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-Legal, LLC

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

[email protected]

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.

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Answered on 11/04/13, 11:18 am
Steve Brodsky Esq. CheapNewYorkLLC.com

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

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Answered on 11/04/13, 11:41 am
Walter LeVine Walter D. LeVine, Esq.

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").

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Answered on 11/04/13, 11:46 am
Roman Fichman Esq. Law Practice of Roman Fichman Esq.

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.

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Answered on 11/04/13, 12:14 pm


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