I respectfully disagree with everything you just said! :) Sent from my iPhone
On Aug 22, 2009, at 3:07 PM, ferodynamics <[email protected]> wrote: > > The LLC is the more modern form of the corporation. > > I think one big difference with LLCs, they don't have shares of > stock. If you read about corporate shares of stock you'll see there > are so many potential problems, I personally wouldn't touch that with > a 10-foot pole. > > The IRS doesn't care if you're an LLC or a Corporation, they see no > distinction, so no advantage one way or the other--just one big > disadvantage for LLCs and corps: more paperwork. The "s-corp" is an > IRS-specific term that has nothing to do with filing your articles of > incorporation, in other words: more paperwork and probably more > scrutiny if there's really a tax savings. > > I don't think there is much tax benefit to forming an LLC unless you > figure out all the "corporate lunch" loopholes that probably don't > apply to a small business anyway, good luck with that. As an LLC you > end up paying a higher "business rate" for everything, plus there is a > business tax you're going to pay to Texas every year, I forget the > name of it now--ask your accountant :-) > > As far as liability protection, this is a myth, just look up the > lawsuits yourself. If you're a small business, it's obvious to the > court who is at fault: you! I believe you only get liability > protection with a large business where it is not as clear who is > liable, but even then, good luck! > > I'm not a lawyer but I did just finish a business law class and spent > a fair amount of time on the IRS website, Secretary of State website, > reading books, etc. So my advice: as long as your business is small, > stay a Sole Proprietor and stay out of trouble and pay the self- > employment tax with a smile on your face. Texas State has a Small > Business Development Center and their advice is probably better than > mine, they have offices in Austin and RR - > http://www.business.txstate.edu/sbdc/ > > --~--~---------~--~----~------------~-------~--~----~ Our Web site: http://www.RefreshAustin.org/ You received this message because you are subscribed to the Google Groups "Refresh Austin" group. [ Posting ] To post to this group, send email to [email protected] Job-related postings should follow http://tr.im/refreshaustinjobspolicy We do not accept job posts from recruiters. [ Unsubscribe ] To unsubscribe from this group, send email to [email protected] [ More Info ] For more options, visit this group at http://groups.google.com/group/Refresh-Austin -~----------~----~----~----~------~----~------~--~---
