S-Corp or C-Corp: Suggestions?

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  • Smut
    Confirmed User
    • Sep 2002
    • 654
    #1

    S-Corp or C-Corp: Suggestions?

    I'm in the process of setting up a mainstream company. I've been reading about the differences of an S-Corp and a C-Corp. There doesn't seem to be much of a difference other than the C-Corp can be willed to another person and passed-down. Whereas an S-Corp cannot. As well there seems to be some other technical aspects that I don't quite follow. The verbage about them is a little bit too "legalese".

    What are the benefits that you know of for either one of them? I know about Nevada, Deleware and Oregon for your articles of incorperation, but what else? Is C-Corp a pain in the neck to manage?

    Any assistance is appreciated.
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    • Barefootsies
      Choice is an Illusion
      • Feb 2005
      • 42635
      #2
      Everyone has always told me an S-Corp, formed in Nevada.

      The reasons I can't remember now. Something about the self employment tax, and getting around being double dipped or some shit. Anyways...
      Should You Email Your Members?

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      Enough Said.

      "Would you rather live like a king for a year or like a prince forever?"

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        • Smut
          Confirmed User
          • Sep 2002
          • 654
          #3
          Originally posted by Barefootsies
          Everyone has always told me an S-Corp, formed in Nevada.

          The reasons I can't remember now. Something about the self employment tax, and getting around being double dipped or some shit. Anyways...
          I heard this also, and have read that some of the C-Corp tax benefits outweigh S-Corp. But I'm no tax-guy, so it doesn't really make much sense to me.

            Comment

            • Barefootsies
              Choice is an Illusion
              • Feb 2005
              • 42635
              #4
              Originally posted by Smut
              I heard this also, and have read that some of the C-Corp tax benefits outweigh S-Corp. But I'm no tax-guy, so it doesn't really make much sense to me.
              I think fawkedup has a regular C-Corp, and I remember many conversations about him crying in his beer about the legal bullshit he has to do, and tax stuff. He told me to never form one.
              Should You Email Your Members?

              Link1 | Link2 | Link3

              Enough Said.

              "Would you rather live like a king for a year or like a prince forever?"

                Comment

                • Smut
                  Confirmed User
                  • Sep 2002
                  • 654
                  #5
                  Originally posted by Barefootsies
                  I think fawkedup has a regular C-Corp, and I remember many conversations about him crying in his beer about the legal bullshit he has to do, and tax stuff. He told me to never form one.
                  Sounds like it's a vote for S-Corp.

                    Comment

                    • 2012
                      So Fucking What
                      • Jul 2006
                      • 17189
                      #6
                      No S-Corp.

                      A very talented and experienced tax person told me this is the worst type you can get if the company is basically just you. Unless you don't mind spending more on fees and time on "red tape"...
                      best host: Webair | best sponsor: Kink | best coder: 688218966 | Go Fuck Yourself

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                        • Sosa
                          In Tushy Land
                          • Oct 2002
                          • 40149
                          #7
                          I have an s-corp and I don't pay a lot of fees.

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                            • 2012
                              So Fucking What
                              • Jul 2006
                              • 17189
                              #8
                              Originally posted by Sosa
                              I have an s-corp and I don't pay a lot of fees.
                              I meant extra work for your tax person $. Keeping all the paper work current and the way it's supposed to be etc. etc. Could just be an S-Corp in CA.

                              It was her opinion.
                              best host: Webair | best sponsor: Kink | best coder: 688218966 | Go Fuck Yourself

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                                • baddog
                                  So Fucking Banned
                                  • Apr 2001
                                  • 107089
                                  #9
                                  S-Corp for now. It is all about the paperwork and the easy access to shareholder payouts.

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                                    • koreanbbque
                                      Confirmed User
                                      • Dec 2003
                                      • 688
                                      #10
                                      Depends on what you're concerned about.

                                      Talk to Tax Attorney.

                                      C-Corp better legal protection I believe over a S-Corp

                                      If you're concerned about taxes and saving money, then I think S-Corp.

                                      But talking to a lawyer is your best bet.... at least talk to a CPA.
                                      KBBQ
                                      2 3 1 6 1 8 8 1 6

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                                        • OMG Jim
                                          Confirmed User
                                          • Oct 2005
                                          • 3153
                                          #11
                                          If you are considering a S Corp you may also want to check out the structure of a LLC. I have had a couple of S Corps and the main reason was as someone mentioned for saving on taxes and being able to deduct more in expenses.

                                          If you decide on the S Corp just make sure you save ALL receipts both business and personal for potential deductions. This was the main reason I choose the S Corp.
                                          _
                                          ICQ: 254 914 537 - Skype: AlmightyJim

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                                            • FreeHugeMovies
                                              Too lazy to set a custom title
                                              • Dec 2001
                                              • 14141
                                              #12
                                              Sssssssssssssssssssssssssssssssssssss

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