Posted by Robert Rainer on 9/1/06 11:19pm
Msg #143088

New to Notary

I am new to doing notaries and loan signings and wondering if anyone can tell me if they are using a sole propreitor business license or if an LLC is a better approach? What are you doing for your business write offs??

Thanks,

Reply by TitleGalCA on 9/1/06 11:39pm
Msg #143094

Robert your question is best suited to your CPA.

The notaries here have a lot of experience in their business holding and the tax ramifications thereof, but your best source is your own CPA.

It sounds like you are very green. Do a search for thread 33325 and you'll find a lot of answers there.

Reply by BrendaTx on 9/1/06 11:49pm
Msg #143102

Sue, you gave a very good answer.

Robert, please understand that lighthearted humor is rampant on this board, and when I read your post..."I am new to doing notaries..." I felt like MichiganAl (who is in Europe on vacation at present) would undoubtedly want that statement examined a little closer.

I wouldn't, but definitely Al would. But, I digress...

My real notary advice would be to do what Sue said, and you can go to my profile by clicking on my name and look at the last line there. You will see a link. I have put together an online book to help new notaries think through their business a little bit. A few basics. If you are brand new, I know you want to get your groove on and start earning right away, but please read Chapter 12 to see that being a notary, and being a signing agent are two different things.

Learn your notary rules really well.

For tax advice, got to IRS.gov and look for the publication which goes with Schedule C. Also, consult Pub 17 for information on SE Tax exemption. Check the index for notary public income.

Reply by Traveling2U on 9/2/06 12:10am
Msg #143106

I have some information outlined the pros and cons if you want to do notary services as a business. Written by loan agent. You can email me if you like and I'll be happy to share what I found.

I have a CPA, I own a Nevada Corp for 3 years I use for trading stocks, consulting and notary services.

[e-mail address]