Legal Question in Business Law in New York

Im a small business and looking to upgrade to C-Corp or S-corp but torn. My yrly revenue is small <10000. I dont want to go broke growing my small biz but want to be protected. Also i read that with s-corp they put they taxes with your personal taxes?

Thank you

Asked on 11/04/13, 11:15 am

4 Answers from Attorneys

Frank Natoli Natoli-Lapin, LLC
0 users found helpful
0 attorneys agreed

An LLC would probably make more sense then. If you cannot take advantage of capturing revenue post reasonable salary as a dividend then how is an S-Corp really going to be beneficial?

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Kind regards,

Frank

www.LanternLegal.com

866-871-8655

frank@lanternlegal.com

DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

Read more
11/04/13, 11:18 am
Steve Brodsky Esq. CheapNewYorkLLC.com
0 users found helpful
0 attorneys agreed

If you do decide to go with an LLC, our law firm can help at http://www.CheapNewYorkLLC.com

Read more
11/04/13, 11:41 am
Walter LeVine Walter D. LeVine, Esq.
0 users found helpful
0 attorneys agreed

I concur with Frank that a LLC might be preferable to a corporation, while affording the same creditor protections. A one-person LLC does not need to file a separate return and the incomne/loss also factors into the owner's personal tax return (Schedule "C").

Read more
11/04/13, 11:46 am
Roman Fichman Esq. Law Practice of Roman Fichman Esq.
0 users found helpful
0 attorneys agreed

Be mindful that a one member LLC is taxed in a similar manner to a sole proprietor thus impairing many of the tax advantages of an LLC.

My office has a special offer for LawGuru users where we can conduct a limited review of your current situation and make a recommendation for the best entity at a total cost of $198 including a telephone consultation. To take advantage of this limited offer please go to:

http://thelegalist.wix.com/roman-fichman-esq-and-assoc/lawguru2

Disclaimer: This post has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice or be relied upon. No intention exists to create an attorney-client relationship or any other special relationship or privilege through this post. The post may contain errors, inaccuracies and/or omissions. You should always consult an attorney admitted to practice in your jurisdiction for specific advice. This post may be deemed as Attorney Advertising.

IRS CIRCULAR 230 DISCLOSURE: To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any matters addressed herein

Read more
11/04/13, 12:14 pm

Related Questions & Answers

More Business Law questions and answers in New York

Looking for something else?

Get Free Legal Advice

88222 active attorneys ready to answer your legal questions today.

Business Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Phillip D. Wheeler, Esq.Phillip D. Wheeler, Attorney At LawMorro Bay, CA
Terry A. NelsonNelson & LawlessRiverside, San Bernardino, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now