Re: C Corp All the Way! - Posted by DT (NY)
Posted by DT (NY) on June 02, 2000 at 04:17:34:
Can I create a C Corp and give myself a salary with fringe benefits like this
52,000 Anually and all my, my wife and kids living expenses as fringe benefits?
This way I could lower my taxable income? If so would I have to pay some sort of tax on it on my personal income?
Re: What Part of C-Corp Didn’t You Understand??? - Posted by Laure
Posted by Laure on June 03, 2000 at 06:07:21:
Jim, I just hired a new CPA… and “here we go again”… He’s telling me why I don’t want a C corp. LOL… I’m going to just start printing these posts and give them all to him to read ! LOL Sheesh ! He’ll probably charge me to read them !
Laure 
Re: What Part of C-Corp Didn’t You Understand??? - Posted by JB in MD
Posted by JB in MD on June 02, 2000 at 13:37:37:
Jim,
Once again I will say that I have an awful lot of respect for you Jim Piper. I appreciate your kind words and your help toward the end of your post. You also have demonstrated your high caliber, for it takes a BIG MAN to step forward and say what you have and set the record straight. For this I am very grateful, because I plan on being around here for quite some time and I did not want to be pidgeonholed right from the beginning. You truly are the man I believed you to be. Please accept my apology for this little bit of a mess that has happened here, and I hope I can ask for your assistance in the future, maybe tomorrow!
I look forward to meeting you at the next conference, and I will be happy to buy you a beer.
Sincerely,
Jason Bertok
Re: I love this post! - Posted by Stacy (AZ)
Posted by Stacy (AZ) on June 02, 2000 at 13:11:40:
Okay, maybe it’s just lust…too early to tell.
Jim, I don’t know, maybe the timing of your message was perfect for me now. At any rate, I felt a ton fall off my shoulders as I was reading it.
Being an engineer (in a past life), I am used to getting every last “nit” of information before feeling comfortable making a decision. The more my investment activities accellerate as I gain experience, the more uncomfortable I’ve become. I didn’t know why. In my mind I should be MORE comfortable as my experience increases. The answer is, I never have 100% of the facts, nor do I ever have zero risk.
You’ve given me a reprieve. I know that since I don’t have a magic eraser in my pocket I still have to search for facts. But, you’ve reminded me that there’s no way to get to that magic 100%. Designing space shuttles requires it, yes. But it’s normal to accept some amount of risk in this unscientific, market driven environment called REI.
I assumed you required all the facts before proceeding. It probably appeared this way from my vantage point, still learning things that you have known for years. But, I just wanted to say “thanks” for reducing my stress level by reminding me that this business is all about managing risks, not eliminating them entirely.
Stacy
Re: What Part of C-Corp Didn’t You Understand??? - Posted by JB in MD
Posted by JB in MD on June 02, 2000 at 10:30:03:
Scott,
My post immediately above yours says that I am not calling Jim’s posts ‘murky’. I said that the posts at the end of the thread seemed that way to me. There was a conversation within a conversation going on, and it had gotten away from the help I was looking for. That’s it, I meant nothing further than that. You for some reason have the tone that I have something against Jim. I was the first one to stand up for him and reprimand some idiot who was calling Jim a liar on the board a few weeks ago. I realize that you also are a significant contributor to this forum, but please do not fuel the fire that makes it seem as if I was giving Jim a hard time. I respect his opinions even when he fires off a post at me like he did last night. I can understand the frustration he may have had with me, being that I am relatively new to this site (about 5 months now) and that he felt like he was repeating himself. I go through that everyday with those junior to me in my offices. Anyway, the last thing I am looking for is hard feelings between myself and anyone else here. I have simply been trying to draw on others who I respect here to learn of their experiences and gain some insight into how to run this business.
Jason
Shelter as a Fringe Benefit!!! - Posted by Soraya(SanDiego)
Posted by Soraya(SanDiego) on June 02, 2000 at 10:19:01:
Your corp can require that you live on corporate property for the benefit of the corp. In this case you can have shelter as a fringe benefit.
However, it must be for the benefit of the corporation that you live in one of the corporate properties.
And if you get an IRS audit, it better make sense that you need to live at work or you will be taxed and fined .
i.e. if you were a farmer for example.
Soraya
Re: What Part of C-Corp Didn’t You Understand??? - Posted by David Alexander
Posted by David Alexander on June 03, 2000 at 11:25:26:
I’d find a different one or your going to spend all your time paying to educate him.
David Alexander