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Myself and a 50% partner are launching a company very soon and through our research we feel that an S-Corp will give us the best tax advantages as well as protect our personal assets.
This is a retail sales business, mfg, as well as labor services (installers).
The current plan is to file S-Corp along with a 2553 that would set it up as a partnership and thus be just a tax reporting entity and not a tax payer. In this instance the taxes would be paid as income by the shareholders.
I am still researching CA regulations as we might try to HQ in NV for various other tax reasons.
My main focus on the S-corp currently is that we will incur some pretty heavy startup costs and due to the structure those losses can be deducted from my personal income tax earnings from other ventures.
The limited number of shareholders isn't an immediate concern for us though it might be in the mid-range future, if things work out and we take on an IPO. Is this something to worry about now, or a 'deal with it later' type of issue?
Thoughts on the situation? I'm sure the answer is yes, no, maybe, talk to a tax attorney. But do you see any major oversights here? Things I should be aware of, or major benefits other structures offer?
This is a retail sales business, mfg, as well as labor services (installers).
The current plan is to file S-Corp along with a 2553 that would set it up as a partnership and thus be just a tax reporting entity and not a tax payer. In this instance the taxes would be paid as income by the shareholders.
I am still researching CA regulations as we might try to HQ in NV for various other tax reasons.
My main focus on the S-corp currently is that we will incur some pretty heavy startup costs and due to the structure those losses can be deducted from my personal income tax earnings from other ventures.
The limited number of shareholders isn't an immediate concern for us though it might be in the mid-range future, if things work out and we take on an IPO. Is this something to worry about now, or a 'deal with it later' type of issue?
Thoughts on the situation? I'm sure the answer is yes, no, maybe, talk to a tax attorney. But do you see any major oversights here? Things I should be aware of, or major benefits other structures offer?
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