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Topic:
what form of business entity is your business and why?
This thread has 25 replies. Displaying posts 1 through 15.
Post 1 made on Saturday August 6, 2016 at 00:21
gerard143
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curious what most went with....

Sole Proprietorship
Partnerships
Corporations
S Corporations
Limited Liability Company (LLC)

and why. If an LLC, how did you decide to tax yourself?



I read three books on the subject and i've noticed most lawyers are quite opinionated but give varying responses not all the same entity.
Post 2 made on Saturday August 6, 2016 at 00:42
Trunk-Slammer -Supreme
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S Corp, but only because as a Sole Proprietor I was paying a crazy amount of taxes.


That happened when I got the news I needed to make a 35k quarterly payment in the next week.
Post 3 made on Saturday August 6, 2016 at 02:08
Bonavox
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On August 6, 2016 at 00:42, Trunk-Slammer -Supreme said...
S Corp, but only because as a Sole Proprietor I was paying a crazy amount of taxes.

That happened when I got the news I needed to make a 35k quarterly payment in the next week.

Really???

I thought you were a hack working out of the back of your Ford Pinto.....
Bill's Electric & Home Theater & Plumbing & Automation & Small Engine Repair, and Animal Removal Services......did I mention we do remotes also?
Post 4 made on Saturday August 6, 2016 at 10:58
Trunk-Slammer -Supreme
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On August 6, 2016 at 02:08, Bonavox said...
Really???

I thought you were a hack working out of the back of your Ford Pinto.....

I wish.

A Pinto would have given me more room than I had in the VW bug.

You ain't seen anything til you see a 60" RPTV strapped to the roof of a 66 Volkswagen with 32 bungee cords.
Post 5 made on Saturday August 6, 2016 at 12:17
BigPapa
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Single Member LLC taxed as an SCorp. Because taxes.
Post 6 made on Saturday August 6, 2016 at 12:17
vwpower44
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I am an LLC. I file as an S-Corp, so I don't pay corporate taxes. Depending on how much money you make determines whether or not to file as an LLC or an S-Corp. YOur accountant and lawyer should be able to figure this out for you.
Stay Hungry, Stay Foolish...
Post 7 made on Saturday August 6, 2016 at 12:24
BigPapa
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Hire a pro. Talk to a CPA or MBA.
Post 8 made on Saturday August 6, 2016 at 12:39
TAAVS
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This is the only "pro" I've come across in 14 years that will understand this industry and your business: http://www.ffbizcoach.com
Post 9 made on Saturday August 6, 2016 at 12:47
ceied
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C-Corp. only way
Ed will be known as the Tiger Woods of the integration business, followed closely with the renaming of his company to "Hotties A/V". The tag line will be "We like big racks and tight holes"...
OP | Post 10 made on Saturday August 6, 2016 at 15:13
gerard143
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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.
OP | Post 11 made on Saturday August 6, 2016 at 15:17
gerard143
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On August 6, 2016 at 12:39, TAAVS said...
This is the only "pro" I've come across in 14 years that will understand this industry and your business: http://www.ffbizcoach.com

and what does he recommend for an entity?
Post 12 made on Sunday August 7, 2016 at 12:20
ceied
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A double Dutch Irish sandwich all c corps.
Ed will be known as the Tiger Woods of the integration business, followed closely with the renaming of his company to "Hotties A/V". The tag line will be "We like big racks and tight holes"...
Post 13 made on Sunday August 7, 2016 at 17:31
bricor
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Non-profit
Post 14 made on Sunday August 7, 2016 at 17:46
AZCS
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Also an LLC filing as a S corp
OP | Post 15 made on Sunday August 7, 2016 at 20:10
gerard143
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On August 7, 2016 at 12:20, ceied said...
A double Dutch Irish sandwich all c corps.

lol
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