I hear ya. Thanks! On Mon, Jun 7, 2010 at 11:49 PM, Larry Yunker <leyun...@wispadvantage.com> wrote: > Rick, > > Your comment regarding "owning nothing" doesn't take into account the full > picture. You have earnings and you will continue to earn money in the > future. If you are found liable for a tort or even for a breach of contract > as a sole proprietor, not only can the court order you to turn over assets > (house, car, and bank accounts), the court can garnish your current and > future sources of income to satisfy the judgment. In the end, you get stuck > having to file personal bankruptcy to eliminate the judgment/garnishment. > > While corporate formalities can be a pain they are a necessary evil if you > hope to shield yourself from the liabilities that flow from operating a > business. If you are simply looking for a pass-through income option, you > might consider forming an LLC which enjoys limited liability but works like > a partnership for purposes of pass-through income and loss reporting. > > Regards, > Larry Yunker > > > > -------------------------------- > Rick Wrote: > > I agree which is why I did S-Corp from the start. But then again, I > own nothing, so NO risk! Furthermore, I hear that the "corporate veil" > can be pierced if "you" do the work. Its just disheartening how much > crud you have to do to run a business (besides the actual business). > Thanks for the input! > > On Mon, Jun 7, 2010 at 1:53 PM, Glenn Kelley <gl...@hostmedic.com> wrote: >> Rick >> >> Sole Proprietor has its own back of nuttiness. You and everything you >> own is on the line. >> I have been there and it is far from fun. >> >> In short - you simply don't want someone having an issue and you >> loosing your home, car - etc over it. >> >> Thus the reason after I lost my shirt once - I will never do a sole >> proprietorship EVER. >> in my humble opinion - they should be illegal - because many just dont >> know the difference and assume it has a safety net. >> >> >> >> Glenn >> >> On Jun 7, 2010, at 1:43 PM, RickG wrote: >> >>> Its tempting to use a known CPA that is versed in our industry but >>> I've had issues dealing with those out of state. With that said, I'm >>> curious as to feedback on another issue. Who here is doing business as >>> a "sole proprietor"? I've been an "S-Corp" for years but considering >>> switching back due to its simplicity. This Corp stuff doesnt seem >>> worth all the hassle. >>> Thanks! >>> >>> On Fri, Jun 4, 2010 at 12:05 PM, Marlon K. Schafer <o...@odessaoffice.com >>> > wrote: >>>> I'm with Travis on this one. Sometimes we take the entire hit at >>>> once, >>>> other times we spread it out. It kind of depends on what we need for >>>> deductions and what the equipment is. >>>> >>>> Our accountant has taken a lot of time to learn this industry and >>>> is really >>>> good. The phone number is 509.982.2922 if anyone is looking for a >>>> good one. >>>> >>>> laters, >>>> marlon >>>> >>>> ----- Original Message ----- >>>> From: "RickG" <rgunder...@gmail.com> >>>> To: "WISPA General List" <wireless@wispa.org> >>>> Sent: Thursday, June 03, 2010 11:55 AM >>>> Subject: Re: [WISPA] taxes >>>> >>>> >>>>> Travis, thanks for your input. I'm really looking for feedback as to >>>>> what our industry's standard is. I submit that the IRS does not look >>>>> at it as a "personal, business choice". I'd rather do it correctly >>>>> now >>>>> than find out from the IRS I'm doing it wrong. >>>>> >>>>> On Thu, Jun 3, 2010 at 12:44 PM, Travis Johnson <t...