Pros/Cons of a LLC and S-corp? - GoFuckYourself.com

Sosa · 06-29-2004, 03:04 PM

I went and talked to a new accountant today and he pretty much said for what I do (self employed, no employees etc), that I don't need a LLC or S-corp. Basically said all a S-corp will do is save some money on self employment tax.

Mentioned stuff about a setting up a sep to put money in each year. Are any of you doing that? Or IRA's etc?

Just don't wanna pay the gov like 20grand this year and have nothing to really show for that 20grand.

I hate this shit

MrJackMeHoff · 06-29-2004, 03:05 PM

S-Corp all the way and do it in Nevada say hello to lots of tax free b'ness.

Sly_RJ · 06-29-2004, 03:07 PM

You might want to talk to another accountant. Corporations kick ass. Most people I know operate under one.

Theo · 06-29-2004, 03:09 PM

im interested on this as well for a Nevada or Delaware company. LLC looks more suitable in my case, but I haven't talked to any accountant for it. Those non US webmasters having american companies, which type did you pick (and why)?

Sosa · 06-29-2004, 03:09 PM

Quote:

Originally posted by Sly_RJ
You might want to talk to another accountant. Corporations kick ass. Most people I know operate under one.

He said if you go talk to someone in a city they will tell you to s-corp for sure, but here in bum fuck nebraska no one cares and it really doesn't matter.

I can't find an accountant around here that just tell me what I need to do, the best option etc to go.

Sosa · 06-29-2004, 03:11 PM

How can you set up a s-corp in delaware or nevada when I have nothing there like house, business etc?

Sly_RJ · 06-29-2004, 03:12 PM

Quote:

Originally posted by Sosa
How can you set up a s-corp in delaware or nevada when I have nothing there like house, business etc?

There are companies that will help you with all of that.

Sosa · 06-29-2004, 03:13 PM

Quote:

Originally posted by Sly_RJ
There are companies that will help you with all of that.

Info?

OzMan · 06-29-2004, 04:16 PM

Quote:

Originally posted by Sosa
Info?

These guys have been around forever

http://www.thecompanycorporation.com

Sosa · 06-29-2004, 04:35 PM

Quote:

Originally posted by OzMan
These guys have been around forever

http://www.thecompanycorporation.com

Has anyone here used this website?

sextoyking · 06-29-2004, 04:37 PM

Hi,

We have this company tons of times over the years.

Quick, painless, etc.

http://www.ailcorp.com

Theo · 06-29-2004, 04:50 PM

I understand that you do not open bank accounts for international clients. Would you mind telling me why?
Before the terrorist attack of September 11, 2001, we would consider the opening of bank accounts for some international clients. However, since that time and more particularly, since the passage of the Patriot Act by the U.S. Congress, we have been strongly discouraged from engaging in such activities because we are, among other things, required to vouch for our international clients. Unfortunately, we do not truly "know" our international clients and therefore cannot vouch for them. Accordingly, we have made the decision that we will not open bank accounts for our international clients. We regret the inconvenience this may cause.

la la la la

Sosa · 06-29-2004, 05:10 PM

So, you can get a LLC in Delaware and everything be ok? That seems strange to me but I don't understand all this stuff.

I take it as a LLC pretty much just protects your assests like car, house etc if something were to happen to the business.

S-corp will save you on self employment taxes, then you have to pay yourself a monthly fee etc?

Poppy · 06-29-2004, 05:51 PM

Rick Chapo is a good guy and knows his shit over at Adult Internet Law

I guess JD owns it now. He's good as well.

Sosa · 06-29-2004, 06:20 PM

Quote:

Originally posted by poppy
Rick Chapo is a good guy and knows his shit over at Adult Internet Law

I guess JD owns it now. He's good as well.

Very nice, got a lot of information from some of the articles on the site.

AllisonWonderland · 06-29-2004, 06:45 PM

Quote:

Originally posted by Sosa
So, you can get a LLC in Delaware and everything be ok? That seems strange to me but I don't understand all this stuff.

I take it as a LLC pretty much just protects your assests like car, house etc if something were to happen to the business.

S-corp will save you on self employment taxes, then you have to pay yourself a monthly fee etc?

My husband and I are an LLC and elected to be taxed as a partnership (you make that election when you register). We don't pay any self-employment taxes or pay quarterly taxes. We don't pay ourselves a salary. We have a tax return prepared for the LLC, and the profit/loss passes through to our joint personal return.

Sosa · 06-29-2004, 06:51 PM

Quote:

Originally posted by AllisonWonderland
My husband and I are an LLC and elected to be taxed as a partnership (you make that election when you register). We don't pay any self-employment taxes or pay quarterly taxes. We don't pay ourselves a salary. We have a tax return prepared for the LLC, and the profit/loss passes through to our joint personal return.

So you deposit all your income into one account for the business and you use that for personal also? The guy I talked to today said he had a client report 0 income and then was audited in the worse way 2 years later.

myneid · 06-29-2004, 07:04 PM

http://www.bizfilings.com

dont take the advice of accountants that think schedule c will get you through every tax hole.

Sly_RJ · 06-29-2004, 07:06 PM

Quote:

Originally posted by Sosa
So you deposit all your income into one account for the business and you use that for personal also? The guy I talked to today said he had a client report 0 income and then was audited in the worse way 2 years later.

Ahaha! You can't report ZERO income and not expect to get a little attention. You have to make SOME money, just a limited amount. The business can pay for tons of your stuff. Car, phone, dinners, trips, etc.

