to give you the advise on the best method for you to organize your operation to save taxes and limit your liability.
Check with your tax advisor. A competent tax professional should be able to give you the advise on the best method for you to organize your operation to save taxes and limit your liability.
It is a pleasure serving you.
Larry Kopsa CPA
