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ras166
02-12-2004, 11:05 AM
I may go into business with a friend of mine, We were told it would be best way to go. Has anyone done this before and what are the ups and downs as far as anyone knows. Will a c corporation protect both of us from getting taken advantage of by the other? We will split all costs and do the labor ourselves. Any help would be greatly appreciated. Thank you in advance and have a good day

jajwrigh
02-12-2004, 11:23 AM
Why not look into a "S" corp instead. Check out www.sba.gov for the advantages and differences of each...

Kelly's Landscaping
02-12-2004, 10:57 PM
Get the C corp. out of your mind and go S whatís the difference well its a small little one that I'm sure you would hardly notice. Its called double taxation thatís right if you own a C corp. the corp. has to pay income tax then when you take your remaining profits Wack you now pay again at the personal level this is what democrats call fair play. If you are an S corp. you donít pay tax at the corp. level all profits and loses are funneled down to the shareholder and you only pay tax at your personal level.

jajwrigh
02-13-2004, 01:25 PM
Well said kelly!