GFY corporate gurus LLC or S-Corp?

Shoot me an e-mail @ [email protected]. There are a couple things- 1. An S-Corp cannot have a C-Corp as an owner, or another S-Corp, or an LLC, or an LLP, only individuals. 2. C-Corp has double taxation and will kill you unless you are very savvy. 3. The bank that gave your friend all his loans is definitely an exception, and quite frankly are idiots. I specialize in financial services audits and most C-Corp loans require personal guarantees unless the loan is a slam dunk, meaning, it's for land or building that has value in excess of the loan, about an 80% LTV is the max, and that is the rule with pretty much any asset that does not have accelerated depreciation. And, that is not a computer. 4. If you form an LLC or LLP you automatically have credit because it is your personal credit, so it is instantaneous. Now if you have bad credit, sorry. But, a bank does not appreciate not getting paid back, so if your friend that got all those loans happens to default, I guarantee they go after him, and there are ways to do that. I'm not going into details on that, but trust me, they can burn you. Shoot me an e-mail if there is anything else.

LOL, you joker you! Tell them its Gene, Thomas' (one of SBSuite's owners) law school buddy.

Just out of curiosity, why a c-corp? I'm a CPA as well, but see no advantage to a c-corp vs. an LLC or S-corp unless there are going to be mutiple investors/shareholders, etc. and a more complex structure. I'm just curious, not challenging you at all. Also, the C-Corp filing requirements are beastly, and even I'm not up for that.