Get a better accountant.

Sosa · 06-29-2004, 10:08 PM

Quote:

Originally posted by Sly_RJ
Ahaha! You can't report ZERO income and not expect to get a little attention. You have to make SOME money, just a limited amount. The business can pay for tons of your stuff. Car, phone, dinners, trips, etc.

Get a better accountant.

Hey Sly, do you have ICQ or anything that I could ask you a few questions on?

cubs at broncs dot net
63877860

Sly_RJ · 06-29-2004, 10:09 PM

147479144

Hit me up anytime tomorrow.

Sosa · 06-29-2004, 10:15 PM

Quote:

Originally posted by Sly_RJ
147479144

Hit me up anytime tomorrow.

Thanks man

nofx · 06-29-2004, 10:17 PM

Quote:

Originally posted by Sly_RJ
Ahaha! You can't report ZERO income and not expect to get a little attention. You have to make SOME money, just a limited amount. The business can pay for tons of your stuff. Car, phone, dinners, trips, etc.

Get a better accountant.

what does that exactly mean that your business can pay for your stuff? meaning you dont have to file it come tax time or you can write it off as a business expense? Please explain. I am interested in starting up an LLC.

06-29-2004, 03:04 PM	#1
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	Pros/Cons of a LLC and S-corp? I went and talked to a new accountant today and he pretty much said for what I do (self employed, no employees etc), that I don't need a LLC or S-corp. Basically said all a S-corp will do is save some money on self employment tax. Mentioned stuff about a setting up a sep to put money in each year. Are any of you doing that? Or IRA's etc? Just don't wanna pay the gov like 20grand this year and have nothing to really show for that 20grand. I hate this shit

06-29-2004, 03:05 PM	#2
MrJackMeHoff Confirmed User Join Date: Mar 2004 Location: LOLLIPOP ISLAND =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= =-=-=-=-=-=-=-=-=-=-= Posts: 4,569	S-Corp all the way and do it in Nevada say hello to lots of tax free b'ness. __________________

06-29-2004, 03:07 PM	#3
Sly_RJ Live Hard - Die Hard Join Date: Feb 2002 Location: Ready to leave... Posts: 17,042	You might want to talk to another accountant. Corporations kick ass. Most people I know operate under one. __________________ PHAT SERVERS - Quality dedicated hosting at a quality price! sly AT phatservers DOT com - 147479144

06-29-2004, 04:37 PM	#11
sextoyking Confirmed User Industry Role: Join Date: Dec 2001 Location: Portland, OR. Posts: 6,034	Hi, We have this company tons of times over the years. Quick, painless, etc. http://www.ailcorp.com __________________ ICQ: 52344098 -------------------------------------- 50% Commissions on all Product Sales. http://www.wishing.com/money

06-29-2004, 05:51 PM	#14
Poppy Confirmed User Join Date: Apr 2002 Location: O H I O Posts: 6,254	Rick Chapo is a good guy and knows his shit over at Adult Internet Law I guess JD owns it now. He's good as well. __________________ VP Sales, Peak5Payments [email protected] Skype: consultpoppy In adult since 98' Last edited by Poppy; 06-29-2004 at 05:53 PM..

06-29-2004, 03:09 PM	#4
Theo HAL 9000 Industry Role: Join Date: May 2001 Posts: 34,515	im interested on this as well for a Nevada or Delaware company. LLC looks more suitable in my case, but I haven't talked to any accountant for it. Those non US webmasters having american companies, which type did you pick (and why)?

06-29-2004, 03:11 PM	#6
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	How can you set up a s-corp in delaware or nevada when I have nothing there like house, business etc?

06-29-2004, 04:50 PM	#12
Theo HAL 9000 Industry Role: Join Date: May 2001 Posts: 34,515	I understand that you do not open bank accounts for international clients. Would you mind telling me why? Before the terrorist attack of September 11, 2001, we would consider the opening of bank accounts for some international clients. However, since that time and more particularly, since the passage of the Patriot Act by the U.S. Congress, we have been strongly discouraged from engaging in such activities because we are, among other things, required to vouch for our international clients. Unfortunately, we do not truly "know" our international clients and therefore cannot vouch for them. Accordingly, we have made the decision that we will not open bank accounts for our international clients. We regret the inconvenience this may cause. la la la la

06-29-2004, 05:10 PM	#13
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	So, you can get a LLC in Delaware and everything be ok? That seems strange to me but I don't understand all this stuff. I take it as a LLC pretty much just protects your assests like car, house etc if something were to happen to the business. S-corp will save you on self employment taxes, then you have to pay yourself a monthly fee etc?

06-29-2004, 07:04 PM	#18
myneid Confirmed User Industry Role: Join Date: Jan 2003 Location: Los Angeles Posts: 736	http://www.bizfilings.com dont take the advice of accountants that think schedule c will get you through every tax hole. __________________ Tanguy 0x7a69 inc. Programmer/President/CEO http://www.0x7a69.com A Leader in Programming since 1996 PHP, Ruby on Rails, MySQL, PCI DSS, and any Technical Consulting

06-29-2004, 10:09 PM	#21
Sly_RJ Live Hard - Die Hard Join Date: Feb 2002 Location: Ready to leave... Posts: 17,042	147479144 Hit me up anytime tomorrow. __________________ PHAT SERVERS - Quality dedicated hosting at a quality price! sly AT phatservers DOT com - 147479144