Thanks for the book suggestion...it looks good. I'll check it out. ferodynamics wrote: > I wasn't talking about going public. When you incorporate you need to > decide how many shares of stock you will have. > "How to Incorporate" is a good book that explains many problems with > corporate stock - http://bit.ly/16To0Q > > On Aug 22, 4:39 pm, Holly Fortenberry <[email protected]> > wrote: > >> 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/ >>>> > > >
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