incorporating?

Discussion in 'Business Operations' started by Brianj, Feb 16, 2005.

  1. Brianj

    Brianj LawnSite Member
    Posts: 196

    im wanting in incorporate my business, which is better llc or sub s..im in the state of florida. sorry if this is the wrong place for this thread
     
  2. tonygreek

    tonygreek LawnSite Gold Member
    Posts: 3,405

    a.) seriously, call your/an attorney and accountant and find out what best suits you as there are waaaay too many variables and a message board is not the place for that kind of advice. to me, tax strategies and avoidance is my number one concern, and an accountant can set you on the right path to save you tax dollars suited for your corporate structure.

    if you just seach here on "llc", you'll see what i mean as you will get 50 different opinions with 50 different versions of the facts as they see them.

    b.) yep, it's also the wrong forum for this post. hit the elements of business forum and search from there. if you still feel like asking the question after reading your search results, ask away.
     
  3. marko

    marko LawnSite Senior Member
    Posts: 963

    I concur. If you post this questions in the element of business forum, every post will have different and or wrong advice. Ask you attorney and CPA. They will know exactly what is best for you because they will have a better feel where you are at/need to be.
     
  4. jccordes2

    jccordes2 LawnSite Member
    Posts: 124

    BrianJ,

    there's a difference in Incorporating your business and filing as an S corp with the IRS.
    you need to fill out the state forms of Articles of incorporation, first find out if the name you want to use is available. pay the fee and mail it in.

    then if you want to run your company's taxes through your self, you want to file with the IRS form 2553. it on the website to download and print. but first you have to get a EIN # (Employer Identification number) from the IRS. it's free and easy to get from www.IRS.gov. you get it immediately.

    of course them are the preliminary steps, as mentioned, you do need to get a good accountant.
    unless your a certified CPA, coporate taxes are not something you (try) to do your self.

    you can give me a call if you like and I can walk you through it 612-201-0512

    Jeff
     
  5. Mueller Landscape Inc

    Mueller Landscape Inc LawnSite Senior Member
    Posts: 489

    Good advise so far. There is a lot of confusion about double taxation and other issues with incorporating on this forum. Talk with you CPA and go from there.
     
  6. jccordes2

    jccordes2 LawnSite Member
    Posts: 124

    John,

    double taxation is what all/most ceo's face. the company gets taxed on revenues generated and the ceo/owner/president get taxed on what they pay themselves. I.E normal payroll tax.

    "S" corp status is for small corporations, I think you can only have so many employees? not sure what the number is.
    but I do know with "S" corp status you don't get double taxed because you file the businesses income along with yours on a normal 1040. of course ending up with a loss in the first few years should happen.
     
  7. Mueller Landscape Inc

    Mueller Landscape Inc LawnSite Senior Member
    Posts: 489

    Yes, the difference between the C and the S corp with regard to double taxation is where the confusion occurs. I believe the S corp can have up to 75 employees. And the pass through money goes on the D1 form for the owners.
     
  8. tonygreek

    tonygreek LawnSite Gold Member
    Posts: 3,405

    no offense to those that chimed in, but this is why you need to talk to a cpa. the number 75 is not an employee cap. 75 is the maximum number of shareholders an S-Corp can have.
     
  9. jccordes2

    jccordes2 LawnSite Member
    Posts: 124

    so how many emplyees can an s-corp have?
     
  10. LB1234

    LB1234 LawnSite Gold Member
    Posts: 3,210

    SPEAK TO AN ACCOUNTANT, CPA, ATTORNEY, AND/OR SOMEONE WHO HAS KNOWLEDGE (THAT IS ACCURATE...UNLIKE SOME ON THIS SITE) ABOUT ALL THESE QUESTIONS!!!!!!!!!!!!!!!!!!!!!!! :realmad:
     

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