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Original thread:
Post 10 made on Saturday August 6, 2016 at 15:13
gerard143
Advanced Member
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May 2012
956
On August 6, 2016 at 12:24, BigPapa said...
Hire a pro. Talk to a CPA or MBA.

I myself am a C corp. Back in 2007 when i was exploring it and talking to lawyers I did not value their opinions. I felt like I was more educated then them. So then I went on to CPA's. I found i was also hesitant to take their advice as many were opinionated or biased without much accurate reasoning behind it. So i dug deep into the topic myself. Read three huge books on the subject and did a ton of internet research and ultimately chose a C corp. I can't recite all the reasons why I chose that a decade later but figured i'd throw up this post to see what others went with. I know with a C corp you get lots saying owh noo... double taxation but that is easy enough to avoid. Amazon is example of a company that is really using the C corp structure to its full potential. Showing zero profit and reinvesting in the company. A lot of shareholders gripe and want to see profits profits but I think bezos is very wise in what he is doing.[Link: ben-evans.com] Anyways I also like the retaining earnings benefits, the fringe benefits and the structure has been around since the dawn of time lol. So its proven in courts. They warned about llc's a lot back in 07 being that they were a newer entity and there wasn't a good history with court cases with llc's yet to establish a base line of how well covered you'd be compared to a c corp. But a decade later I'm sure thats not much of an issue. I like that an LLC doesn't require minutes and you can still elect to be taxed like a C but keeping minutes isn't that much of a hassle so I don't see much advantage to switching as I don't think i'd be looking to be taxed as a partnership.

But the subject seems to be a tough one with lots of varying answers from professional's i have talked to. I guess I am not surprised with as crazy as the tax code is.

Last edited by gerard143 on August 6, 2016 15:24.


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