Need for an attorney?
luckmutt subscriber Posts: 1
edited June 2006 in Business Planning
My wife, myself and my best friend are going into business for ourselves. We`re tired of working for other people. She currently works in the field of business that we`re opening. We`re forming a corporate entity that will have a contract with a nationwide company. Should we hire an attorney to set up our LLC or S-corp? We are located in CA. I`ve gone onto nolo.com and mycorporation.com and seen that we can do it ourselves. We will all eventually be leaving our jobs to work for ourselves so I want to make sure everything is legitimate and we have proper protection.
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thank you so much for jumping in with quick advice! that`s what`s so astonishing about this StartupNation community. Ask a question and Shazam! there`s a quick pearl of wisdom for the answer.
wondering though (now that i`ve buttered you up!), why do you say S corp is better than LLC?!
we use LLCs all the time for the entities we create. great liability protection and great tax treatment. it`s the newest and most fast-growing form of structure out there.
not meaning to step on you - i really want to hear what`s behind your strong opinion.
luckmut, as for whether you can file online, we have a resource at this website that helps you do that AND learn about selecting the right structure.
however, consulting an attorney and an accountant is a really smart thing at these beginning stages. you`ll get insights that only a pro can provide. to be thrifty about it, once you`ve got the professionals` advice, you CAN save money by doing the actual filing aspect online.
good luck and START IT UP!!!
Thank you for such quick responses. We are preparing to make a huge leap from the comforts and supposed security of work for others. I found Start Up Nation yesterday and I`m an instant fan! I, too, am interested in hearing about Edgar`s preference for S-corps. They seem to me quite a bit more involved and paperwork intensive. Does this added work increase protections? Is the S-corp more beneficial for certain types of business? I`m a little green with these issues. I`ve done a fair amount of reading and gotten more confused!