LOL, now I'm a bit more (or less) confused. :-) So Terry, I take it you think the corp. veil DOES protect even a one-man show? Would you mind expanding on your disagreement? Also, I'm assuming you are not referring to the shares statement. I also would not want to go public. That's a bit too big for me. I want to keep the business small (between 3 and 20 employees ultimately). For now it's just me and a some contractors.
Thank you! Holly Terry Brown wrote: > 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 -~----------~----~----~----~------~----~------~--~---
