Got a really wierd Question

igrantigrant
Posted:
in AppleOutsider edited January 2014
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

Comments

  • Reply 1 of 4
    cosmonutcosmonut Posts: 4,872member
    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
  • Reply 2 of 4
    splinemodelsplinemodel Posts: 7,311member
    All corporations have limited Liability. S-Corps are the ones with the best tax loopholes, and I think that's the one you want.
  • Reply 3 of 4
    dmzdmz Posts: 5,775member
    ...and either get ready for the obtuse paperwork, and things like 941s, and other quarterly funess -- or hire a CPA and an attorney.
  • Reply 4 of 4
    hxc04hxc04 Posts: 145member
    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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