S Corp.

[Willem Blees]

Marshall



Most of the questions you ask should be addressed to a CPA or tax lawyer. Financially it might not be worth becoming an S-corp until you start making more that $50 - $60,000 per year. That's because there are expenses involved in becoming an S-corp. I looked into this some time ago, and had lunch with both my lawyer and my accountant, (this was before my son became a CPA). They both had reasons for me to do it, and not do it. But the bottom line to not becoming an S-corp was the bottom line.?Unless you know enough about the law and taxes to do it yourself, you have to have pay a lawyer to set the corporation up, and you have to pay someone to do the accounting work for you.?So that's an expense right off the top that needs to be considered. 

As Rob said, the best reason to become an S-corp is because of the liability. But even at that, if you have substantial investments, you can shield that money by having most of your investments in your wife's (or husbands) name alone. But there are consequences associated with that, too. 

So again, the best advice I can give you is to get advice from both your lawyer and your accountant. 

Good luck in school


Willem (Wim) Blees, RPT
Piano Tuner/Technician
Honolulu, HI
Author of 
The Business of Piano Tuning
available from Potter Press
www.pianotuning.com


-----Original Message-----
From: pianotune05 at comcast.net
To: pianotech at ptg.org
Sent: Sun, 7 Oct 2007 3:02 pm
Subject: S Corp.



Hi Everyone,
I read with interest your posts about S Corps because at the school, we're 
discussing each month our business plan etc with folks from SCORE.  As a vision 
impaired or blind as some call me, piano tech. could I also hire my wife for 
example as a driver?  Also, could the S corp own our vehicle?  If so, are there 
any tax advantages to having the vehicle owned by the corporation?  Where can I 
read up on this?  I have the book "Small Time Operator" not sure of the author, 
but they are part of our business course.  They do talk some about the S corp, 
but where could I gain additional information?  Does the "S" stand for any thing 
significant?  thanks everyone.
Marshall
ps. the schooling is going great out here in Vancouver.  I''m already tuning 
4ths 5ths octaves unisons of course plus working on other wonderful things.  
Take care


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