Are you a sole Prop, S-corp or other?

[Brian R]

I would bet most are sole props.

 

[Ken Snow]

I see you started the thread.

Sub S now for us, changed from C in 1990ish which we had been for 60+ years.

 

[davegillfishing]

s-corp for us

 

[carpetworxsa]

What is s-corp?
Are any of you in a franchise? 8)

 

[Ken Snow]

No franchise here though it may be in our future~ as the Franchisor, not ee

Sub Chapter S status provides the legal protection of C Corp status, while avoiding the risk of double taxation that C can invoke on shareholder/owners. All the profits are taxed at the individual level vs potentially twice in a C Corp where the corporation is taxed then the shareholders are taxed if distributions are made.

 

[TimP]

S-corp here.....only reason I did is because the in-laws set up that way and said it was best. Plus in Florida you have to be set up as LLC or corporation to be workers comp exempt legaly.

 

[diamond brian]

LLC

 

[vincent]

S-Corp

 

[rhyde]

s-corp

 

[Ken Snow]

Our properties are all LLC's but the operating bus S. In MI in can be a little problematic having an operating bus be an LLC. I don;t recall exactly the reason but that's wht our CPA advised.

 

[Ron Werner]

S-prop

 

[WISE]

S-corp

WISE

 

[Walrus Gumboot]

s-corp

 

[Lee Stockwell]

LLC

 

[Mikey P]

MIKEYSBOARD.COM LLC will go into effect by the end of the week.

Some BD manufacturer will take me to court for slander and loss of revenue, just you watch.

 

[Ken Snow]

I'm assuming you were smart enough to have aready incorporated this bb enterprise before it actually opened.

 

[bob vawter]

"slander"????

hmmmmm...what a GREAT idea!

 

[Glynn]

LTD Co.

 

[Brian R]

Oh oh, didn't you call me connor once or twice Mikey??
Your in big trouble brutha.

 

[SRI Cleaning]

LLC.

 

[Rex Tyus]

S-corp here.....only reason I did is because the in-laws set up that way and said it was best. Plus in Florida you have to be set up as LLC or corporation to be workers comp exempt legaly.

It probably is best. However the Worker's comp rule does not apply to non construction industries like carpet cleaning. However instalation and repair are classified as construction.

I am currently sole proprietor. Stongly considering incorporating (considering it for the last 8 years that is).

 

[Bryan Irvin]

LLC

 

[Jim Martin]

LLC

 

[ronbeatty]

S-Corp

 

[Jeff Madsen]

S-corp here. Flexible, some liability protection, pass through on taxation, savings on a portion of the FICA tax. Also, a much lower audit profile.

 

[TimP]

I do installation at times, and have done tear out etc. I needed it to do all the things I do legally. I don't know if the cleaning or service industry is exempt or not. But I'd rather be safe than sorry, also the corporation blanket is nice to know that you have some protection over your personal property.

 

[Mark Saiger]

Started as a sole proprietorship, moved to an LLC Sole Proprietorship after my 1st year back in the biz and now an LLC operating as an S-Corp. Only started as a sole proprietorship because I planned on keeping this thing small and part time. Now going full steam ahead and hanging on for the ride some days.

Mark Saiger

 

[Steve in Omaha]

S

 

[Steve in Omaha]

I'm assuming you were smart enough to have aready incorporated this bb enterprise before it actually opened.

LOL

 

[Scott S.]

LLC