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6 Replies Last post: Oct 25, 2008 9:13 PM by Campaign2010

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Attorney or accountant for LLC/S corp

Sep 7, 2008 5:01 PM

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drinkvb 1 posts since
Sep 7, 2008

Hello and thanks in advance who reply. I have owned my own construction type company in CA for 15 years as a sole prop. I am finally getting around to changing it to a LLC or a S Corporation. I do not have all the facts on each, but have read abit about them. I do not have an accountant or attorney, I do everything myself. I think the only main reason I am doing it is because I do not want to lose our house and personnel possesions if someone decides to go after me. (my wife and eventually my kids house etc. that we have worked so hard for) Would that be a correct presumption? I do not see any other benefits, it seems you pay more in tax's .... LLC is $800/yr (that hurts) and then have more paperwork.
I have read articles in this forum and people say either see an accountant or attorney for your LLC/s corp advice. Who is more qualified, an accountant or attorney to answer my questions and get me to change over to one?
Would a person from SCORE be able to answer my queries instead of going to an expensive attorney or accountant?
Thanks.

Tags: attorney, contractor, lawyer, self-employed, business_attorney Report as inappropriate

SCORE

LUCKIEST 7,938 posts since
Aug 6, 2007

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1. Re: Attorney or accountant for LLC/S corp Sep 7, 2008 7:49 PM

Attorney or accountant, Welcome

It is great that you have been in the construction business for 15 years and
do not have an accountant or an attorney.

YES a rep from SCORE can help to answer your queries.

Good luck, LUCKIEST

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Mogul

Lighthouse24 2,396 posts since
Oct 10, 2007

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2. Re: Attorney or accountant for LLC/S corp Sep 8, 2008 1:54 PM

It sounds like your primary concern is really asset protection, not limited liability -- whether you form an LLC or S-Corp, you'll still likely have to personally guarantee any debt that the newly created firm incurs, so there goes your limited liability protection in that regard. Further, if you're a one-person operation where you make all the decisions and do all the work, then you're personally liable (in most jurisdictions) for that as well. In my view, the professionals you'd want to see are (1) a good business liability insurance agent and (2) an attorney who specializes in asset protection strategies (in that order).

Hope that helps. Best wishes.

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DuxDucis 2 posts since
Sep 21, 2008

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3. Re: Attorney or accountant for LLC/S corp Sep 21, 2008 1:41 PM

I think its amazing that you have not needed eather of those two areas in the last 15 years.

We provided you with a Small Business solution for a very low cost.

Legal, Accounting, Marketing,Technology. and Much Much More. We Do it for a cup of coffee a day.

contact me so I can give you full description

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SCORE

LUCKIEST 7,938 posts since
Aug 6, 2007

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4. Re: Attorney or accountant for LLC/S corp Sep 21, 2008 3:09 PM

Attorney or accountant for LLC/S corp, Welcome

That is a good question and also a hard question to answer without knowing all the facts.
Everybody is different, with different backgrounds and different wants and needs.
Both YOUR Accountant and YOUR Lawyer should know you, your wants and needs.

Talk to both of them and see who you feel is more qualified.

Yes SCORE should be able to answer your queries. many SCORE Counselor are Accountants and
Lawyers.

Good luck, LUCKIEST

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Mogul

Mybizfiler 35 posts since
Aug 20, 2008

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5. Re: Attorney or accountant for LLC/S corp Sep 26, 2008 8:34 PM

Hi,

You can very well form LLC or S Corp. We would be helping you more to decide which entity to form and gives you a complete scenario of forming LLC or S Corp. We at ICS make your task easy by forming LLC or S Corp and providing complete incorporation services at competitive pricing.

You can reach Mr. Kiran Kumar(Senior Manager) at 979-633-4221 and can mail him @ kirankumar.tummala@mybizfiler.com, as he is very well experienced and has considerable knowledge in incorporation services.

.

For more information and details please visit ICS web site http://www.mybizfiler.com/.

You can also visit our informational blog site: http://mybizfiler.wordpress.com/.

.

Disclaimer: ICS does not offer legal services or legal advice, but only generic information on legal subjects. ICS is not an attorney or law firm and not a substitute for an attorney or law firm

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Campaign2010 3 posts since
Oct 25, 2008

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6. Re: Attorney or accountant for LLC/S corp Oct 25, 2008 9:13 PM

Dear Sir:

I have worked in the legal field for over 15 years now and believe I can provide you with some assistance. If you want to discuss your situation further please feel free to contact me at (231) 421-1195. Best Regards, Douglas

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