LLC or Inc ???

[viperhauler]

i am incorporated....having had empoyees, it was less of a pain in the ass, less overall in my percentage paid out, less for me personally to be liable for, more i can write off, etc....

but it differs for each circumstance....

 

[Ironhead]

I cant answer your question James unless I sat down with you and discussed all the variables........your best bet is to talk to a competent CPA that is local to you...LLCs and corporations rules vary from state to state......the federal govt taxes each based on the individual state....I would not place much confidence in an attorney other than drawing up an agreement between partners...most attorney's are not up to par related to taxes as my brother (an attorney) will quickly tell you..

Examples of variance between states..TN does not recognize S corporations while all the bordering states do........LLCs are taxed differently in TN vs VA.....

And you may not want to be either...sole proprietor may be your best bet...in fact, I have more business owners come to me wanting to get rid of the LLC or Corp than wanting to form one...mainly because they went to an attorney for advice to begin with.. ..and I am not bashing attorneys...my experience is attorneys only look at the liability side and have little tax knowledge...unless they specialize in tax..

Thanks larry ,,i can see your point ,,,u da man ! i will find out friday once and for all if i want to do this ,,he is suppose to do a full disclosure of whats coming and going with the lawyers involed then after that meeting i have it set up to talk to a different cpa that does this solely! the hammer will be dropped to do it or i will refuse to do it if something smells fishy in denmark !

 

[Ironhead]

Tell me ,,,anyone out there that is trying to sell there company ever and i mean ever ,not show up for the diclosure meeting with lawyers ,,,,I cant beleive this guy ,,,i have been working on this for 3 years with this guy and when basicly D-Day is here he pulls a no show ,,,the guy is 72 but damn ,,,,I as of now have pulled the ol perverbiale plug !i dont understand this ,,,

i just hope he does not call me this weekend cause im going to flip out ,,,this cost me over 500 bucks today for basicly me going there waiting 3 hours and the use of thier restroom !even the lawers were shaking thier heads !!!

so i have a job offer from two outfits to work for them ,,looks like i will be just an employee again the good side is my 65gr down payment is still in my bank account ,,,:argh:

the wife says this is a good thing but still f-ing pisses me off ,,

,hell i could have went to a tittie bar with OSO today

 

[jelms]

Tell me ,,,anyone out there that is trying to sell there company ever and i mean ever ,not show up for the diclosure meeting with lawyers ,,,,I cant beleive this guy ,,,i have been working on this for 3 years with this guy and when basicly D-Day is here he pulls a no show ,,,the guy is 72 but damn ,,,,I as of now have pulled the ol perverbiale plug !i dont understand this ,,,

i just hope he does not call me this weekend cause im going to flip out ,,,this cost me over 500 bucks today for basicly me going there waiting 3 hours and the use of thier restroom !even the lawers were shaking thier heads !!!

so i have a job offer from two outfits to work for them ,,looks like i will be just an employee again the good side is my 65gr down payment is still in my bank account ,,,:argh:

the wife says this is a good thing but still f-ing pisses me off ,,

,hell i could have went to a tittie bar with OSO today

I can answer one of your questions... If someone does not show up to a settlement they are not serious or did not like your offer.

You might be out a little now, but you are lucky you did not end up with something you don't need or want. If the seller is not going to meet with you and fully disclose everything you dodged a bullet and move on. You might be out a little money now, but you might have bought into something you really don't want to deal with since "he" did not want to sit down with you a disclose everything....

My advice is, move on and consider yourself lucky you were not pulled into something "he" did not want to tell you about....

Just my two cents.....

-jeff