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re: So a C corporation is taxed twice on profit?
Posted on 11/10/14 at 6:56 pm to deltaland
Posted on 11/10/14 at 6:56 pm to deltaland
quote:One bit of advice when dealing with C-Corp. Spend a few hundred dollars and get a personal lawyer experienced in corporate law to review the documents and make sure that you are covered for liabilities personally. You are more exposed than with an LLC and you want to know what and what not you are liable for early on as things may come up quickly once the business starts. Also the rules concerning the stockholders / board of trustees / operations is very important.
deltaland
Posted on 11/10/14 at 7:04 pm to mmcgrath
quote:
Spend a few hundred dollars and get a personal lawyer experienced in corporate law to review the documents and make sure that you are covered for liabilities personally. You are more exposed than with an LLC and you want to know what and what not you are liable for early on as things may come up quickly once the business starts. Also the rules concerning the stockholders / board of trustees / operations is very important.
Already covered. My business partner handled all of that. He has a corporate lawyer and he also is a paralegal himself for corporate/business law.
We are on the right track and he has it handled...it's just not my area of expertise so I let him handle it and we work well enough together that I can trust him to do it the right way. Everything has been smooth sailing thus far
I just never knew about how they taxed a C corp, since it was a recent change and it was requested we change to it.
Trust me, we have the attorneys and accountants to make sure it's being done properly. I'm not stupid, just not experienced in corporate tax structure
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