Formation of LLC and S corp/ newbie - Posted by Len (NYC)
Posted by Len (NYC) on April 24, 2000 at 10:06:41:
I know Ill might get some grief about this, but I have not yet purchased a first piece of property but I wanted to be proactive and set-up my company prior to starting the deals.
My situation is as follows, I plan on working in two industries, one focusing on media, and web design and the other with REI.
I have learned so far that LLCs are best for L/O and that S-corps are better for flips.
Well right now I have the money to form only one of them, my plan was to have my media company as an LLC , the intention is that this will be the least of the two pulling in an income. But I also want my L/O to run through this same LLC, is that a good idea, to mix the two?
Well I want to know if anyone else here deals with differnt companies that fall under the same formation umbrella, or have a similar situation?
My motivation really stems from reading ricd dad poor dad, and Im just fed up with losing so much money to the goverment and not shielding like the truly wealthy, any advice or examples will be appreciated.OHHH and I think this site is great, it provides a truly friendly open forum.Thanks in advance.