Home: Message List - S-corp two partner consulting business

Re: S-corp two partner consulting business

grantsforce — Sun, 17 Feb 2008 14:28:57 GMT

I may me late to reply on this forum - but I was in the same position 3 years ago as you (ndp125) seem to be now. I did set up an S-corp as did several of my associates that are in the consulting business.
I do have another area of interest I am persuing. For this I setup a 'C' corp (because of the vision / goals of that new business). These were steps that I now (after 3 years) feel were correct. If you wish to discuss and need help please feel free to contact me. I will be glad to share my experiences.

Re: Very Important Message

2go2Marketing — Sun, 17 Feb 2008 07:08:10 GMT

This is called a Scam. Essentially you want someone to to be the Point of Contact for the corporation so whe the authorities go after the corporation, that person will be the one arrested. In the native English tongue we use the word "Fraud" for this. Anyone familiar with business law, please inteject at anytime....

I the best case scenario, you want to scam legitimate business owners of there money.

I would cease posting information is regards to your intentions.

Regards,

Brandon

2 go 2 Marketing
http://www.2go2mrketing.com

Re: S-corp two partner consulting business

dublincpa — Fri, 15 Feb 2008 13:00:16 GMT

I am with Lighthouse24. No accountant is perfect regardless of what/how many letters follow their name. You should understand as much as possible about any decision, especially big ones that can have consequences for years to come. As professionals, we have all seen where the prior guy/gal gave bad, incomplete or inapproriate advice. We don't want to be that guy/gal. We have also seen plenty of clients who thought they knew better and ignored their accountants.

You have to know for what knowledge base you are paying any professional. Make sure that you are comfortable with the areas for which you rely on him/her. If thre is an area about which you are not so confident about his/her judgement or knowledge, get a referral for a second opion. I give these out half a dozen times a year. I also get these calls regularly. Most professionals have relationships with others who will discuss the situation for a reasonable fee or none at all. There are plenty of areas in which I will refer/defer to others that I know because they are more knowledgeable. There are areas where I know that I am the "top authority" within my little network and everyone I know will back me up without hearing the question. Those are harder to overcome doubt, but when three people tell you that better advice in an area would be hard to come by you tend to believe.

Trust is critical, but it doesn't have to be absolute.

You may want to consider a Private Mailbox like UPS Store formerly Mailboxes Etc. They will receive packages, cert mail and service of process. I have changed offices a few times in the six years I have been open and it really makes life easy. I also use it for my clients for whom I serve as Registered Agent.

Good luck.

Re: S-corp two partner consulting business

Lighthouse24 — Thu, 14 Feb 2008 05:59:04 GMT

ndp125 -

1. I tend to agree with your philosophy -- if it's my money and reputation on the line and I don't know the answer for sure, I want as much intelligent input as I can get. My accountant may be one source, but (no offense to Luckiest) I'm paying my accountant to know accounting -- not to know all the other elements of my businesses that might factor in to a good management decision (and I dare say my accountant would agree, especially this time of year!).

2. A good starting place for authoritative resources for your state is the Massachusetts Secretary of State's Corporations Division. It is a painfully slow website, but the official stuff is there:

http://www.sec.state.ma.us/COR/coridx.htm

3. You have to give the IRS, the state, your bank, and most creditors a physical address when you file paperwork (so they have a place for service of process) -- but it is perfectly acceptable to use a PO Box as a business mailing address for everything else. It's not only "safer," it's also more secure (for you and your customers), and it can often be more efficient, too.

Re: S-corp two partner consulting business

ndp125 — Wed, 13 Feb 2008 17:15:58 GMT

Hi Luckiest,
I have got that part of listening to my accountant Thanks

If you observe one other posts in my pervious question you will notice that there is a strong recommendation of being careful about accountant's suggestion. My goal is definitely to have the corporation to have more credibility and tax benefits but apart from that I would like to know if there are any other implications (legally, etc. ) It is also my own accountant's suggestion to verify this information and finally if really required go for a legal,etc. consultation

Re: S-corp two partner consulting business

LUCKIEST — Wed, 13 Feb 2008 17:08:52 GMT

Added more bits and pieces to my profile??.
Listen to your Accountant. He know you and your business.
That is why you are paying him / her.
LUCKIEST

Re: S-corp two partner consulting business

ndp125 — Wed, 13 Feb 2008 17:05:32 GMT

Added more bits and pieces to my profile

Start year 2007 as sole propritorship
Revenure range above $10K

Re: S-corp two partner consulting business

ndp125 — Wed, 13 Feb 2008 17:03:35 GMT

Thanks lighthouse24 ..learning new stuff

My state is MA
Also since we are at it. I am considering using a P.O Box rather than home address for my business. It seems few people in the forums have recommended that with the obvious reasons for safety.

Re: S-corp two partner consulting business

Lighthouse24 — Wed, 13 Feb 2008 16:47:26 GMT

The resources that will help you most are specific to your state (S-corp and LLC structures are formed/governed by state law). If you indicate the state in which the company was formed/registered, I'm sure someone can offer authoritative links.

Re: S-corp two partner consulting business

ndp125 — Wed, 13 Feb 2008 15:14:19 GMT

Hello Luckiest and Lighthouse24,
Thanks for the responses. I have updated little bit about my business as suggested by Luckiest.

The reason I am trying to get everyone's opinion apart from my accountant is to better understand the business side of things. Consideering many of you here to be experienced in terms of starting businesses it is definitely reassuring.

In terms of my personal style I always like to verify and understand facts prefer not to go by word especially not depending on a single person. There are always many creative solutions to a single problem. Having said that..I really appreciate all your comments and help and if there are good resources for my scenario please let me know.

ndp125