Created s-corp, now what to do with the money? - Posted by Jerry-Mi.

import · January 7, 2003, 9:16am

Posted by JHyre in Ohio on January 08, 2003 at 07:34:35:

nt

import · January 7, 2003, 9:16am

Posted by Jerry-Mi. on January 07, 2003 at 10:16:05:

My S-corp has just gone through and I have flipped some
properties and made some money here and there.
What do I do with the money? Do I open a business account
with a bank and keep it there? The best way
to pay as little taxes as possible, but still be legal.
Any and all help is greatly appreciated.

Regards,
Jerry

import · January 7, 2003, 6:18pm

Re: Created s-corp, now what to do with the money? - Posted by Bob

Posted by Bob on January 07, 2003 at 19:18:35:

You must open a bank account and do everything concerning your corporation as a seperate entity, because it is. Your corporation is totally separate from you personally or you could run the risk of piercing your corporate shield. You are an S-corp so you will get taxed regardless if you keep the money in the bank or take it out, so that is a moot point.

You need to read up on this subject. Books and this web-site are great tools. Hope this helps. Good Luck.