@ida.net> >>>>> wrote: >>>>>> This is a personal, business choice. There is no set answer. Some >>>>>> of our >>>>>> equipment we expense and some we depreciate. It all depends on >>>>>> what tax >>>>>> breaks you need now vs. later. >>>>>> >>>>>> Travis >>>>>> Microserv >>>>>> >>>>>> >>>>>> RickG wrote: >>>>>>> Everyone's favorite subject :) >>>>>>> >>>>>>> I'm getting mixed information form my accountants on this and >>>>>>> want to >>>>>>> know what everyone else is doing. The basic question is this: >>>>>>> Are you >>>>>>> expensing or depreciating the equipment? Equipment being radios >>>>>>> (AP & >>>>>>> CPE), antennas, switches, firewalls, etc. >>>>>>> With the cost of the electronics being so low, its not making much >>>>>>> sense to depreciate. Which takes me to a second question: Have any >>>>>>> WISPs been audited by the IRS for this reason? >>>>>>> >>>>>>> Thanks in advance! -RickG >>>>>>> >>>>>>> >>>>>>> > ---------------------------------------------------------------------------- > ---- >>>>>>> WISPA Wants You! Join today! >>>>>>> http://signup.wispa.org/ >>>>>>> > ---------------------------------------------------------------------------- > ---- >>>>>>> >>>>>>> WISPA Wireless List: wireless@wispa.org >>>>>>> >>>>>>> Subscribe/Unsubscribe: >>>>>>> http://lists.wispa.org/mailman/listinfo/wireless >>>>>>> >>>>>>> Archives: http://lists.wispa.org/pipermail/wireless/ >>>>>>> >>>>>>> >>>>>> >>>>>> >>>>>> > ---------------------------------------------------------------------------- > ---- >>>>>> WISPA Wants You! Join today! >>>>>> http://signup.wispa.org/ >>>>>> > ---------------------------------------------------------------------------- > ---- >>>>>> >>>>>> WISPA Wireless List: wireless@wispa.org >>>>>> >>>>>> Subscribe/Unsubscribe: >>>>>> http://lists.wispa.org/mailman/listinfo/wireless >>>>>> >>>>>> Archives: http://lists.wispa.org/pipermail/wireless/ >>>>>> >>>>> >>>>> >>>>> > ---------------------------------------------------------------------------- > ---- >>>>> WISPA Wants You! Join today! >>>>> http://signup.wispa.org/ >>>>> > ---------------------------------------------------------------------------- > ---- >>>>> >>>>> WISPA Wireless List: wireless@wispa.org >>>>> >>>>> Subscribe/Unsubscribe: >>>>> http://lists.wispa.org/mailman/listinfo/wireless >>>>> >>>>> Archives: http://lists.wispa.org/pipermail/wireless/ >>>> >>>> >>>> >>>> > ---------------------------------------------------------------------------- > ---- >>>> WISPA Wants You! Join today! >>>> http://signup.wispa.org/ >>>> > ---------------------------------------------------------------------------- > ---- >>>> >>>> WISPA Wireless List: wireless@wispa.org >>>> >>>> Subscribe/Unsubscribe: >>>> http://lists.wispa.org/mailman/listinfo/wireless >>>> >>>> Archives: http://lists.wispa.org/pipermail/wireless/ >>>> >>> >>> >>> > ---------------------------------------------------------------------------- > ---- >>> WISPA Wants You! Join today! >>> http://signup.wispa.org/ >>> > ---------------------------------------------------------------------------- > ---- >>> >>> WISPA Wireless List: wireless@wispa.org >>> >>> Subscribe/Unsubscribe: >>> http://lists.wispa.org/mailman/listinfo/wireless >>> >>> Archives: http://lists.wispa.org/pipermail/wireless/ >> >> >> >> > ---------------------------------------------------------------------------- > ---- >> WISPA Wants You! Join today! >> http://signup.wispa.org/ >> > ---------------------------------------------------------------------------- > ---- >> >> WISPA Wireless List: wireless@wispa.org >> >> Subscribe/Unsubscribe: >> http://lists.wispa.org/mailman/listinfo/wireless >> >> Archives: http://lists.wispa.org/pipermail/wireless/ >> > > > ---------------------------------------------------------------------------- > ---- > WISPA Wants You! Join today! > http://signup.wispa.org/ > ---------------------------------------------------------------------------- > ---- > > WISPA Wireless List: wireless@wispa.org > > Subscribe/Unsubscribe: > http://lists.wispa.org/mailman/listinfo/wireless > > Archives: http://lists.wispa.org/pipermail/wireless/ > > > > -------------------------------------------------------------------------------- > WISPA Wants You! 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