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Got a really wierd Question

post #1 of 5
1/23/06 at 12:17pm
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I want to start a small business, nothing that really become famous or anything, but I need to know what kind of business I want. Ithink I want an S Corporation, but I there is a type of business where I am not personally liable for the comapny if it fails, is that a S-Corporation??? Thanks

-iGrant
MacBook: 2.0 Ghz 2048 ram, 80gig HDD, OS 10.5 . . . wow
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MacBook: 2.0 Ghz 2048 ram, 80gig HDD, OS 10.5 . . . wow
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post #2 of 5
1/23/06 at 2:23pm
Quote:
Originally posted by iGrant
I want to start a small business, nothing that really become famous or anything, but I need to know what kind of business I want. Ithink I want an S Corporation, but I there is a type of business where I am not personally liable for the comapny if it fails, is that a S-Corporation??? Thanks

-iGrant

It might be a "Limited Liability Corporation," or LLC.

From Wikipedia: http://en.wikipedia.org/wiki/Limited...ty_corporation
Living life in glorious 4G HD (with a 2GB data cap).
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Living life in glorious 4G HD (with a 2GB data cap).
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post #3 of 5
1/23/06 at 3:26pm
All corporations have limited Liability. S-Corps are the ones with the best tax loopholes, and I think that's the one you want.
Cat: the other white meat
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Cat: the other white meat
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post #4 of 5
1/23/06 at 3:34pm
...and either get ready for the obtuse paperwork, and things like 941s, and other quarterly funess -- or hire a CPA and an attorney.

In our desire to impose form on the world we have lost the capacity to see the form that is there;
and in that lies not liberation but alienation, the cutting off from things as they really are. --...

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In our desire to impose form on the world we have lost the capacity to see the form that is there;
and in that lies not liberation but alienation, the cutting off from things as they really are. --...

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post #5 of 5
1/25/06 at 1:59pm
Spend 200 bucks and talk to an atorney that does biz or tax law and they will help you out. If you live around Cleveland, OH I know of some very goods ones.
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