LLC or S-Corp - Posted by Michael (OR)

Posted by MIchael (OR) on November 01, 2000 at 12:29:22:

That is a bit more complicated than i had hoped (dont we all). Thank you for the advice on how to proceed.

LLC or S-Corp - Posted by Michael (OR)

Posted by Michael (OR) on October 31, 2000 at 12:30:59:

I have done a BIT of studying on the two and they appeared the most appropriate to me. I am just starting out and i wanted to do this business with a bit of protection. I know you arent lawyers or accountants, but i would really appreciate your thoughts opinions on which is the better entity (or some other if that is what you think) is the best for doing Lonnie deals.

I am out of excuses to put this off now. I have read both books. I have read this site for longer than i care to admit. I have the family financially stable and after much to-do, i have my wife excited to get started. I am starting to talk with park managers this week to find out where i can do business and if i can get a company started quickly, i feel i would be better off liability-wise. Any thoughts?

Thanks a lot.

Re: LLC or S-Corp - Posted by Ernest Tew

Posted by Ernest Tew on November 01, 2000 at 16:11:35:

Michael, you are wise to think about asset protection if you plan to accumulate (and avoid losing) assets. When the need arises, you will either thank heaven you have taken steps to protect your assets–or deeply regret not doing so.

From a liability standpoint, it doesn’t matter too much whether you use a corporation or a limited-liability company. Either can be sued. The important thing is to avoid letting it accumulate any significant wealth that the lawyers can take.

You need to have one entity that deals with the public (but doesn’t accumulate much wealth) and another that you use as a “safe haven.”

I have done a great deal of research on the subject and written a book on asset protection. Asset protection is too involved to cover in this forum. If you would like to call me at (352) 475-1280, I’ll point out some strategies for you to consider.

Re: LLC or S-Corp - Posted by JHyre in Ohio

Posted by JHyre in Ohio on October 31, 2000 at 14:56:17:

In general, a corporation should be used to sell the mobile homes and an LLC to hold the resulting notes. Whether that generality applies to you- and whether a corporation elects “s” status, depends very much on your personal circumstances, including type and amount of income. The specific state in which you reside is also a serious factor…fees and taxes on the said entities vary greatly across the nation.

John Hyre

Re: LLC or S-Corp - Posted by Michael (OR)

Posted by Michael (OR) on November 01, 2000 at 17:31:26:

I will look into your book. Lonnies books were worth every penny and i havent gotten started yet. I will give you a quick call tomorrow (3 hour time difference makes it late there now). Thanks a lot for the response.