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Permalink Reply by Amelie & Barb on October 5, 2008 at 12:38pm

We got a Limited Liability Corporation...benefits of Corporation for protection and benefit of a Partnership for taxes.

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Permalink Reply by Diversity Den Cafe on October 5, 2008 at 2:07pm

I am a Corporation. S corp for tax purposes. However, the true issue if a vendor has you personal guarantee then it does not matter. However, its good after you get established you can attempt to leave all debts on the business alone.

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Permalink Reply by Denise Smith on October 5, 2008 at 9:17pm

We were advised by a tax consultant to have our property in a separate business name as a LLC and our Coffee house, who is and S corp, rent from the land company, This allow a second layer and supposedly prevents folks from taking our house if the burn their tongue on an Americano or tip on the steps instead of using the ADA ramp

Then we spoke to the insurance guy and he said we should have a meeting with him, the tax accountant and the lawyer to make sure we are doing what is in our best interest. $$$ lets see the lawyer will get $$$ / hr ; the insurance guy $$ and the tax lady 4= $$$$$$$/ hr... and this is supposed to save us money?

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Permalink Reply by stephanie crocker on October 28, 2008 at 3:49pm

LLC. we own a house and didn't want to lose it. i don't think we had to pay more than a few hundred dollars to register it initially so it was no biggie.

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