entity choice CA licensed general contractor - Spidell

entity choice CA licensed general contractor

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Message Board entity choice CA licensed general contractor

This topic contains 1 reply, has 2 voices, and was last updated by Lynn Freer 10 months ago.

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  • #120132
    Anonymous

    CA Licensed General Contractor currently operating as a sole proprietorship wants to incorporate. Is it true that CA licensed individuals must choose C or S Corporation for entity type? Also, does a general contractor’s income count toward QBI and does this type of business fall under “specified service trade or business” under TCJA? Thank you!

  • #120278
    Lynn Freer
    Participant

    A licensed contractor may also operate as an LLC but there are insurance requirements. They can also be a GP or an LP

    Construction is not a specified trade or business so the net income can qualify for 199A.