RE: Are you Business Savy?

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RE: Are you Business Savy? - 5/28/2009 10:16:49 PM

OrionTheWolf

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~FR~

I suppose most do not know that an LLC can file taxes as an S-Corp, or Partnership. An LLC does not require an annual meeting of the officers and notes sent to the State. An LLC offers the same corporate veil that an S-Corp does. If you are not going to have many assets, and no more than 2 partners, and not looking for further investors after initial start up, then an LLC would work fine. I am sure SCORE will tell you the same.

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RE: Are you Business Savy? - 5/29/2009 4:21:49 AM

housesub4you

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Geez Steel, I wish you would have wrote this 2 weeks ago. Why I had a Mistress write me, telling me she was willing to take over my business and all my investment if I would serve her. She said she had a "Billionaire" friend who would run everything for me.

Boy!!! I bet having a Billionaire friend of a Mistress would be a great help to you

I used Score when I started my business and you can't get better free advice anywhere. hell they even can to my place and set up all my software on my computer

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RE: Are you Business Savy? - 5/29/2009 4:32:10 AM

SilverMark

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The first time I went inot business for myself I consulted with the local college's business school they helped with EVERYTHING!...they were a great resource and even helped in the SBA process.
I am a big fan of the S corp. for tax reasons!!!!....

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RE: Are you Business Savy? - 5/29/2009 7:54:18 AM

LadyHibiscus

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I am a fan of S-corps myself, and I am even doing an S election for myself after having a C forever. (and they are not any more complex, corporate taxes for privately held businesses are actually easier than individual! but, I do this for a living so my view might be skewed).

Just tossing this out there---there is a thing called a Personal Service Corporation, that pays a hideously high flat rate tax, 36% or so. Doctors, lawyers, architects, accountants... these are folks who NEED to be an S corp to avoid the PSC tax.

Orion, here in Michigan the state does not require any filing of corporate minutes with the state. The annual "meeting" can consist of a sheet of paper noting that nothing has changed from the past year.

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RE: Are you Business Savy? - 5/29/2009 9:22:27 AM

SteelofUtah

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Having been updating my education of these things I am still in a bit of a pickle with the deciding of how to handle it.

The Partner I have chosen I have done so for a reason and we are both very clear on those reasons and we both agree to sitting down and hammering out EXACTLY what we are okay with and what we are not as for the business, it we cannot reach a mutual agreement then no harm no foul but it will be given in the write up of the business what we will and will not be allowing.

The newest belief is that we both form individual LLC's and Then enter in to a LLP (Limited Liability Partnership) This is not yet been discussed with the SCORE sounding board yet as to the benifit vs the struggle but from what I currently understand neither of us will have complete control of anything and everything will need to be accounted for. Now later on when the business grows we can simply transfer our status to an S-Corp Status and change things that way bit for the start LLC for both of us seem to make sense.

So what are those who are business savy opinions on this?

Steel

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RE: Are you Business Savy? - 5/29/2009 2:36:46 PM

OrionTheWolf

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I have several clients that have done exactly what you are speaking of. The terms of the LLP need to be clearly stated, and you both should seek seperate legal advice on it. Legalzoom.com makes it easy and cheaper to file an LLC.

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