Posted by David Krulac on May 27, 2005 at 21:16:00:
a typo on my part, I would NOT mix the two businesses in one entity.
S-corp - Posted by MS
Posted by MS on May 27, 2005 at 15:10:42:
I know there has been a mountain of discussion on llcs, S-corps,C-corps etc!! We never stop from learning and asking.
My querry is: I have a small laundry store under my S-corp.
I am thinking of doing my first few deals under the existing entity instead of giving “extra food” to the “legal proffessionals”. I am just not sure whether that is a prudent idea! Any suggestions will be appreciated
Re: S-corp - Posted by Chris-PA
Posted by Chris-PA on May 29, 2005 at 08:12:53:
If you do a few deals with your current S corp and something goes bad, it will put your current business at risk. If you want to take your chances, that’s up to you. Remember that the s corp, properly administered will protect your personal assets but if you buy real estate in that entity and there is a liability problem (lawsuit), your business within that entity is fair game for lawyers to steal. If you have a separate LLc or S corp, the only thing at risk is that entity. If there are no assets in that entity, then you are protected and have very little to lose.
I am not a lawyer, but this is my philosophy and understanding of the law.
Re: S-corp - Posted by Lyal
Posted by Lyal on May 28, 2005 at 07:48:24:
MS,
Very simple and cheap to set up an S-corp yourself. Surf to your Secretary of States web site for info. Most of them have all the forms etc you need on-line.
Check David’s re-post that his first answer was a typo. He would NOT mix businesses under the same entity.
Lyal
Re: S-corp - Posted by David Krulac
Posted by David Krulac on May 27, 2005 at 15:47:58:
I would mix a real estate investment and a business, even if the same entity type, but that’s just me.
Re: S-corp - Posted by Natalie-VA
Posted by Natalie-VA on May 27, 2005 at 17:33:39:
Did you mean to say “wouldn’t”?
Re: S-corp - Posted by MS
Posted by MS on May 27, 2005 at 16:57:39:
Thanx Dave for the advice. I will however need to change my legal entity name(am not sure if this is possible too)so that the word “laundry” does not appear. I will especially need a generalised business card to reflect my RE business.
you are right i would NOT mix the 2 (NT) - Posted by David Krulac
Posted by David Krulac on May 27, 2005 at 21:17:03:
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