Re: Advice, Laure? - Posted by Laure
Posted by Laure on May 20, 2000 at 09:21:07:
I am not an attorney, Just a follower of Bill Bronchick, who is an attorney.
ALL my local professionals, attorneys, and Accountants told me S Corp, and NOT C ! Bill said they would do this. So a year ago, I got his course and educated myself. Understood the pros and cons. Kinda got concerned when local professionals disagreed with my conclusion for a C corp, so I went back and re-checked my information. Ran the numbers. For instance, my company will make 100k in a year (hypothetical)… then worked the tax amount due in a C Corp versus an S corp. It convinced me ! There are also many additional tax write offs in a C corp that are not allowed or fully allowed in an S corp. Donations are handled differently, insurance is handled differently, Corporate officers can have more bennefits, etc.
I also don’t like the “flow through” that the S Corp has regarding taxes. It has bit me in the butt many times with another corp I have.
Last week, I ran into my Real estate Attorney and we discussed Corporations. He admitted to me he really never studied them and that he doesn’t touch tax law and never wants to. I taught him a thing or two! He’s been given some very bad advice from his CPA, which has cost him tens of thousands of dollars. And he IS a C corp !!! I told him to buy Bronchick’s course too ! LOL He thanked me for the advice, and I told him I was $125.oo per hour and the bill would be forthcoming. LOL
Learn it yourself, and you will no longer question your decision. Study both, and take no one’s advice. Only you can choose for your situation.