Choosing a Form for Your Business
Posted on Monday, April 07, 2003 @ 12:00 AM EDT
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amichalek writes "Trying to choose the right structure for your business? This inc.com guide brings together articles on corporate form options, from sole proprietorships to C corporations.
Small business expert Andrea Michalek is the managing director of Unit of 1.
Andrea built this service to support micro-business owners. The Unit of 1 website is equal parts business networking, community blog, and
member-contributed, expert articles.
Andrea is a Philadelphia-based technology management consultant.
She specializes in building products and services that make complex technology problems as simple as they should be.
Examples include, PDF converter Fast PDF
and News/RSS engine Topular.
Andrea Michalek
1062 Kingscote Drive - Harleysville, PA 19438
Phone: (215) 280-1805
email: andrea at unitof1 dot com
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Law and Taxation
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Permalink | Article submittted by amichalek |
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Re: Choosing a Form for Your Business (Score: 1)
by Bob (Send a message from my web page.) on Tuesday, June 03, 2003 @ 03:40 PM EDT
(User Info | Send a Message) http://www.bobgasparro.com | This topic is frequently debated among accountants, attorneys, and general members of the public. I’ve attended seminars sponsored by the Pennsylvania Bar Association, the Pennsylvania Institute of CPA’s and a DELCO group of accountant/ attorneys. At each seminar an expert in the field recommended LLC’s for most businesses. True, there are a few exceptions, but for the most part, LLC’s provide greater advantage and flexibility for a small business owner. They also cost less since you do not need to have yearly board of director and stockholder meetings to continue the protection they afford. That makes sense when you consider they are a relatively new creature designed to address the issues confronting small business owners in the past. After attending those seminars I nearly always recommend an LLC for clients.
Bob Gasparro
Accountant/Attorney
RG@BobGasparro.com |
Re: Choosing a Form for Your Business (Score: 1)
by amichalek (andrea@topular.com) on Wednesday, June 04, 2003 @ 08:13 PM EDT
(User Info | Send a Message) http://www.1800cto.com | As for me personally, I originally started out my business Topular(a technology management consulting firm) as a sole proprietor and then moved on to a LLC once it became more established. I also run a separate business with a partner and we chose to form an LLC as well.
For me, the primary driver in becoming an LLC was to get liability protection. Note, according to my lawyer, to get the liability protection, you need to be able to prove that the company is in fact a separate entity from you. The most important part in doing that is to keep all business transactions documented and in separate bank accounts. The practical part of my choice was that an LLC does not have the overhead and complexity of becoming a C or S corporation. Also, when investigating the tax consequences of the different structures, the LLC was the most advantageous for my situation as well.
That said - in the end - you should discuss your choice with both a lawyer as well as an accountant.
Andrea Michalek |
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Average Score: 5
Votes: 2
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