GFY corporate gurus LLC or S-Corp? - Page 2 - GoFuckYourself.com

axelcat · 02-21-2005, 05:47 PM

50 corps..

SinisterStudios · 02-21-2005, 05:50 PM

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

shuki · 02-21-2005, 06:20 PM

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

V_RocKs · 02-21-2005, 06:57 PM

Quote:

Originally Posted by $5 submissions

LOL, you joker you!

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

Haha, glad you can see through the humor bro.

mikeyddddd · 02-21-2005, 07:14 PM

LLC owning LLP owning S-Corp

TheSaint · 02-21-2005, 08:04 PM

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).

Snake Doctor · 02-21-2005, 09:15 PM

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

MrJackMeHoff · 02-21-2005, 10:12 PM

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

02-21-2005, 05:50 PM	#52
SinisterStudios Confirmed User Join Date: Nov 2003 Location: New Joisey Posts: 3,087	LLC seems to be the best fit for you, but make sure you incorporate in either deleware or nevada. __________________ SEOIP.com Multiple IP Webhosting Shared and Dedicated IP's - Multiple Class A's - From $1.99/ip

02-21-2005, 07:14 PM	#55
mikeyddddd Viva la vulva! Join Date: Mar 2003 Location: you can't please everyone, so you got to please yourself Posts: 16,557	LLC owning LLP owning S-Corp __________________ AdultStarProfits AmbyaCash AnilosCash AzianiGold ColdHardCash FlashTheMoney IdolBucks MediumPimpin NSCash Nubiles PussyCash ScoreCash Sextronix SpunkyCash TubeTitans Twistys

02-21-2005, 09:15 PM	#57
Snake Doctor I'm Lenny2 Bitch Join Date: Mar 2001 Location: On top of my soapbox Posts: 13,449	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 __________________ sig too big

02-21-2005, 10:12 PM	#58
MrJackMeHoff Confirmed User Join Date: Mar 2004 Location: LOLLIPOP ISLAND =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= Posts: 4,569	Definately S-Corp.. Especially in Nevada. ;) __________________

02-21-2005, 05:47 PM	#51
axelcat Adult Locals Join Date: Jun 2002 Location: West Coast Posts: 25,450	50 corps..