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What is the best business structure for an auto shop?

Discussion in 'Asset Protection/Taxes/Legal' started by JesseO, Nov 13, 2007.

  1. JesseO
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    JesseO Contributor

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    A friend of mine owns an auto shop. He is the only employee, and I believe that right now he has it set up as a sole proprietorship. In the interest of protecting his personal assets (home, vehicles, etc.) and paying as little in taxes and fees, what would be the best business structure? I don't really know the difference between an S-Corp and C-Corp. I figured S-Corp would be the way to go, but I have no idea why :smx3: Thanks for the help, and feel free to ask any questions if you need clarification or non-personal details.
     
  2. kurtyordy
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    kurtyordy Bronze Contributor

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    Dianne is more of an expert on this, but I would think LLC is the best way to go protection wise.
     
  3. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    I moved the thread to the Asset protection / Taxes section as I think it is more appropriate.

    Yes, I agree, probably Diane could give us her opinion about this. JesseO, I think it is great that you are looking into providing help for your friend.
     
  4. JesseO
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    JesseO Contributor

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    I should make him sign up an account =) From what I hear he's starting to lurk around here. I think he told me that there's "Too much" good information to sift through. Great problem to have :fastlane:.
     
  5. Diane Kennedy
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    Diane Kennedy Bronze Contributor

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    Just saw this - thanks for moving it Andres. I reliably check this section - more hit and miss on the others these days.

    JesseO, have your friend sign on as a user and come to this forum. I'd really recommend that he read the Business Structure Basics post that I put up earlier in this same section. (You might want to take a look at at as well)

    I'm happy to discuss the concepts further either in this thread or that one. But, I think you'll find the answer (or at least the lingo you'll need) there....

    This is a great question and JesseO, you're absolutely right - Sole Prop is NOT the way to go.
     

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