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Re: Starting Platform
See reply to same question under S Corp vs LLC threadhttp://smallbusinessonlinecommunity.bankofamerica.com/thread/3275?tstart=0 -
Re: Starting Platform
Starting Platform. Every business person should have an Accountant,
A Lawyer and Maybe an Insurance Agent.
Do you?? LUCKIEST-
Re: Starting Platform
Yes i just got an accountant. But i have not found an Lawyer not insurance agent at this moment. I have been doing business for a year but the type of business i was doing at the time i did not need an accountant or any other kind of professionals. I will be incorporating my business some time soon but i will have 1 parent company and 3 divisions. all 4 will be llc's. i will have real estate,entertainment,and clothing.
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Re: Starting Platform
Having read the explanation of your businesses in the other thread (referenced above by dublincpa), I understand that the "parent" company would be an LLC with only one member (you). A potential problem with this (in my view) is that an LLC is technically a "limited life" entity (sole member dies, it dies). Obviously, that's not strictly true, as state laws that regulate LLCs have provisions that allow an LLC to live on -- but the process for that is more complicated than with a C-Corp, and it could leave your spouse/heirs and the members of your subsidiary firms in quite a different asset/debt position that you might have wanted. (Not a pleasant thought, but still a good "what if" scenario to consider and discuss with a professional -- and to plan for if you choose the LLC route.) Best wishes.
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