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LLC seems to be the best fit for you, but make sure you incorporate in either deleware or nevada.

Quote:

Originally Posted by realistixxx

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.

Thank you for your time...e-mail sent :thumbsup

Quote:

Originally Posted by $5 submissions

LOL, you joker you! :1orglaugh Tell them its Gene, Thomas' (one of SBSuite's owners) law school buddy.

Haha, glad you can see through the humor bro.

LLC owning LLP owning S-Corp

Quote:

Originally Posted by realistixxx

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.

For me the C-corp offers much additional flexibility. I don't want income flowing to shareholders - I prefer a business entity that is distinct from my personal return. For example, my personal return is on a cash basis, but the c-corp is on an accrual basis. At the end of the year I can take a deferred compensation bonus, that is a deduction to the corp but not income to me as it has not been received. The additional paperwork is not that big of a deal but could be daunting to some people I guess. I actually have three c-corps (mainly because two of the companies have a lot of regular employees - and otherwise my 401K would be subject to special rules for owners).

My biz is actually both.

We're an LLC and taxed as an S corp.

Talk to your CPA Izzy, and give Juicy a big kiss for me next time you see him :winkwink:

Definately S-Corp.. Especially in Nevada. ;)