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Personal liability in the future

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Tom Katz just started a house painting business (as a sole proprietor) in Philadelphia, PA. He calls his business "Katz's Philly Painting." To start his business, Tom purchased supplies (paint, brushes, etc.) from Sylvester's Supply Co. on credit. Although, his business has been improving, when it came time to pay the $1,000 bill to Sylvester, the business hadn't made any money.

Will Tom be personally liable to Sylvester for the bill and, if so, how much is he personally responsible for?

If so, is there a way that Tom can limit his personal liability in the future?

Now, assume Tom's painting business is really going strong! The net profits in his first year of business have reached $50,000! However, tax season is on its way. Tom is not sure how to file taxes for the income he received from his painting business.

How should Tom report his income from his business?

Would this be different if "Katz Philly Painting" were a corporation?

Reference no: EM133212465

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