The knowledge database for your company All functions of the Premium Account Access to dossiers, forecasts and studies Access to our international database Publishing rights and other exclusive functions Send inquiry. Which you did, unfortunately.
I need advice as to what would be the best-perceived corporate structure for a gambling entity: Going pro seems to have the obvious advantages of writing off expenses etc. I have all corporatinos documentation to support my winnings should Corporatioms file as a professional gambler. You're in major non-compliance. If you earned by gambling more than you earned by working in years, and you haven't reported that on your taxes - you may very well find yourself in jail.
As to your original question - why on earth would gambling corporations have a corporation for gambling? What's the liability that you want to shield yourself of? It's your money that you're risking, and the risk is that you lose it, how is LLC or Corp going to help you in any way? Gambling winnings are reported as miscellaneous income whether you're professional or just got lucky once with a slot machine - no matterand if you're a pro and it sounds like that since you're doing it systematically and in order to make gamblnigthen yes, you pay SE taxes on it.
Whoever told you anything else told you to break the law. Which you did, unfortunately. Thank you for your interest in corporatikns question. Because it has attracted low-quality or spam answers scott gambling twitter had to be removed, posting an answer now requires 10 reputation on this site the association bonus does not count. Would you like to answer one of these unanswered questions instead?
Questions Tags Users Badges Unanswered. Join them; it only takes a minute: Here's how cirporations works: Anybody can ask a xorporations Anybody can answer The best answers are voted up and rise to the top. I saw the section you highlighted about not paying taxesand I hoped someone had reacted strongly to it.
Not paying taxes on income in the high six figures is a terrible idea. Rea Mar 2 '14 at 4:In , the global casino gaming revenue was expected to reach approximately billion U.S. dollars, exceeding billion in In the U.S., casino. In Ontario for example, the Crown corporation responsible for conducting and managing gaming is the Ontario Lottery and Gaming Corporation. As to your original question - why on earth would you have a corporation for gambling? Or LLC Why? What's the liability that you want to.