Legal Question in Tax Law in California
S corporation or what other option
I have a small ins agency busines. I am thinking a making it a s corporation to avoid an personal liabilities and paying lower taxes. What would you recommend for me to do. Looking forward to your question.
1 Answer from Attorneys
Re: S corporation or what other option
Becoming an S corporation is usually the best option for most small business owners, but you should discuss plans in more detail and a CPA and an attorney first. S corporations have some limitations that do not always a business owners future plans. S corporations have limitations on who can be a shareholder and must adopt the calendar year as the fiscal year.
In most cases, the limitations on S corporations are outweighed by the tax benefits. Nonetheless, you need to seek a personal consultation with a local attorney to discuss your plans in more detail.
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