WE'VE MOVED!
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
Options
How to protect your income ?
ALIENBERNHARD
subscriber Posts: 1
WHAT company form would be the best to protect any generated income from future possible claims ?
C-Corporation:
says, that it is a separate and distinct legal entity.
What means, what ever profit the C-Corporation would make, it's the profit of the company - but not mine, right ?
For instance:
Let's say the C-Corporation's annual corporate income would be $100k - I have to pay the Federal and State Income Taxes for the Corporation, right ?
And also, can I leave all profit within the company ?
Or do I have to pay the profit to my shareholders ?
My goal is clear. I want to make sure that my personal income get's down to the bare minimum.
Curious if that would work or not.
LLC:
Since an LLC has a pass through taxation, I am assuming that any profit would automatically count as my personal income.
Which I want to avoid - if possible.
I have personal reasons why I want to minimize my annual income.
Just looking for possible answers, what's feasible and legal practical doable.
Thx for any hints, ideas, and infos !
I really appreciate that !
C-Corporation:
says, that it is a separate and distinct legal entity.
What means, what ever profit the C-Corporation would make, it's the profit of the company - but not mine, right ?
For instance:
Let's say the C-Corporation's annual corporate income would be $100k - I have to pay the Federal and State Income Taxes for the Corporation, right ?
And also, can I leave all profit within the company ?
Or do I have to pay the profit to my shareholders ?
My goal is clear. I want to make sure that my personal income get's down to the bare minimum.
Curious if that would work or not.
LLC:
Since an LLC has a pass through taxation, I am assuming that any profit would automatically count as my personal income.
Which I want to avoid - if possible.
I have personal reasons why I want to minimize my annual income.
Just looking for possible answers, what's feasible and legal practical doable.
Thx for any hints, ideas, and infos !
I really appreciate that !
Sign In or Register to comment.