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LLC- TAX WRITEOFFS UPTO 80%
HAVE TO TAKE A SALARY
YOU HAVE TO FILE IT WITH YOUR PERSONAL INCOME
YOU CAN STILL BE LIABLE FOR WHAT THE COMPANY DOES
WHEN YOU DIE THE COMPANY DIES
IF YOU HAVE KIDS THIS COULD REDUCE OR DISQUALIFY YOUR CHILD FROM RECEIVING FINANCIAL AID
IF YOU’RE A ONE OWNER LLC YOU’RE STILL CONSIDERED A SOLE PROPRIETOR
YOU HAVE LIMITED SHARES TO ISSUE
YOU’RE A HIGHER IRS TARGET FOR AN AUDIT
LENDERS AND INVESTORS STILL WANT YOUR PERSONAL GUARANTEE
C-CORPORATIONS- UP TO 100% TAX WRITE OFFS
YOU DON’T HAVE TO TAKE SALARY
YOU DON’T HAVE TO FILE PERSONAL INCOME TAXE AS LONG AS YOU DON’T TAKE SALARY
EASIER TO RAISE FUNDING THRU THE SALE OF STOCK
IF YOU DIE THE COMPANY CAN STILL BE IN OPERATION.
YOUR CHANCES OF A TAX AUDIT ARE LOWER
LENDERS AND INVESTORS THEY PREFER THEM
THEY CAN HAVE THEIR OWN PERSONAL CREDIT FILE WITH OUT A PERSONAL GUARANTEE
YOU CAN DISTRIBUTE PROFITS MUCH EASIER TO OTHER INVESTMENT VEHICLE
IT’S EASIER TO TRANSFER THE COMPANY TO SOMEONE ELSE
http://BusinessCreditAmerica.com
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If you are a C Corporation, what you are doing is distributing the profits of the corporation on behalf of a shareholder, which will require that you issue a Form 1099-DIV at the end of the year for all such profit distributions.
ReplyDeleteIf you are an S Corporation, such payments would also be considered a distribution of profit, even though S Corporations don't usually issue a Form 1099-DIV for such a transaction. In an S Corporation, the shareholder must report his/her share of the profit on his personal return anyway, whether or not the profit is distributed via cash payments or payments of personal expenses.
The biggest problem with doing this in a corporation is that you are not acting like a corporation. A corporation is a separate legal entity. And therefore, it really should not be paying the personal expenses of the shareholders. Should someone take legal action against the corporation, and this type of activity is discovered, someone could easily point to these personal payments as proof that this so-called corporation is not really a corporation, and you would then lose the benefit of limited liability. This is known as "piercing the corporate veil" and you definitely don't want to go there.
Regardless of the legal consequences, also keep in mind that you cannot treat those personal expenditures as a business expense, no matter what kind of legal entity you own. So just because you happen to write a business check to pay for groceries doesn't turn that into a deductible business expense.
If you own a business, why not run it like a business? Does Microsoft pay the personal expenses of Bill Gates? Keep your books clean. In a sole proprietorship, if you need to withdraw money from the business to pay personal bills, transfer the money to your personal account first and write the check from there. In a corporation, issue yourself a paycheck or a dividend check, but don't muddy the waters by treating your corporate account like it's your own personal expense account.