FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 


incorporating???
Goto page Previous  1, 2
 
Post new topic   Reply to topic    The Smoke Ring Forum Index -> Catering Stickys
View previous topic :: View next topic  
Author Message
JimmieOhio
BBQ Super Pro


Joined: 11 Mar 2008
Posts: 1125
Location: east side of Cleveland, Ohio

PostPosted: Wed Jun 18 08 10:45 pm    Post subject: Reply with quote

With all due respect to the posters so far, you need to IGNORE their advice and SEE AN ATTORNEY.

Everyone seems to bad-mouth lawyers and make them the butt (had to work that word in somehow) of their jokes, but you will not realize how CHEAP their advice is until you try to make an uninformed legal decision on your own and pay dearly because of it.

Be sure to find a reputable one. And as you do for medical issues, seek a second opinion if you think your lawyer is off-base.

Something like the decision to incorporate or not has far to many variables to cover and laws vary widely by state and jurisdiction. No two situations are the same.
_________________
Jimmie Ohio
KCBS Certified BBQ Judge

"Never criticize a man until you have walked a mile in his shoes. Then, criticize him all you want since you're a mile away and you have HIS shoes."
Back to top
View user's profile Send private message
Haaseman
BBQ Super Fan


Joined: 27 Jun 2008
Posts: 475
Location: Granite Falls, Wa.

PostPosted: Thu Jul 17 08 2:11 am    Post subject: Reply with quote

Jimmie that is what BQ and Marv said would be best! See an attorney. Cheap insurance.
Back to top
View user's profile Send private message
whatsmokin



Joined: 17 Jan 2009
Posts: 14
Location: Arnold, MO

PostPosted: Sat Jan 17 09 8:08 am    Post subject: LLC & AN S-CORP Reply with quote

Well, in 2006, the irs changed the rules that an llc can now file a separate status as an s-corp. This give you the same tax advantages as a corporation without being a corporation.

Ask your accountant...But an s-corp allows you to take funds from your business and not pay self-employment taxes.
_________________
Pat
www.whatsmokin.us
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Virginiasmoke
BBQ Pro


Joined: 01 Sep 2010
Posts: 867
Location: Central Virginia

PostPosted: Sat Jan 22 11 1:38 am    Post subject: Reply with quote

BBQMAN wrote:
An LLC does not offer the same protection as an S Corp.

It may vary state by state but at least in Va. it appears that you can us the S corp. designation within a LLC.
A "disregarded entity" is something that may be valuable also.
But... then again, I'm just learning about this stuff now so do your own research with your state corp. commission.
Back to top
View user's profile Send private message
Brian Briggs
BBQ Pro


Joined: 25 Dec 2008
Posts: 556
Location: Port St Lucie, Fl.

PostPosted: Wed Apr 13 11 8:30 am    Post subject: Reply with quote

I have owned 2 companies and each time I have consulted my ACOUNTANT first. Neither was food both were in the granite industry. However, before (and WHEN) I start my vending, catering, then mobil restaurant and eventually restaurant, I will consult my accountant first, lawyer second. With that said, my accountant use to work for the IRS.
Back to top
View user's profile Send private message Send e-mail
Beast BBQ



Joined: 10 May 2011
Posts: 5
Location: New Orleans, LA

PostPosted: Tue May 10 11 2:23 am    Post subject: Reply with quote

teamfour wrote:
Also, make sure you check regulations if located in the Sate of Lousyana. We operate under Napoleanic code which is diff then the other 49 states.

I know that S corps are handled diff here.


Long time reader; first time poster in New Orleans here. TeamFour makes a good point, the civil code is a bit different here in LA. I did consult an biz attorney and accountant when I was starting out the catering biz. Both recommended an LLC due to (1) personal assets being shielded from litigious clientele and (2) ease of tax preparations, and (3) this is not my "day job".

Attorney recommended that this happen before first gig; licenses and tax ID numbers came come later.
Back to top
View user's profile Send private message Send e-mail
Display posts from previous:   
Post new topic   Reply to topic    The Smoke Ring Forum Index -> Catering Stickys All times are GMT + 8 Hours
Goto page Previous  1, 2
Page 2 of 2

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by phpBB © 2001, 2002 phpBB Group