Legal Question in Employment Law in Utah
Consultant
I am taking a medical retirement which entitles me to recieve my ESOP money within 1 yr. The company I was employed by would like me to do consulting for them, but would this void my ability to recieve my ESOP? How can I help them and still recieve my ESOP?
1 Answer from Attorneys
Re: Consultant
Form a consulting company, I suggest a Limited Liability Company, which is simple to form and operate. Get a Federal Tax ID number and open a checking account for the new entity. Taxes from a LLC pass through to you the same as a sole proprietorship or partnership. The new company will bill your former entity and all payments will flow to the company, which in turn can pay you. The new company will offer some other tax benefits also, such as the ability to deduct business expenses, telephone, office, auto and other related expenses.
Call me if you have additional questions.
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